AdvisorShares Investments LLC Takes Position in Pure Storage, Inc. (NYSE:PSTG)

AdvisorShares Investments LLC bought a new position in shares of Pure Storage, Inc. (NYSE:PSTGGet Rating) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 8,800 shares of the technology company’s stock, valued at approximately $311,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PSTG. Banque Cantonale Vaudoise bought a new position in shares of Pure Storage in the first quarter valued at $52,000. Qube Research & Technologies Ltd increased its holdings in shares of Pure Storage by 21.4% in the first quarter. Qube Research & Technologies Ltd now owns 329,639 shares of the technology company’s stock valued at $11,640,000 after buying an additional 58,009 shares in the last quarter. Los Angeles Capital Management LLC increased its holdings in shares of Pure Storage by 5.7% in the first quarter. Los Angeles Capital Management LLC now owns 8,894 shares of the technology company’s stock valued at $314,000 after buying an additional 477 shares in the last quarter. State Board of Administration of Florida Retirement System increased its holdings in shares of Pure Storage by 6.8% in the first quarter. State Board of Administration of Florida Retirement System now owns 262,606 shares of the technology company’s stock valued at $9,273,000 after buying an additional 16,688 shares in the last quarter. Finally, IndexIQ Advisors LLC bought a new position in shares of Pure Storage in the first quarter valued at $32,000. Institutional investors own 80.13% of the company’s stock.

Analyst Ratings Changes

PSTG has been the topic of several research analyst reports. Evercore ISI lowered their price objective on shares of Pure Storage from $40.00 to $33.00 and set an “outperform” rating on the stock in a research report on Tuesday, June 28th. KeyCorp decreased their price objective on shares of Pure Storage from $43.00 to $34.00 in a report on Thursday, June 2nd. UBS Group cut their target price on shares of Pure Storage from $36.00 to $32.00 and set a “neutral” rating for the company in a research report on Tuesday. Bank of America lowered shares of Pure Storage from a “buy” rating to a “neutral” rating and cut their target price for the stock from $34.00 to $27.00 in a research report on Friday, May 20th. Finally, Northland Securities upped their price objective on shares of Pure Storage from $42.00 to $44.00 and gave the company an “outperform” rating in a research report on Thursday, June 2nd. Five research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $35.71.

Pure Storage Price Performance

PSTG opened at $29.63 on Friday. Pure Storage, Inc. has a one year low of $18.75 and a one year high of $36.71. The company’s 50 day simple moving average is $26.44 and its 200-day simple moving average is $28.00.

Pure Storage (NYSE:PSTGGet Rating) last announced its quarterly earnings data on Wednesday, June 1st. The technology company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.23) by $0.24. Pure Storage had a negative net margin of 2.96% and a positive return on equity of 4.26%. The business had revenue of $620.41 million for the quarter, compared to analyst estimates of $521.81 million. During the same period in the prior year, the business posted ($0.22) earnings per share. Pure Storage’s revenue was up 50.3% compared to the same quarter last year. On average, equities analysts anticipate that Pure Storage, Inc. will post -0.14 EPS for the current fiscal year.

Pure Storage Company Profile

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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.

Further Reading

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

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