Bessemer Group Inc. Sells 14,888 Shares of Pure Storage, Inc. (NYSE:PSTG)

Bessemer Group Inc. decreased its holdings in Pure Storage, Inc. (NYSE:PSTG) by 21.3% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 54,860 shares of the technology company’s stock after selling 14,888 shares during the period. Bessemer Group Inc.’s holdings in Pure Storage were worth $2,852,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in PSTG. Banque Cantonale Vaudoise acquired a new stake in Pure Storage during the 1st quarter valued at $25,000. Fidelis Capital Partners LLC acquired a new stake in Pure Storage during the 1st quarter valued at $27,000. Lindbrook Capital LLC lifted its holdings in Pure Storage by 295.6% during the 1st quarter. Lindbrook Capital LLC now owns 633 shares of the technology company’s stock valued at $33,000 after purchasing an additional 473 shares during the last quarter. Naples Money Management LLC acquired a new stake in shares of Pure Storage during the fourth quarter worth $25,000. Finally, Principal Securities Inc. acquired a new stake in shares of Pure Storage during the fourth quarter worth $31,000. 83.42% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently weighed in on PSTG. Evercore ISI lifted their target price on Pure Storage from $65.00 to $75.00 and gave the stock an “outperform” rating in a report on Thursday, May 30th. Wedbush reissued an “outperform” rating and set a $70.00 target price (up previously from $50.00) on shares of Pure Storage in a report on Tuesday, May 28th. Bank of America lifted their target price on Pure Storage from $57.00 to $68.00 and gave the stock a “neutral” rating in a report on Thursday, May 30th. Needham & Company LLC reissued a “buy” rating and set a $80.00 target price on shares of Pure Storage in a report on Friday, June 21st. Finally, Susquehanna lifted their target price on Pure Storage from $75.00 to $80.00 and gave the stock a “positive” rating in a report on Friday, June 21st. One analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $69.11.

Pure Storage Price Performance

Pure Storage stock traded down $0.55 during midday trading on Thursday, reaching $57.77. The company’s stock had a trading volume of 843,766 shares, compared to its average volume of 4,086,725. Pure Storage, Inc. has a 52 week low of $31.00 and a 52 week high of $70.41. The company has a current ratio of 2.00, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07. The business has a 50-day moving average price of $63.40 and a 200-day moving average price of $53.33. The stock has a market cap of $18.79 billion, a PE ratio of 208.21, a price-to-earnings-growth ratio of 6.17 and a beta of 1.11.

Pure Storage (NYSE:PSTG) last released its earnings results on Wednesday, May 29th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. Pure Storage had a return on equity of 15.34% and a net margin of 3.19%. The firm had revenue of $693.48 million for the quarter, compared to analysts’ expectations of $681.37 million. On average, sell-side analysts predict that Pure Storage, Inc. will post 0.47 EPS for the current year.

Insider Buying and Selling at Pure Storage

In other news, Director Mallun Yen sold 4,818 shares of the business’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $64.78, for a total transaction of $312,110.04. Following the sale, the director now directly owns 35,498 shares in the company, valued at $2,299,560.44. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $59.50, for a total transaction of $5,950,000.00. Following the sale, the insider now directly owns 900,000 shares in the company, valued at $53,550,000. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Mallun Yen sold 4,818 shares of the business’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $64.78, for a total value of $312,110.04. Following the sale, the director now owns 35,498 shares in the company, valued at $2,299,560.44. The disclosure for this sale can be found here. Insiders have sold a total of 119,114 shares of company stock worth $7,174,052 over the last 90 days. Insiders own 6.00% of the company’s stock.

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.