Paradigm Capital Management Inc. NY Invests $218,000 in Pure Storage Inc (NYSE:PSTG)

Paradigm Capital Management Inc. NY bought a new position in shares of Pure Storage Inc (NYSE:PSTG) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 10,000 shares of the technology company’s stock, valued at approximately $218,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Oppenheimer Asset Management Inc. purchased a new stake in Pure Storage in the 4th quarter worth approximately $27,000. Sageworth Trust Co acquired a new position in Pure Storage in the 1st quarter valued at $37,000. Sonora Investment Management LLC raised its stake in Pure Storage by 68.1% in the 1st quarter. Sonora Investment Management LLC now owns 3,210 shares of the technology company’s stock valued at $70,000 after purchasing an additional 1,300 shares during the last quarter. Penserra Capital Management LLC raised its stake in Pure Storage by 458.9% in the 4th quarter. Penserra Capital Management LLC now owns 5,008 shares of the technology company’s stock valued at $80,000 after purchasing an additional 4,112 shares during the last quarter. Finally, WealthTrust Fairport LLC raised its stake in Pure Storage by 19.6% in the 4th quarter. WealthTrust Fairport LLC now owns 7,278 shares of the technology company’s stock valued at $117,000 after purchasing an additional 1,192 shares during the last quarter. Institutional investors own 79.10% of the company’s stock.

In other news, CFO Timothy Riitters sold 10,420 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $15.59, for a total value of $162,447.80. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Scott Dietzen sold 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $23.05, for a total value of $2,305,000.00. The disclosure for this sale can be found here. Insiders sold a total of 164,260 shares of company stock worth $3,537,743 over the last three months. 10.00% of the stock is owned by company insiders.

A number of analysts recently issued reports on PSTG shares. Cowen raised Pure Storage from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $20.00 to $30.00 in a research report on Monday, April 8th. Maxim Group reissued a “hold” rating and set a $21.00 price objective on shares of Pure Storage in a research report on Friday, March 1st. Oppenheimer set a $26.00 target price on Pure Storage and gave the company a “buy” rating in a report on Tuesday, March 19th. ValuEngine upgraded Pure Storage from a “hold” rating to a “buy” rating in a report on Monday, April 1st. Finally, Zacks Investment Research cut Pure Storage from a “buy” rating to a “hold” rating in a report on Wednesday, March 6th. Eight investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $24.83.

Shares of NYSE PSTG traded down $0.08 during midday trading on Friday, hitting $15.27. 6,323,500 shares of the company’s stock were exchanged, compared to its average volume of 3,593,733. The company has a debt-to-equity ratio of 0.75, a quick ratio of 3.25 and a current ratio of 3.35. Pure Storage Inc has a twelve month low of $13.99 and a twelve month high of $29.14. The company has a market cap of $3.88 billion, a P/E ratio of -21.81 and a beta of 2.00. The firm has a fifty day simple moving average of $17.08.

Pure Storage (NYSE:PSTG) last released its quarterly earnings results on Tuesday, May 21st. The technology company reported ($0.37) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.08). The firm had revenue of $326.70 million for the quarter, compared to analyst estimates of $333.83 million. Pure Storage had a negative return on equity of 25.55% and a negative net margin of 14.99%. On average, analysts anticipate that Pure Storage Inc will post -0.79 EPS for the current fiscal year.

About Pure Storage

Pure Storage, Inc engages in building a data platform that enables businesses to enhance performance and reduce complexity and costs worldwide. The company delivers its data platform through Purity Operating Environment, an optimized software for solid-state memory that offers enterprise-class storage and protocol services; FlashArray and FlashBlade optimized hardware products for solid-state memory to enhance the performance and density of flash, optimize its advanced software services, and reduce solution cost for customers; Pure1, a cloud-based management and support software; and FlashStack and Artificial Intelligence Ready Infrastructure converged infrastructure solutions.

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Institutional Ownership by Quarter for Pure Storage (NYSE:PSTG)

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