GraniteShares Advisors LLC Invests $626,000 in Pure Storage, Inc. (NYSE:PSTG)

GraniteShares Advisors LLC purchased a new position in shares of Pure Storage, Inc. (NYSE:PSTG) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 9,754 shares of the technology company’s stock, valued at approximately $626,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Pure Storage by 1.6% during the first quarter. Vanguard Group Inc. now owns 31,789,480 shares of the technology company’s stock worth $1,652,735,000 after buying an additional 495,183 shares during the period. First Trust Advisors LP boosted its position in shares of Pure Storage by 4.2% during the fourth quarter. First Trust Advisors LP now owns 4,028,716 shares of the technology company’s stock worth $143,664,000 after buying an additional 160,877 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Pure Storage by 56.1% during the second quarter. Bank of New York Mellon Corp now owns 3,696,390 shares of the technology company’s stock worth $237,345,000 after buying an additional 1,327,873 shares during the period. Norges Bank purchased a new position in Pure Storage in the fourth quarter valued at $115,452,000. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Pure Storage by 12.6% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,234,382 shares of the technology company’s stock valued at $143,470,000 after purchasing an additional 249,761 shares during the period. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

Pure Storage Stock Performance

Shares of PSTG traded up $0.97 during midday trading on Friday, reaching $51.29. 5,347,812 shares of the stock were exchanged, compared to its average volume of 2,847,187. The business’s 50-day moving average price is $60.47 and its 200 day moving average price is $56.67. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.99 and a quick ratio of 1.96. Pure Storage, Inc. has a twelve month low of $31.00 and a twelve month high of $70.41. The company has a market capitalization of $16.68 billion, a price-to-earnings ratio of 183.18, a PEG ratio of 5.40 and a beta of 1.11.

Pure Storage (NYSE:PSTG) last posted its earnings results on Wednesday, May 29th. The technology company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.02. The business had revenue of $693.48 million for the quarter, compared to analysts’ expectations of $681.37 million. Pure Storage had a return on equity of 17.41% and a net margin of 4.53%. On average, sell-side analysts expect that Pure Storage, Inc. will post 0.45 EPS for the current fiscal year.

Insider Activity at Pure Storage

In related 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 value of $312,110.04. Following the transaction, the director now owns 35,498 shares in the company, valued at approximately $2,299,560.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO P. Kevan Krysler sold 14,296 shares of the business’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $63.79, for a total value of $911,941.84. Following the transaction, the chief financial officer now owns 518,623 shares in the company, valued at approximately $33,082,961.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Mallun Yen sold 4,818 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $64.78, for a total value of $312,110.04. Following the transaction, the director now owns 35,498 shares in the company, valued at approximately $2,299,560.44. The disclosure for this sale can be found here. Insiders have sold 328,995 shares of company stock worth $19,175,193 in the last quarter. Company insiders own 6.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PSTG. Susquehanna reiterated a “positive” rating and issued a $80.00 target price on shares of Pure Storage in a report on Monday, August 26th. Barclays lifted their target price on Pure Storage from $51.00 to $56.00 and gave the company an “equal weight” rating in a report on Thursday, May 30th. Piper Sandler decreased their target price on Pure Storage from $60.00 to $56.00 and set a “neutral” rating for the company in a report on Thursday. Wells Fargo & Company lifted their target price on Pure Storage from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. Finally, UBS Group decreased their target price on Pure Storage from $47.00 to $45.00 and set a “sell” rating for the company in a report on Thursday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $66.95.

Pure Storage Company 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.