Comerica Bank Acquires 4,287 Shares of Pure Storage, Inc. (NYSE:PSTG)

Comerica Bank boosted its holdings in Pure Storage, Inc. (NYSE:PSTG) by 1.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 272,506 shares of the technology company’s stock after purchasing an additional 4,287 shares during the quarter. Comerica Bank owned approximately 0.08% of Pure Storage worth $14,168,000 as of its most recent SEC filing.

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

Insider Activity at Pure Storage

In other Pure Storage news, Director Mallun Yen sold 4,818 shares of the company’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 in the company, valued at approximately $2,299,560.44. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Pure Storage news, CFO P. Kevan Krysler sold 14,296 shares of the stock in a transaction dated Friday, July 5th. The shares were 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 owns 518,623 shares of the company’s stock, valued at $33,082,961.17. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Mallun Yen sold 4,818 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $64.78, for a total transaction of $312,110.04. Following the completion of the sale, the director now directly owns 35,498 shares in the company, valued at $2,299,560.44. The disclosure for this sale can be found here. In the last quarter, insiders sold 119,114 shares of company stock valued at $7,174,052. Corporate insiders own 6.00% of the company’s stock.

Pure Storage Price Performance

NYSE PSTG traded down $3.71 on Thursday, hitting $56.22. The company had a trading volume of 1,743,296 shares, compared to its average volume of 4,044,898. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.00 and a quick ratio of 1.96. The company’s fifty day moving average price is $63.24 and its 200-day moving average price is $54.07. The company has a market capitalization of $18.28 billion, a PE ratio of 205.07, a PEG ratio of 5.69 and a beta of 1.11. Pure Storage, Inc. has a 12-month low of $31.00 and a 12-month high of $70.41.

Pure Storage (NYSE:PSTG) last issued its quarterly earnings results on Wednesday, May 29th. The technology company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. Pure Storage had a net margin of 3.19% and a return on equity of 15.34%. The firm had revenue of $693.48 million for the quarter, compared to analyst estimates of $681.37 million. As a group, analysts predict that Pure Storage, Inc. will post 0.47 earnings per share for the current year.

Analysts Set New Price Targets

PSTG has been the topic of a number of recent research reports. Evercore ISI increased their price target on Pure Storage from $65.00 to $75.00 and gave the stock an “outperform” rating in a research report on Thursday, May 30th. Wells Fargo & Company boosted their price target on shares of Pure Storage from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. Bank of America increased their price objective on shares of Pure Storage from $57.00 to $68.00 and gave the company a “neutral” rating in a research note on Thursday, May 30th. Citigroup lifted their price target on Pure Storage from $65.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Finally, JPMorgan Chase & Co. upped their price objective on Pure Storage from $50.00 to $75.00 and gave the stock an “overweight” rating in a research note on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $69.11.

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.