Penn Capital Management Co. Inc. Buys Shares of 31,545 Pure Storage Inc (PSTG)

Penn Capital Management Co. Inc. bought a new position in Pure Storage Inc (NYSE:PSTG) in the 1st quarter, HoldingsChannel reports. The fund bought 31,545 shares of the technology company’s stock, valued at approximately $2,052,000.

A number of other institutional investors have also recently added to or reduced their stakes in PSTG. Vanguard Group Inc increased its holdings in Pure Storage by 14.4% in the 3rd quarter. Vanguard Group Inc now owns 15,371,526 shares of the technology company’s stock worth $398,892,000 after acquiring an additional 1,933,591 shares in the last quarter. Deutsche Bank AG grew its holdings in Pure Storage by 32.9% during the 4th quarter. Deutsche Bank AG now owns 6,071,763 shares of the technology company’s stock valued at $97,627,000 after buying an additional 1,503,341 shares in the last quarter. Victory Capital Management Inc. grew its holdings in Pure Storage by 1,367.9% during the 4th quarter. Victory Capital Management Inc. now owns 1,506,970 shares of the technology company’s stock valued at $24,232,000 after buying an additional 1,404,310 shares in the last quarter. Norges Bank purchased a new stake in Pure Storage during the 4th quarter valued at approximately $18,708,000. Finally, Eaton Vance Management grew its holdings in Pure Storage by 191.0% during the 4th quarter. Eaton Vance Management now owns 1,516,913 shares of the technology company’s stock valued at $24,392,000 after buying an additional 995,717 shares in the last quarter. 73.63% of the stock is owned by institutional investors.

A number of equities research analysts have issued reports on PSTG shares. Raymond James lowered shares of Pure Storage from an “outperform” rating to a “market perform” rating and set a $18.81 price objective for the company. in a report on Wednesday, February 20th. Cowen raised shares of Pure Storage from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $20.00 to $30.00 in a report on Monday, April 8th. Maxim Group reaffirmed a “hold” rating and set a $21.00 price objective on shares of Pure Storage in a report on Friday, March 1st. Oppenheimer set a $26.00 price objective on shares of Pure Storage and gave the company a “buy” rating in a report on Tuesday, March 19th. Finally, ValuEngine raised shares of Pure Storage from a “hold” rating to a “buy” rating in a report on Monday, April 1st. Eight research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Pure Storage presently has a consensus rating of “Buy” and a consensus price target of $26.10.

In related news, Director Scott Dietzen sold 400,000 shares of the firm’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $20.46, for a total value of $8,184,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Timothy Riitters sold 5,210 shares of the firm’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $21.33, for a total value of $111,129.30. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 564,260 shares of company stock valued at $11,880,961. 10.00% of the stock is owned by corporate insiders.

NYSE PSTG opened at $20.79 on Friday. The company has a quick ratio of 3.25, a current ratio of 3.34 and a debt-to-equity ratio of 0.61. The company has a market cap of $5.07 billion, a PE ratio of -29.70 and a beta of 1.71. Pure Storage Inc has a one year low of $13.99 and a one year high of $29.14.

Pure Storage (NYSE:PSTG) last posted its earnings results on Thursday, February 28th. The technology company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.02). The firm had revenue of $422.22 million for the quarter, compared to the consensus estimate of $443.27 million. Pure Storage had a negative net margin of 13.12% and a negative return on equity of 22.64%. On average, sell-side analysts expect that Pure Storage Inc will post -0.53 EPS for the current year.

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About Pure Storage

Pure Storage, Inc engages in building a data platform that enables businesses to enhance performance and reduce complexity and costs worldwide. The company delivers its data platform through Purity Operating Environment, an optimized software for solid-state memory that offers enterprise-class storage and protocol services; FlashArray and FlashBlade optimized hardware products for solid-state memory to enhance the performance and density of flash, optimize its advanced software services, and reduce solution cost for customers; Pure1, a cloud-based management and support software; and FlashStack and Artificial Intelligence Ready Infrastructure converged infrastructure solutions.

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Institutional Ownership by Quarter for Pure Storage (NYSE:PSTG)

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