Ontario Teachers Pension Plan Board Sells 9,960 Shares of Pure Storage, Inc. (NYSE:PSTG)

Ontario Teachers Pension Plan Board cut its position in Pure Storage, Inc. (NYSE:PSTG) by 48.4% in the third quarter, HoldingsChannel.com reports. The firm owned 10,626 shares of the technology company’s stock after selling 9,960 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Pure Storage were worth $534,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of PSTG. Massmutual Trust Co. FSB ADV increased its stake in Pure Storage by 61.2% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock worth $27,000 after buying an additional 161 shares in the last quarter. Larson Financial Group LLC boosted its stake in shares of Pure Storage by 242.9% in the second quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock worth $28,000 after acquiring an additional 306 shares during the period. ORG Wealth Partners LLC purchased a new stake in shares of Pure Storage during the third quarter worth about $31,000. FSC Wealth Advisors LLC bought a new stake in Pure Storage during the 2nd quarter valued at approximately $33,000. Finally, City State Bank lifted its holdings in Pure Storage by 175.0% in the 2nd quarter. City State Bank now owns 550 shares of the technology company’s stock worth $35,000 after purchasing an additional 350 shares in the last quarter. 83.42% of the stock is currently owned by institutional investors.

Pure Storage Stock Performance

Pure Storage stock opened at $51.64 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.99 and a quick ratio of 1.96. The firm has a market capitalization of $16.92 billion, a P/E ratio of 129.10, a price-to-earnings-growth ratio of 6.77 and a beta of 1.10. Pure Storage, Inc. has a 1-year low of $31.00 and a 1-year high of $70.41. The company’s 50-day moving average is $51.65 and its 200 day moving average is $56.85.

Pure Storage (NYSE:PSTG) last issued its quarterly earnings results on Wednesday, August 28th. The technology company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.10. The firm 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%. Research analysts forecast that Pure Storage, Inc. will post 0.42 EPS for the current year.

Insider Activity

In related news, 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 value of $4,994,000.00. Following the completion of the sale, the insider now owns 500,000 shares in the company, valued at approximately $24,970,000. The trade was a 16.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mona Chu sold 25,000 shares of the firm’s stock in a transaction on 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 transaction, the chief accounting officer now 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. Over the last ninety days, insiders sold 354,542 shares of company stock valued at $18,599,030. 6.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PSTG. Lake Street Capital cut their price objective on shares of Pure Storage from $70.00 to $68.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Needham & Company LLC reduced 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. TD Cowen dropped their price objective on shares of Pure Storage from $80.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Evercore ISI reduced their target price on Pure Storage from $75.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, August 29th. Finally, Citigroup dropped their price target on Pure Storage from $67.00 to $63.00 and set a “buy” rating for the company in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.95.

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.