Lecap Asset Management Ltd. Buys 61,348 Shares of Pure Storage, Inc. (NYSE:PSTG)

by · The Markets Daily

Lecap Asset Management Ltd. lifted its stake in Pure Storage, Inc. (NYSE:PSTG – Free Report) by 818.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 68,840 shares of the technology company’s stock after acquiring an additional 61,348 shares during the period. Pure Storage accounts for 0.7% of Lecap Asset Management Ltd.’s portfolio, making the stock its 25th largest position. Lecap Asset Management Ltd.’s holdings in Pure Storage were worth $3,459,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Banque Cantonale Vaudoise purchased a new position in Pure Storage in the first quarter worth $25,000. Fidelis Capital Partners LLC purchased a new stake in Pure Storage during the 1st quarter valued at about $27,000. Massmutual Trust Co. FSB ADV increased its holdings in shares of Pure Storage by 61.2% in the second quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock valued at $27,000 after purchasing an additional 161 shares during the period. Larson Financial Group LLC raised its stake in shares of Pure Storage by 242.9% in the second quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock worth $28,000 after purchasing an additional 306 shares during the last quarter. Finally, ORG Wealth Partners LLC acquired a new stake in shares of Pure Storage during the third quarter worth about $31,000. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

Pure Storage Trading Down 7.9 %

Shares of Pure Storage stock opened at $52.99 on Wednesday. The company has a current ratio of 1.99, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07. Pure Storage, Inc. has a twelve month low of $31.00 and a twelve month high of $70.41. The firm has a market capitalization of $17.36 billion, a PE ratio of 132.48, a P/E/G ratio of 8.95 and a beta of 1.11. The firm’s 50-day moving average price is $53.02 and its 200 day moving average price is $56.99.

Pure Storage (NYSE:PSTG – Get Free Report) last released its earnings results on Wednesday, August 28th. The technology company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.10. The business had revenue of $763.77 million for the quarter, compared to the consensus estimate of $756.59 million. Pure Storage had a return on equity of 17.41% and a net margin of 4.53%. On average, sell-side analysts predict that Pure Storage, Inc. will post 0.43 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider John Colgrove sold 100,000 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $52.39, for a total value of $5,239,000.00. Following the completion of the sale, the insider now directly owns 800,000 shares in the company, valued at $41,912,000. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CRO Dan Fitzsimons sold 8,895 shares of Pure Storage stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $50.67, for a total transaction of $450,709.65. Following the transaction, the executive now owns 94,446 shares in the company, valued at approximately $4,785,578.82. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $52.39, for a total value of $5,239,000.00. Following the completion of the sale, the insider now directly owns 800,000 shares of the company’s stock, valued at $41,912,000. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 454,542 shares of company stock valued at $24,282,030 in the last 90 days. 6.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PSTG. Piper Sandler cut their price target on shares of Pure Storage from $60.00 to $56.00 and set a “neutral” rating on the stock in a report on Thursday, August 29th. Guggenheim raised their target price on shares of Pure Storage from $72.00 to $93.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Needham & Company LLC lowered their price target on shares of Pure Storage from $80.00 to $62.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Raymond James cut their price target on Pure Storage from $73.00 to $70.00 and set an “outperform” rating on the stock in a research report on Thursday, August 29th. Finally, Lake Street Capital lowered their target price on Pure Storage from $70.00 to $68.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $68.05.

Get Our Latest Research Report on Pure Storage

Pure Storage Company Profile

(Free Report)

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.

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