GAMMA Investing LLC Acquires 1,908 Shares of Pure Storage, Inc. (NYSE:PSTG)

GAMMA Investing LLC raised its stake in Pure Storage, Inc. (NYSE:PSTG) by 59.4% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 5,118 shares of the technology company’s stock after buying an additional 1,908 shares during the period. GAMMA Investing LLC’s holdings in Pure Storage were worth $227,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. McIlrath & Eck LLC acquired a new position in shares of Pure Storage in the 4th quarter valued at approximately $25,000. Crowley Wealth Management Inc. acquired a new position in Pure Storage during the fourth quarter worth $31,000. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Pure Storage by 55.9% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 650 shares of the technology company’s stock valued at $29,000 after purchasing an additional 233 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of Pure Storage by 157.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 713 shares of the technology company’s stock valued at $44,000 after buying an additional 436 shares during the last quarter. Finally, Smartleaf Asset Management LLC lifted its holdings in Pure Storage by 180.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 740 shares of the technology company’s stock valued at $46,000 after purchasing an additional 476 shares during the last quarter. Institutional investors own 83.42% of the company’s stock.

Insider Buying and Selling at Pure Storage

In other news, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $52.01, for a total value of $5,201,000.00. Following the transaction, the insider owned 801,959 shares in the company, valued at $41,709,887.59. The trade was a 11.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John Francis Murphy sold 11,234 shares of the company’s stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $55.13, for a total value of $619,330.42. Following the completion of the transaction, the director owned 21,930 shares of the company’s stock, valued at $1,209,000.90. This trade represents a 33.87% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 125,083 shares of company stock worth $6,460,576. Insiders own 5.60% of the company’s stock.

Pure Storage Stock Up 1.4%

NYSE:PSTG opened at $56.80 on Friday. The company has a fifty day moving average of $53.04 and a 200-day moving average of $55.64. Pure Storage, Inc. has a twelve month low of $34.51 and a twelve month high of $73.67. The firm has a market capitalization of $18.56 billion, a P/E ratio of 153.50, a P/E/G ratio of 5.31 and a beta of 1.06.

Pure Storage (NYSE:PSTG) last issued its earnings results on Wednesday, May 28th. The technology company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.04. Pure Storage had a return on equity of 13.98% and a net margin of 3.93%. The company had revenue of $778.49 million for the quarter, compared to analyst estimates of $770.03 million. During the same period in the prior year, the firm earned $0.32 earnings per share. Pure Storage’s revenue for the quarter was up 12.3% on a year-over-year basis. On average, analysts anticipate that Pure Storage, Inc. will post 0.44 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on PSTG shares. JPMorgan Chase & Co. decreased their target price on Pure Storage from $75.00 to $70.00 and set an “overweight” rating on the stock in a research report on Thursday, May 29th. Evercore ISI lifted their price objective on shares of Pure Storage from $60.00 to $70.00 and gave the company an “outperform” rating in a research note on Friday, May 23rd. Wedbush reissued an “outperform” rating and issued a $70.00 target price on shares of Pure Storage in a report on Thursday, May 29th. Piper Sandler reissued an “overweight” rating and set a $66.00 price objective (up previously from $53.00) on shares of Pure Storage in a report on Thursday, May 29th. Finally, Needham & Company LLC reissued a “buy” rating and set a $75.00 target price on shares of Pure Storage in a report on Friday, June 20th. One analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $69.95.

Pure Storage Profile

Pure Storage, Inc engages in the provision of data storage and management technologies, products, and services in the United States and internationally. Its Purity software is shared across its products and provides enterprise-class data services, such as always-on data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object.