Corbyn Investment Management Inc. MD Makes New Investment in Pure Storage, Inc. (NYSE:PSTG)

Corbyn Investment Management Inc. MD acquired a new stake in Pure Storage, Inc. (NYSE:PSTG) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 6,195 shares of the technology company’s stock, valued at approximately $221,000.

A number of other institutional investors have also modified their holdings of the company. First Horizon Advisors Inc. boosted its holdings in Pure Storage by 53.3% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,380 shares of the technology company’s stock valued at $49,000 after acquiring an additional 480 shares during the period. Mitsubishi UFJ Trust & Banking Corp boosted its stake in shares of Pure Storage by 6.8% in the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 8,313 shares of the technology company’s stock valued at $296,000 after purchasing an additional 532 shares during the period. Bank Pictet & Cie Europe AG grew its holdings in shares of Pure Storage by 5.5% in the third quarter. Bank Pictet & Cie Europe AG now owns 10,331 shares of the technology company’s stock valued at $368,000 after purchasing an additional 535 shares in the last quarter. Mariner LLC increased its stake in Pure Storage by 2.9% during the 3rd quarter. Mariner LLC now owns 19,548 shares of the technology company’s stock worth $696,000 after buying an additional 553 shares during the period. Finally, Asset Management One Co. Ltd. lifted its holdings in Pure Storage by 20.6% during the 4th quarter. Asset Management One Co. Ltd. now owns 3,681 shares of the technology company’s stock worth $133,000 after buying an additional 630 shares in the last quarter. 83.42% of the stock is owned by institutional investors and hedge funds.

Pure Storage Stock Performance

Shares of NYSE PSTG traded up $0.56 during trading hours on Friday, reaching $52.78. The stock had a trading volume of 1,164,479 shares, compared to its average volume of 4,520,088. The firm has a market cap of $17.15 billion, a price-to-earnings ratio of 309.96, a PEG ratio of 6.58 and a beta of 1.15. Pure Storage, Inc. has a fifty-two week low of $22.14 and a fifty-two week high of $58.46. The firm has a 50-day moving average of $50.66 and a 200-day moving average of $41.63. The company has a current ratio of 1.83, a quick ratio of 1.80 and a debt-to-equity ratio of 0.08.

Pure Storage (NYSE:PSTG) last posted its quarterly earnings data on Wednesday, February 28th. The technology company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.10. The business had revenue of $789.81 million during the quarter, compared to the consensus estimate of $784.31 million. Pure Storage had a return on equity of 12.60% and a net margin of 2.17%. The company’s revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.27 earnings per share. Equities research analysts predict that Pure Storage, Inc. will post 0.44 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO P. Kevan Krysler sold 15,286 shares of the business’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $52.80, for a total value of $807,100.80. Following the transaction, the chief financial officer now owns 507,824 shares in the company, valued at approximately $26,813,107.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO P. Kevan Krysler sold 15,286 shares of Pure Storage stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $52.80, for a total value of $807,100.80. Following the transaction, the chief financial officer now directly owns 507,824 shares in the company, valued at approximately $26,813,107.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Roxanne Taylor sold 36,860 shares of the company’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $53.76, for a total transaction of $1,981,593.60. Following the transaction, the director now owns 18,883 shares of the company’s stock, valued at approximately $1,015,150.08. The disclosure for this sale can be found here. In the last three months, insiders have sold 286,581 shares of company stock valued at $15,266,704. Insiders own 6.50% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on PSTG. Wedbush restated an “outperform” rating and issued a $50.00 price target on shares of Pure Storage in a research note on Thursday, February 29th. Citigroup initiated coverage on Pure Storage in a report on Friday, March 15th. They set a “buy” rating and a $65.00 price target on the stock. Bank of America lifted their price objective on Pure Storage from $42.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, February 29th. Morgan Stanley raised their target price on shares of Pure Storage from $43.00 to $48.00 and gave the company an “overweight” rating in a report on Thursday, February 29th. Finally, UBS Group boosted their price target on shares of Pure Storage from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Thursday, February 29th. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $51.63.

Pure Storage Company 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.