1620 Investment Advisors Inc. Takes $134,000 Position in Pure Storage, Inc. (NYSE:PSTG)

1620 Investment Advisors Inc. purchased a new position in shares of Pure Storage, Inc. (NYSE:PSTG) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,092 shares of the technology company’s stock, valued at approximately $134,000.

Several other hedge funds have also recently modified their holdings of PSTG. Dimensional Fund Advisors LP raised its holdings in shares of Pure Storage by 2.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,168,335 shares of the technology company’s stock valued at $41,666,000 after acquiring an additional 28,086 shares during the last quarter. Private Advisor Group LLC boosted its stake in Pure Storage by 44.1% during the 4th quarter. Private Advisor Group LLC now owns 11,235 shares of the technology company’s stock worth $401,000 after purchasing an additional 3,437 shares during the last quarter. Nikko Asset Management Americas Inc. grew its holdings in shares of Pure Storage by 83.9% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 2,068,255 shares of the technology company’s stock worth $73,733,000 after buying an additional 943,850 shares in the last quarter. Quest Partners LLC purchased a new stake in shares of Pure Storage during the fourth quarter worth $592,000. Finally, State of Alaska Department of Revenue purchased a new position in shares of Pure Storage in the first quarter worth about $1,675,000. Institutional investors and hedge funds own 83.42% of the company’s stock.

Pure Storage Stock Performance

PSTG opened at $60.95 on Friday. The stock’s 50 day simple moving average is $61.63 and its 200 day simple moving average is $55.99. 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 stock has a market cap of $19.82 billion, a P/E ratio of 217.68, a P/E/G ratio of 6.29 and a beta of 1.11. Pure Storage, Inc. has a 1-year low of $31.00 and a 1-year high of $70.41.

Pure Storage (NYSE:PSTG) last announced 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. The business had revenue of $693.48 million during the quarter, compared to analysts’ expectations of $681.37 million. Pure Storage had a return on equity of 15.34% and a net margin of 3.19%. As a group, equities analysts anticipate that Pure Storage, Inc. will post 0.47 EPS for the current fiscal year.

Insider Buying and Selling at Pure Storage

In other Pure Storage news, Director Mallun Yen sold 4,818 shares of the firm’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 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 SEC, which can be accessed through this link. In other Pure Storage 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 transaction of $312,110.04. Following the completion of the sale, the director now owns 35,498 shares of the company’s stock, valued at $2,299,560.44. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $61.76, for a total value of $6,176,000.00. Following the completion of the transaction, the insider now owns 700,000 shares in the company, valued at $43,232,000. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 328,995 shares of company stock worth $19,175,193. Corporate insiders own 6.00% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on PSTG. Northland Capmk cut shares of Pure Storage from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 30th. Raymond James lifted their price objective on Pure Storage from $63.00 to $73.00 and gave the stock an “outperform” rating in a research report on Thursday, May 30th. Lake Street Capital upped their target price on Pure Storage from $48.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Northland Securities lowered Pure Storage from an “outperform” rating to a “market perform” rating and lifted their price target for the stock from $58.00 to $68.00 in a report on Thursday, May 30th. Finally, TD Cowen boosted their target price on shares of Pure Storage from $60.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $68.65.

Pure Storage 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.