Westfield Capital Management Co. LP Boosts Holdings in Pure Storage, Inc. (NYSE:PSTG)

Westfield Capital Management Co. LP raised its holdings in shares of Pure Storage, Inc. (NYSE:PSTG) by 29.4% in the third quarter, Holdings Channel reports. The institutional investor owned 995,019 shares of the technology company’s stock after acquiring an additional 225,949 shares during the period. Westfield Capital Management Co. LP’s holdings in Pure Storage were worth $49,990,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in PSTG. Sycomore Asset Management purchased a new stake in shares of Pure Storage in the 2nd quarter worth $2,259,000. MinichMacGregor Wealth Management LLC purchased a new stake in Pure Storage in the third quarter worth about $6,890,000. Heritage Wealth Management Inc. purchased a new stake in Pure Storage in the second quarter worth about $721,000. Cetera Investment Advisers grew its stake in shares of Pure Storage by 284.9% during the 1st quarter. Cetera Investment Advisers now owns 55,801 shares of the technology company’s stock valued at $2,901,000 after acquiring an additional 41,305 shares during the period. Finally, Maverick Capital Ltd. increased its holdings in Pure Storage by 274.9% in the 2nd quarter. Maverick Capital Ltd. now owns 22,564 shares of the technology company’s stock worth $1,449,000 after acquiring an additional 16,546 shares in the last quarter. 83.42% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on PSTG shares. Lake Street Capital lowered 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. Northland Securities reaffirmed a “market perform” rating and issued a $59.00 target price (down previously from $68.00) on shares of Pure Storage in a report on Thursday, August 29th. Evercore ISI decreased their price target on Pure Storage from $75.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, August 29th. Stifel Nicolaus dropped their price objective on Pure Storage from $65.00 to $60.00 and set a “hold” rating for the company in a research note on Thursday, August 29th. Finally, Piper Sandler dropped their price target on Pure Storage from $60.00 to $56.00 and set a “neutral” rating for the company in a research note on Thursday, August 29th. One investment 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.com, Pure Storage presently has an average rating of “Moderate Buy” and a consensus target price of $67.95.

Pure Storage Stock Up 0.2 %

Shares of NYSE:PSTG opened at $51.66 on Monday. The company has a 50-day moving average price of $51.70 and a 200 day moving average price of $56.89. The company has a current ratio of 1.99, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07. Pure Storage, Inc. has a 12 month low of $31.00 and a 12 month high of $70.41. The company has a market cap of $16.93 billion, a price-to-earnings ratio of 129.15, a PEG ratio of 7.01 and a beta of 1.10.

Pure Storage (NYSE:PSTG) last posted its quarterly earnings data on Wednesday, August 28th. The technology company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. As a group, equities research analysts predict that Pure Storage, Inc. will post 0.42 earnings per share for the current year.

Insider Buying and Selling

In other news, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction on Monday, October 21st. The stock was sold at an average price of $57.32, for a total transaction of $5,732,000.00. Following the completion of the sale, the insider now directly owns 300,000 shares in the company, valued at approximately $17,196,000. This trade represents a 25.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CRO Dan Fitzsimons sold 8,895 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $50.67, for a total transaction of $450,709.65. Following the completion of the transaction, the executive now owns 94,446 shares in the company, valued at approximately $4,785,578.82. The trade was a 8.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 354,542 shares of company stock worth $18,599,030 over the last three months. 6.00% of the stock is owned by insiders.

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.