Pure Storage, Inc. (NYSE:PSTG) Shares Purchased by Menard Financial Group LLC

Menard Financial Group LLC boosted its position in shares of Pure Storage, Inc. (NYSE:PSTG) by 16.0% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 9,874 shares of the technology company’s stock after acquiring an additional 1,365 shares during the quarter. Menard Financial Group LLC’s holdings in Pure Storage were worth $634,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Pure Storage in the 4th quarter valued at $115,452,000. Bank of New York Mellon Corp increased its stake in Pure Storage by 56.1% in the second quarter. Bank of New York Mellon Corp now owns 3,696,390 shares of the technology company’s stock valued at $237,345,000 after purchasing an additional 1,327,873 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Pure Storage by 4,095.7% in the first quarter. Principal Financial Group Inc. now owns 1,121,344 shares of the technology company’s stock valued at $58,299,000 after buying an additional 1,094,618 shares during the last quarter. Frontier Capital Management Co. LLC boosted its stake in shares of Pure Storage by 835.2% during the fourth quarter. Frontier Capital Management Co. LLC now owns 1,078,454 shares of the technology company’s stock worth $38,458,000 after buying an additional 963,140 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of Pure Storage by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 31,294,297 shares of the technology company’s stock worth $1,115,955,000 after buying an additional 567,358 shares during the period. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Pure Storage Stock Performance

PSTG opened at $48.90 on Monday. Pure Storage, Inc. has a 1-year low of $31.00 and a 1-year high of $70.41. The stock has a market cap of $15.90 billion, a P/E ratio of 174.64, a P/E/G ratio of 7.40 and a beta of 1.11. The stock’s 50 day simple moving average is $57.26 and its 200 day simple moving average is $57.21. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.99 and a quick ratio of 1.96.

Insiders Place Their Bets

In other news, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction on 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 sale was disclosed in a document filed with the SEC, which is available at this link. In related news, CFO P. Kevan Krysler sold 14,296 shares of the company’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $63.79, for a total value of $911,941.84. Following the sale, the chief financial officer now owns 518,623 shares of the company’s stock, valued at approximately $33,082,961.17. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider John Colgrove sold 100,000 shares of the stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $61.76, for a total value of $6,176,000.00. Following the sale, the insider now owns 700,000 shares in the company, valued at approximately $43,232,000. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 324,177 shares of company stock worth $18,863,083. 6.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have commented on PSTG. Bank of America upped their price objective on Pure Storage from $57.00 to $68.00 and gave the company a “neutral” rating in a research note on Thursday, May 30th. Raymond James cut their price target on Pure Storage from $73.00 to $70.00 and set an “outperform” rating for the company in a research note on Thursday, August 29th. Citigroup lowered their price objective on shares of Pure Storage from $75.00 to $67.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. UBS Group dropped their price objective on shares of Pure Storage from $47.00 to $45.00 and set a “sell” rating on the stock in a research note on Thursday, August 29th. Finally, TD Cowen reduced their target price on shares of Pure Storage from $80.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, Pure Storage currently has an average rating of “Moderate Buy” and an average price target of $66.95.

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.