Freedom Investment Management Inc. Has $699,000 Stock Position in Pure Storage, Inc. (NYSE:PSTG)

Freedom Investment Management Inc. grew its stake in Pure Storage, Inc. (NYSE:PSTG) by 43.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,909 shares of the technology company’s stock after acquiring an additional 4,181 shares during the period. Freedom Investment Management Inc.’s holdings in Pure Storage were worth $699,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Massmutual Trust Co. FSB ADV grew its position in shares of Pure Storage by 61.2% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock worth $27,000 after purchasing an additional 161 shares in the last quarter. Nvwm LLC boosted its holdings in shares of Pure Storage by 23.3% during the 3rd quarter. Nvwm LLC now owns 1,027 shares of the technology company’s stock valued at $52,000 after acquiring an additional 194 shares in the last quarter. Harbour Investments Inc. grew its holdings in shares of Pure Storage by 3.0% during the second quarter. Harbour Investments Inc. now owns 6,912 shares of the technology company’s stock worth $444,000 after purchasing an additional 202 shares during the last quarter. Michael S. Ryan Inc. increased its position in Pure Storage by 4.8% in the 2nd quarter. Michael S. Ryan Inc. now owns 4,542 shares of the technology company’s stock valued at $292,000 after acquiring an additional 208 shares during the period. Finally, Larson Financial Group LLC raised its position in Pure Storage by 49.1% during the 3rd quarter. Larson Financial Group LLC now owns 644 shares of the technology company’s stock worth $32,000 after purchasing an additional 212 shares during the last quarter. Institutional investors and hedge funds own 83.42% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on PSTG shares. Needham & Company LLC reduced their price objective on shares of Pure Storage from $80.00 to $62.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. Wedbush reiterated an “outperform” rating and set a $80.00 price target on shares of Pure Storage in a report on Monday, August 26th. Guggenheim lifted their target price on shares of Pure Storage from $72.00 to $93.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Raymond James cut their price target on shares of Pure Storage from $73.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, August 29th. Finally, TD Cowen reduced their price objective on Pure Storage from $80.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $67.95.

Pure Storage Price Performance

Shares of PSTG opened at $52.89 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.96 and a current ratio of 1.99. The firm’s 50-day simple moving average is $52.02 and its two-hundred day simple moving average is $56.83. Pure Storage, Inc. has a fifty-two week low of $31.00 and a fifty-two week high of $70.41. The stock has a market cap of $17.33 billion, a PE ratio of 132.23, a price-to-earnings-growth ratio of 7.18 and a beta of 1.10.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings results on Wednesday, August 28th. The technology company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.10. Pure Storage had a net margin of 4.53% and a return on equity of 17.41%. The company had revenue of $763.77 million for the quarter, compared to analysts’ expectations of $756.59 million. Analysts anticipate that Pure Storage, Inc. will post 0.42 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Mona Chu sold 25,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $50.32, for a total transaction of $1,258,000.00. Following the completion of the sale, the chief accounting officer now owns 96,639 shares in the company, valued at approximately $4,862,874.48. This represents a 20.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $49.94, for a total transaction of $4,994,000.00. Following the completion of the transaction, the insider now directly owns 500,000 shares in the company, valued at approximately $24,970,000. The trade was a 16.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 354,542 shares of company stock worth $18,599,030 in the last three months. Insiders own 6.00% of the company’s stock.

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.