Independent Advisor Alliance Sells 468 Shares of Pure Storage, Inc. (NYSE:PSTG)

Independent Advisor Alliance trimmed its position in shares of Pure Storage, Inc. (NYSE:PSTG) by 10.4% in the third quarter, Holdings Channel reports. The fund owned 4,031 shares of the technology company’s stock after selling 468 shares during the quarter. Independent Advisor Alliance’s holdings in Pure Storage were worth $203,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Tidal Investments LLC raised its position in shares of Pure Storage by 11.5% during the first quarter. Tidal Investments LLC now owns 40,438 shares of the technology company’s stock valued at $2,102,000 after buying an additional 4,180 shares during the last quarter. Cetera Investment Advisers raised its position in shares of Pure Storage by 284.9% during the first quarter. Cetera Investment Advisers now owns 55,801 shares of the technology company’s stock valued at $2,901,000 after buying an additional 41,305 shares during the last quarter. Cetera Advisors LLC raised its position in shares of Pure Storage by 3.0% during the first quarter. Cetera Advisors LLC now owns 19,214 shares of the technology company’s stock valued at $999,000 after buying an additional 555 shares during the last quarter. Teachers Retirement System of The State of Kentucky acquired a new position in shares of Pure Storage during the first quarter valued at about $5,095,000. Finally, GAMMA Investing LLC raised its position in shares of Pure Storage by 113.6% during the second quarter. GAMMA Investing LLC now owns 1,982 shares of the technology company’s stock valued at $127,000 after buying an additional 1,054 shares during the last quarter. 83.42% of the stock is currently owned by institutional investors.

Insider Activity

In other Pure Storage news, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $49.94, for a total value of $4,994,000.00. Following the transaction, the insider now directly owns 500,000 shares of the company’s stock, valued at approximately $24,970,000. This trade represents a 16.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mona Chu sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $50.32, for a total transaction of $1,258,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 96,639 shares in the company, valued at approximately $4,862,874.48. The trade was a 20.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 354,542 shares of company stock valued at $18,599,030 over the last three months. 6.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

PSTG has been the subject of a number of research analyst reports. Susquehanna reaffirmed a “positive” rating and set a $80.00 price objective on shares of Pure Storage in a research report on Monday, August 26th. Piper Sandler cut their price objective on shares of Pure Storage from $60.00 to $56.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. Oppenheimer initiated coverage on shares of Pure Storage in a research report on Wednesday, November 13th. They issued an “outperform” rating and a $70.00 price target for the company. Guggenheim increased their price target on shares of Pure Storage from $72.00 to $93.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Finally, Stifel Nicolaus dropped their price target on shares of Pure Storage from $65.00 to $60.00 and set a “hold” rating for the company in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, Pure Storage currently has a consensus rating of “Moderate Buy” and an average price target of $67.95.

Pure Storage Price Performance

PSTG opened at $52.99 on Friday. Pure Storage, Inc. has a one year low of $31.00 and a one year high of $70.41. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.99 and a quick ratio of 1.96. The company’s 50 day simple moving average is $52.06 and its 200-day simple moving average is $56.82. The stock has a market capitalization of $17.36 billion, a P/E ratio of 132.48, a price-to-earnings-growth ratio of 7.18 and a beta of 1.10.

Pure Storage (NYSE:PSTG) last released its quarterly earnings results on Wednesday, August 28th. The technology company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.10 by $0.10. Pure Storage had a net margin of 4.53% and a return on equity of 17.41%. The business had revenue of $763.77 million for the quarter, compared to analysts’ expectations of $756.59 million. Sell-side analysts anticipate that Pure Storage, Inc. will post 0.42 earnings per share for the current fiscal year.

About Pure Storage

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.