Spire Wealth Management Buys New Stake in Pure Storage, Inc. (NYSE:PSTG)


Spire Wealth Management bought a new stake in shares of Pure Storage, Inc. (NYSE:PSTG – Get Rating) during the 1st quarter, HoldingsChannel.com reports. The firm bought 2,400 shares of the technology company’s stock, valued at approximately $85,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Catalyst Capital Advisors LLC acquired a new position in Pure Storage during the fourth quarter valued at approximately $27,000. Northwest Investment Counselors LLC acquired a new stake in Pure Storage during the fourth quarter worth about $33,000. UMB Bank NA MO bought a new position in Pure Storage in the 4th quarter valued at approximately $33,000. CWM LLC bought a new position in Pure Storage during the 4th quarter worth approximately $45,000. Finally, CarsonAllaria Wealth Management Ltd. acquired a new stake in shares of Pure Storage during the 4th quarter worth approximately $86,000. 80.13% of the stock is owned by institutional investors.

NYSE PSTG opened at $25.48 on Thursday. The company’s fifty day moving average is $26.00 and its two hundred day moving average is $28.61. Pure Storage, Inc. has a 52-week low of $17.40 and a 52-week high of $36.71. The firm has a market capitalization of $7.54 billion, a price-to-earnings ratio of -101.92 and a beta of 1.38.

Pure Storage (NYSE:PSTG – Get Rating) last announced its earnings results on Wednesday, June 1st. The technology company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.24. The company had revenue of $620.41 million during the quarter, compared to the consensus estimate of $521.81 million. Pure Storage had a negative net margin of 2.96% and a positive return on equity of 4.26%. The company’s revenue was up 50.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.22) earnings per share. Sell-side analysts forecast that Pure Storage, Inc. will post -0.14 earnings per share for the current year.

PSTG has been the topic of a number of research reports. Evercore ISI lowered their price objective on Pure Storage from $40.00 to $33.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 28th. Northland Securities increased their price objective on Pure Storage from $42.00 to $44.00 and gave the company an “outperform” rating in a research report on Thursday, June 2nd. KeyCorp dropped their target price on Pure Storage from $43.00 to $34.00 in a research report on Thursday, June 2nd. StockNews.com downgraded Pure Storage from a “buy” rating to a “hold” rating in a research note on Thursday, June 30th. Finally, Cowen cut their price target on Pure Storage to $30.00 in a report on Friday, May 27th. Six investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $35.90.

Pure Storage Profile (Get Rating)

Pure Storage, Inc provides data storage technologies, products, and services in the United States and internationally. The company’s Purity software is shared across its products and provides enterprise-class data services, such as data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object.

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Want to see what other hedge funds are holding PSTG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pure Storage, Inc. (NYSE:PSTG – Get Rating).

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



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