Truvestments Capital LLC Lowers Position in Pure Storage, Inc. (NYSE:PSTG)

Truvestments Capital LLC cut its stake in shares of Pure Storage, Inc. (NYSE:PSTG) by 19.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor 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 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. 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 worth $27,000 after acquiring an additional 161 shares during the period. Larson Financial Group LLC increased its position in shares of 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 bought a new stake in shares of Pure Storage during the 3rd quarter worth $31,000. FSC Wealth Advisors LLC purchased a new position in shares of Pure Storage in the 2nd quarter worth about $33,000. Finally, City State Bank grew its position in 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. 83.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PSTG has been the topic of a number of research analyst reports. TD Cowen dropped their target price on shares of Pure Storage from $80.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. UBS Group lowered their price target on shares of Pure Storage from $47.00 to $45.00 and set a “sell” rating on the stock in a report on Thursday, August 29th. Piper Sandler reduced their price objective on Pure Storage from $60.00 to $56.00 and set a “neutral” rating for the company in a report on Thursday, August 29th. Wedbush restated an “outperform” rating and issued a $80.00 target price on shares of Pure Storage in a research note on Monday, August 26th. Finally, Susquehanna reiterated a “positive” rating and set a $80.00 price target on shares of Pure Storage in a research note on Monday, August 26th. One analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $67.95.

Insider Activity

In other Pure Storage news, CRO Dan Fitzsimons sold 8,895 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $50.67, for a total transaction of $450,709.65. Following the transaction, the executive now directly owns 94,446 shares in the company, valued at $4,785,578.82. This trade represents a 8.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $49.94, for a total transaction of $4,994,000.00. Following the completion of the sale, the insider now owns 500,000 shares of the company’s stock, valued at approximately $24,970,000. The trade was a 16.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 354,542 shares of company stock worth $18,599,030. 6.00% of the stock is currently owned by corporate insiders.

Pure Storage Price Performance

Pure Storage stock opened at $53.75 on Tuesday. The business has a 50-day simple moving average of $51.79 and a 200 day simple moving average of $56.88. Pure Storage, Inc. has a 52 week low of $31.00 and a 52 week high of $70.41. The stock has a market cap of $17.61 billion, a price-to-earnings ratio of 134.38, a PEG ratio of 7.01 and a beta of 1.10. The company has a quick ratio of 1.96, a current ratio of 1.99 and a debt-to-equity ratio of 0.07.

Pure Storage (NYSE:PSTG) last posted its quarterly earnings data on Wednesday, August 28th. The technology company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.10. The company had revenue of $763.77 million for the quarter, compared to analysts’ expectations of $756.59 million. Pure Storage had a net margin of 4.53% and a return on equity of 17.41%. On average, research analysts forecast that Pure Storage, Inc. will post 0.42 earnings per share for the current fiscal year.

Pure Storage Profile

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.