Truvestments Capital LLC Sells 1,982 Shares of Pure Storage, Inc. (NYSE:PSTG)

Truvestments Capital LLC lowered its stake in Pure Storage, Inc. (NYSE:PSTG) by 19.5% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 8,187 shares of the technology company’s stock after selling 1,982 shares during the period. Truvestments Capital LLC’s holdings in Pure Storage were worth $411,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Massmutual Trust Co. FSB ADV grew its stake 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 worth $27,000 after purchasing an additional 161 shares during the last quarter. Larson Financial Group LLC raised its position in Pure Storage by 242.9% during the 2nd quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock valued at $28,000 after purchasing an additional 306 shares during the last quarter. ORG Wealth Partners LLC purchased a new stake in Pure Storage in the 3rd quarter worth approximately $31,000. FSC Wealth Advisors LLC bought a new stake in shares of Pure Storage in the 2nd quarter worth approximately $33,000. Finally, City State Bank increased its stake in shares of Pure Storage by 175.0% during the second quarter. City State Bank now owns 550 shares of the technology company’s stock valued at $35,000 after buying an additional 350 shares during the period. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Insider Activity

In related news, CRO Dan Fitzsimons sold 8,895 shares of Pure Storage stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $50.67, for a total value of $450,709.65. Following the completion of the sale, the executive now owns 94,446 shares of the company’s stock, valued at $4,785,578.82. The trade was a 8.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider John Colgrove sold 100,000 shares of the stock in a transaction dated 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 completion of the transaction, the insider now directly owns 500,000 shares in the company, valued at approximately $24,970,000. This represents a 16.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 354,542 shares of company stock valued at $18,599,030 over the last three months. Insiders own 6.00% of the company’s stock.

Wall Street Analysts Forecast Growth

PSTG has been the topic of several recent analyst reports. Lake Street Capital cut their price target on shares of Pure Storage from $70.00 to $68.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Stifel Nicolaus reduced their price target on shares of Pure Storage from $65.00 to $60.00 and set a “hold” rating on the stock in a research report on Thursday, August 29th. William Blair restated an “outperform” rating on shares of Pure Storage in a report on Thursday, November 14th. Oppenheimer began coverage on Pure Storage in a research report on Wednesday, November 13th. They set an “outperform” rating and a $70.00 price objective on the stock. Finally, Evercore ISI decreased their target price on Pure Storage from $75.00 to $70.00 and set an “outperform” rating for the company in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $67.95.

Pure Storage Trading Up 4.0 %

Shares of NYSE PSTG opened at $53.75 on Tuesday. The firm’s 50 day moving average price is $51.79 and its 200-day moving average price is $56.88. Pure Storage, Inc. has a 52-week low of $31.00 and a 52-week high of $70.41. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.96 and a current ratio of 1.99. The company has a market cap of $17.61 billion, a PE ratio of 134.38, a P/E/G ratio of 7.01 and a beta of 1.10.

Pure Storage (NYSE:PSTG) last issued its earnings results on Wednesday, August 28th. The technology company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.10. The business had revenue of $763.77 million during the quarter, compared to analyst estimates of $756.59 million. Pure Storage had a return on equity of 17.41% and a net margin of 4.53%. On average, equities research analysts expect that Pure Storage, Inc. will post 0.42 EPS 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.