Entropy Technologies LP Takes Position in Pure Storage, Inc. (NYSE:PSTG)

Entropy Technologies LP purchased a new stake in shares of Pure Storage, Inc. (NYSE:PSTG) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 58,043 shares of the technology company’s stock, valued at approximately $3,018,000.

Other institutional investors have also added to or reduced their stakes in the company. Banque Cantonale Vaudoise acquired a new position in Pure Storage in the 1st quarter valued at $25,000. Fidelis Capital Partners LLC acquired a new position in Pure Storage in the 1st quarter valued at approximately $27,000. Lindbrook Capital LLC lifted its holdings in Pure Storage by 295.6% during the 1st quarter. Lindbrook Capital LLC now owns 633 shares of the technology company’s stock worth $33,000 after buying an additional 473 shares during the period. Naples Money Management LLC bought a new stake in Pure Storage in the fourth quarter valued at approximately $25,000. Finally, Principal Securities Inc. acquired a new stake in shares of Pure Storage during the fourth quarter worth $31,000. 83.42% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Morgan Stanley cut Pure Storage from an “overweight” rating to an “equal weight” rating and set a $60.00 target price on the stock. in a report on Wednesday, June 12th. Needham & Company LLC reissued a “buy” rating and issued a $80.00 price target on shares of Pure Storage in a report on Friday, June 21st. Lake Street Capital upped their price objective on Pure Storage from $48.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. Susquehanna increased their target price on shares of Pure Storage from $75.00 to $80.00 and gave the stock a “positive” rating in a research report on Friday, June 21st. Finally, UBS Group cut Pure Storage from a “neutral” rating to a “sell” rating and lifted their price target for the company from $44.00 to $47.00 in a research report on Tuesday, July 2nd. One analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $69.11.

Insider Activity

In other Pure Storage news, Director Mallun Yen sold 4,818 shares of the firm’s stock in a transaction 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 completion of the sale, the director now directly owns 35,498 shares of the company’s stock, valued at approximately $2,299,560.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other 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 transaction of $911,941.84. Following the completion of the transaction, the chief financial officer now directly owns 518,623 shares of the company’s stock, valued at $33,082,961.17. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Mallun Yen sold 4,818 shares of the stock in a transaction on Friday, June 7th. The shares were sold at an average price of $64.78, for a total value of $312,110.04. Following the completion of the transaction, the director now directly owns 35,498 shares in the company, valued at approximately $2,299,560.44. The disclosure for this sale can be found here. Company insiders own 6.00% of the company’s stock.

Pure Storage Stock Down 5.2 %

PSTG stock traded down $3.30 during trading on Wednesday, reaching $60.64. 2,695,446 shares of the company traded hands, compared to its average volume of 4,152,857. The business has a 50 day simple moving average of $62.99 and a 200 day simple moving average of $52.49. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.96 and a current ratio of 2.00. Pure Storage, Inc. has a 12 month low of $31.00 and a 12 month high of $70.41. The company has a market capitalization of $19.72 billion, a price-to-earnings ratio of 216.57, a price-to-earnings-growth ratio of 6.63 and a beta of 1.11.

Pure Storage (NYSE:PSTG) last posted its quarterly earnings results on Wednesday, May 29th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.02. The business had revenue of $693.48 million during the quarter, compared to analysts’ expectations of $681.37 million. Pure Storage had a net margin of 3.19% and a return on equity of 15.34%. On average, equities research analysts anticipate that Pure Storage, Inc. will post 0.47 earnings per share for the current fiscal year.

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.