236,924 Shares in Pure Storage Inc (PSTG) Acquired by Seven Eight Capital LP

Seven Eight Capital LP purchased a new stake in Pure Storage Inc (NYSE:PSTG) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 236,924 shares of the technology company’s stock, valued at approximately $6,148,000. Seven Eight Capital LP owned approximately 0.10% of Pure Storage at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Jennison Associates LLC purchased a new stake in shares of Pure Storage in the second quarter valued at about $23,904,000. Aspiriant LLC acquired a new position in shares of Pure Storage in the second quarter valued at approximately $755,000. LLBH Private Wealth Management LLC raised its position in shares of Pure Storage by 65.2% in the second quarter. LLBH Private Wealth Management LLC now owns 42,514 shares of the technology company’s stock valued at $1,015,000 after buying an additional 16,783 shares during the last quarter. Ivory Investment Management LLC acquired a new position in shares of Pure Storage in the second quarter valued at approximately $9,346,000. Finally, Granahan Investment Management Inc. MA raised its position in shares of Pure Storage by 11.9% in the second quarter. Granahan Investment Management Inc. MA now owns 228,520 shares of the technology company’s stock valued at $5,457,000 after buying an additional 24,248 shares during the last quarter. 68.97% of the stock is currently owned by institutional investors.

Shares of PSTG stock opened at $22.41 on Friday. Pure Storage Inc has a one year low of $15.72 and a one year high of $29.14. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.91 and a current ratio of 4.03.

Pure Storage (NYSE:PSTG) last issued its quarterly earnings results on Tuesday, August 21st. The technology company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.06) by $0.07. Pure Storage had a negative net margin of 15.07% and a negative return on equity of 30.30%. The firm had revenue of $308.90 million during the quarter, compared to analyst estimates of $301.32 million. During the same quarter in the prior year, the business posted ($0.11) earnings per share. Pure Storage’s revenue for the quarter was up 37.5% compared to the same quarter last year. On average, equities analysts forecast that Pure Storage Inc will post -0.66 EPS for the current fiscal year.

In related news, Director Scott Dietzen sold 125,000 shares of the company’s stock in a transaction that occurred on Thursday, July 26th. The shares were sold at an average price of $23.22, for a total transaction of $2,902,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President David Hatfield sold 150,000 shares of the company’s stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $21.53, for a total transaction of $3,229,500.00. The disclosure for this sale can be found here. Insiders have sold 489,417 shares of company stock valued at $11,912,580 in the last ninety days. 15.30% of the stock is currently owned by company insiders.

PSTG has been the subject of a number of analyst reports. Deutsche Bank boosted their price objective on shares of Pure Storage from $25.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, August 22nd. Bank of America boosted their price objective on shares of Pure Storage from $26.00 to $28.00 and gave the company a “buy” rating in a research report on Wednesday, August 22nd. Lake Street Capital reissued a “buy” rating and issued a $29.00 price objective (up previously from $24.00) on shares of Pure Storage in a research report on Wednesday, August 22nd. Oppenheimer boosted their price objective on shares of Pure Storage from $24.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, August 22nd. Finally, Zacks Investment Research raised shares of Pure Storage from a “hold” rating to a “buy” rating and set a $27.00 price objective for the company in a research report on Tuesday, July 17th. Seven equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $26.55.

About Pure Storage

Pure Storage, Inc engages in building a data platform that enables businesses to enhance performance and reduce complexity and costs worldwide. The company delivers its data platform through Purity Operating Environment, an optimized software for solid-state memory that offers enterprise-class storage and protocol services; FlashArray and FlashBlade optimized hardware products for solid-state memory to enhance the performance and density of flash, optimize its advanced software services, and reduce solution cost for customers; Pure1, a cloud-based management and support software; and FlashStack, a converged infrastructure solution.

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Institutional Ownership by Quarter for Pure Storage (NYSE:PSTG)

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