Norden Group LLC Trims Stock Holdings in Pure Storage, Inc. (NYSE:PSTG)

Norden Group LLC decreased its position in Pure Storage, Inc. (NYSE:PSTG) by 3.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,439 shares of the technology company’s stock after selling 573 shares during the period. Norden Group LLC’s holdings in Pure Storage were worth $728,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. LPL Financial LLC raised its stake in shares of Pure Storage by 22.6% during the 1st quarter. LPL Financial LLC now owns 118,368 shares of the technology company’s stock valued at $5,240,000 after buying an additional 21,812 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Pure Storage by 72.7% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 120,363 shares of the technology company’s stock valued at $5,328,000 after buying an additional 50,651 shares during the last quarter. ARK Investment Management LLC raised its stake in shares of Pure Storage by 49.8% during the 1st quarter. ARK Investment Management LLC now owns 299,787 shares of the technology company’s stock valued at $13,272,000 after buying an additional 99,638 shares during the last quarter. HB Wealth Management LLC raised its stake in shares of Pure Storage by 4.8% during the 1st quarter. HB Wealth Management LLC now owns 9,249 shares of the technology company’s stock valued at $409,000 after buying an additional 420 shares during the last quarter. Finally, TD Asset Management Inc raised its stake in shares of Pure Storage by 28.4% during the 1st quarter. TD Asset Management Inc now owns 732,462 shares of the technology company’s stock valued at $32,426,000 after buying an additional 161,832 shares during the last quarter. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Pure Storage Trading Up 0.0%

PSTG stock opened at $59.41 on Wednesday. Pure Storage, Inc. has a 12-month low of $34.51 and a 12-month high of $73.67. The stock has a market cap of $19.42 billion, a price-to-earnings ratio of 160.57, a PEG ratio of 5.65 and a beta of 1.06. The business’s 50-day moving average is $55.42 and its 200 day moving average is $54.74.

Pure Storage (NYSE:PSTG) last posted its quarterly earnings data on Wednesday, May 28th. The technology company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.04. Pure Storage had a return on equity of 13.98% and a net margin of 3.93%. The company had revenue of $778.49 million for the quarter, compared to analysts’ expectations of $770.03 million. During the same period in the previous year, the firm posted $0.32 EPS. Pure Storage’s revenue was up 12.3% compared to the same quarter last year. As a group, equities analysts forecast that Pure Storage, Inc. will post 0.44 EPS for the current fiscal year.

Insider Transactions at Pure Storage

In related news, insider Ajay Singh sold 22,601 shares of Pure Storage stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $55.45, for a total value of $1,253,225.45. Following the sale, the insider directly owned 261,465 shares in the company, valued at approximately $14,498,234.25. The trade was a 7.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director John Francis Murphy sold 6,959 shares of the firm’s stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $56.17, for a total transaction of $390,887.03. Following the completion of the transaction, the director directly owned 19,706 shares in the company, valued at $1,106,886.02. This trade represents a 26.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 147,666 shares of company stock valued at $7,819,260. 5.60% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PSTG. JPMorgan Chase & Co. reduced their price objective on Pure Storage from $75.00 to $70.00 and set an “overweight” rating for the company in a research note on Thursday, May 29th. Needham & Company LLC reiterated a “buy” rating and set a $75.00 price objective on shares of Pure Storage in a research note on Friday, June 20th. Evercore ISI lifted their price objective on Pure Storage from $60.00 to $70.00 and gave the company an “outperform” rating in a research note on Friday, May 23rd. Citigroup lifted their price objective on Pure Storage from $55.00 to $65.00 and gave the company a “buy” rating in a research note on Friday, May 16th. Finally, Wall Street Zen cut Pure Storage from a “buy” rating to a “hold” rating in a research report on Saturday. One analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Pure Storage presently has a consensus rating of “Moderate Buy” and an average price target of $69.95.

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.