Penserra Capital Management LLC Sells 21,084 Shares of Pure Storage, Inc. (NYSE:PSTG)

Penserra Capital Management LLC trimmed its holdings in Pure Storage, Inc. (NYSE:PSTG) by 29.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 49,583 shares of the technology company’s stock after selling 21,084 shares during the period. Penserra Capital Management LLC’s holdings in Pure Storage were worth $2,489,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Sycomore Asset Management bought a new stake in Pure Storage during the second quarter worth $2,259,000. MinichMacGregor Wealth Management LLC purchased a new stake in shares of Pure Storage in the third quarter valued at about $6,890,000. Heritage Wealth Management Inc. purchased a new stake in shares of Pure Storage in the second quarter valued at about $721,000. Cetera Investment Advisers lifted its position in shares of Pure Storage by 284.9% during the first quarter. Cetera Investment Advisers now owns 55,801 shares of the technology company’s stock valued at $2,901,000 after purchasing an additional 41,305 shares in the last quarter. Finally, Maverick Capital Ltd. boosted its holdings in Pure Storage by 274.9% during the second quarter. Maverick Capital Ltd. now owns 22,564 shares of the technology company’s stock worth $1,449,000 after purchasing an additional 16,546 shares during the last quarter. 83.42% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PSTG has been the topic of a number of research analyst reports. Citigroup cut their target price on Pure Storage from $67.00 to $63.00 and set a “buy” rating on the stock in a research note on Tuesday, November 19th. Susquehanna reaffirmed a “positive” rating and set a $80.00 target price on shares of Pure Storage in a research report on Monday, August 26th. Needham & Company LLC cut their price target on shares of Pure Storage from $80.00 to $62.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Evercore ISI decreased their price objective on shares of Pure Storage from $75.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, August 29th. Finally, Northland Securities reiterated a “market perform” rating and issued a $59.00 target price (down from $68.00) on shares of Pure Storage in a research note on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Pure Storage presently has an average rating of “Moderate Buy” and an average price target of $67.95.

Pure Storage Stock Performance

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

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

Insider Activity

In other news, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $49.94, for a total value of $4,994,000.00. Following the transaction, the insider now directly owns 500,000 shares in the company, valued at $24,970,000. This trade represents a 16.67 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Mona Chu sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $50.32, for a total value of $1,258,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 96,639 shares in the company, valued at $4,862,874.48. The trade was a 20.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 354,542 shares of company stock valued at $18,599,030 over the last ninety days. 6.00% of the stock is currently owned by corporate 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.