Wesbanco Bank Inc. Reduces Stock Holdings in Pure Storage, Inc. (NYSE:PSTG)

Wesbanco Bank Inc. lowered its holdings in shares of Pure Storage, Inc. (NYSE:PSTG) by 24.3% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 35,095 shares of the technology company’s stock after selling 11,288 shares during the quarter. Wesbanco Bank Inc.’s holdings in Pure Storage were worth $1,763,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in PSTG. ORG Wealth Partners LLC purchased a new position in Pure Storage during the third quarter valued at $31,000. McGlone Suttner Wealth Management Inc. bought a new position in shares of Pure Storage in the third quarter worth about $226,000. Exchange Traded Concepts LLC lifted its position in shares of Pure Storage by 34.8% during the 3rd quarter. Exchange Traded Concepts LLC now owns 58,102 shares of the technology company’s stock valued at $2,919,000 after buying an additional 15,013 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt grew its stake in shares of Pure Storage by 93.4% during the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 2,300 shares of the technology company’s stock valued at $116,000 after acquiring an additional 1,111 shares during the period. Finally, Tobam increased its holdings in Pure Storage by 1,402.6% in the 3rd quarter. Tobam now owns 17,370 shares of the technology company’s stock worth $873,000 after acquiring an additional 16,214 shares in the last quarter. Institutional investors own 83.42% of the company’s stock.

Pure Storage Trading Down 2.4 %

Shares of PSTG opened at $52.59 on Wednesday. The stock has a market capitalization of $17.10 billion, a PE ratio of 187.82, a P/E/G ratio of 8.33 and a beta of 1.11. The company’s fifty day moving average is $53.09 and its 200 day moving average is $56.89. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.96 and a current ratio of 1.99. Pure Storage, Inc. has a fifty-two week low of $31.00 and a fifty-two week high of $70.41.

Pure Storage (NYSE:PSTG) last posted its earnings results on Wednesday, August 28th. The technology company reported $0.20 earnings per share 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 firm had revenue of $763.77 million for the quarter, compared to the consensus estimate of $756.59 million. Sell-side analysts expect that Pure Storage, Inc. will post 0.43 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on PSTG shares. UBS Group lowered their price target on shares of Pure Storage from $47.00 to $45.00 and set a “sell” rating on the stock in a report on Thursday, August 29th. TD Cowen dropped their target price on shares of Pure Storage from $80.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Evercore ISI decreased their price target on Pure Storage from $75.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, August 29th. Wedbush restated an “outperform” rating and issued a $80.00 price objective on shares of Pure Storage in a research report on Monday, August 26th. Finally, Piper Sandler cut their target price on Pure Storage from $60.00 to $56.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. One 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’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $66.95.

Insider Buying and Selling at Pure Storage

In other news, CRO Dan Fitzsimons sold 8,895 shares of Pure Storage stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $50.67, for a total value of $450,709.65. Following the completion of the transaction, the executive now owns 94,446 shares in the company, valued at approximately $4,785,578.82. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Mona Chu sold 20,647 shares of the stock in a transaction on Monday, October 7th. The shares were sold at an average price of $51.50, for a total value of $1,063,320.50. Following the sale, the chief accounting officer now owns 75,992 shares of the company’s stock, valued at approximately $3,913,588. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CRO Dan Fitzsimons sold 8,895 shares of Pure Storage stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $50.67, for a total transaction of $450,709.65. Following the transaction, the executive now directly owns 94,446 shares of the company’s stock, valued at approximately $4,785,578.82. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 564,423 shares of company stock worth $30,818,171 over the last ninety days. Company insiders own 6.00% of the company’s stock.

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.