Arcadia Investment Management Corp MI Boosts Holdings in Pure Storage, Inc. (NYSE:PSTG)

Arcadia Investment Management Corp MI lifted its position in shares of Pure Storage, Inc. (NYSE:PSTG) by 17.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 45,835 shares of the technology company’s stock after acquiring an additional 6,695 shares during the quarter. Arcadia Investment Management Corp MI’s holdings in Pure Storage were worth $2,943,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of PSTG. Massmutual Trust Co. FSB ADV lifted its holdings in Pure Storage by 61.2% during 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 in the last quarter. Harbour Investments Inc. lifted its stake in Pure Storage by 3.0% in the 2nd quarter. Harbour Investments Inc. now owns 6,912 shares of the technology company’s stock valued at $444,000 after buying an additional 202 shares in the last quarter. Michael S. Ryan Inc. boosted its holdings in Pure Storage by 4.8% in the 2nd quarter. Michael S. Ryan Inc. now owns 4,542 shares of the technology company’s stock worth $292,000 after buying an additional 208 shares during the last quarter. Bank Pictet & Cie Europe AG boosted its holdings in Pure Storage by 3.2% in the 2nd quarter. Bank Pictet & Cie Europe AG now owns 7,202 shares of the technology company’s stock worth $462,000 after buying an additional 223 shares during the last quarter. Finally, Franklin Resources Inc. increased its stake in Pure Storage by 0.4% during the 4th quarter. Franklin Resources Inc. now owns 54,073 shares of the technology company’s stock worth $1,928,000 after buying an additional 242 shares in the last quarter. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Pure Storage Trading Down 2.8 %

NYSE PSTG traded down $1.33 during trading hours on Friday, reaching $45.61. The company had a trading volume of 589,734 shares, compared to its average volume of 3,925,258. The company has a current ratio of 1.99, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $14.83 billion, a P/E ratio of 167.14, a price-to-earnings-growth ratio of 7.59 and a beta of 1.11. The stock has a 50-day moving average of $59.27 and a 200 day moving average of $56.73. Pure Storage, Inc. has a 1-year low of $31.00 and a 1-year high of $70.41.

Analyst Ratings Changes

PSTG has been the topic of several research reports. Bank of America raised their target price on Pure Storage from $57.00 to $68.00 and gave the company a “neutral” rating in a research report on Thursday, May 30th. StockNews.com raised shares of Pure Storage from a “hold” rating to a “buy” rating in a report on Friday, May 17th. Raymond James decreased their price target on shares of Pure Storage from $73.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, August 29th. TD Cowen dropped their price objective on shares of Pure Storage from $80.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Finally, Citigroup decreased their target price on shares of Pure Storage from $75.00 to $67.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $66.95.

Insider Activity

In related news, CFO P. Kevan Krysler sold 14,296 shares of Pure Storage stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $63.79, for a total value of $911,941.84. Following the completion of the sale, the chief financial officer now owns 518,623 shares in the company, valued at approximately $33,082,961.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider John Colgrove sold 100,000 shares of the stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $59.50, for a total transaction of $5,950,000.00. Following the sale, the insider now owns 900,000 shares of the company’s stock, valued at $53,550,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO P. Kevan Krysler sold 14,296 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $63.79, for a total transaction of $911,941.84. Following the completion of the transaction, the chief financial officer now directly owns 518,623 shares of the company’s stock, valued at approximately $33,082,961.17. The disclosure for this sale can be found here. In the last three months, insiders have sold 324,177 shares of company stock valued at $18,863,083. Company insiders own 6.00% of the company’s stock.

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.