Oppenheimer Asset Management Inc. Sells 1,041 Shares of Pure Storage, Inc. (NYSE:PSTG)

Oppenheimer Asset Management Inc. lessened its stake in Pure Storage, Inc. (NYSE:PSTG) by 3.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 32,301 shares of the technology company’s stock after selling 1,041 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Pure Storage were worth $1,623,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in PSTG. Sycomore Asset Management acquired a new stake in Pure Storage during the second quarter worth $2,259,000. MinichMacGregor Wealth Management LLC acquired a new stake in shares of Pure Storage during the 3rd quarter valued at about $6,890,000. Heritage Wealth Management Inc. bought a new stake in Pure Storage in the second quarter valued at about $721,000. Cetera Investment Advisers increased its stake in Pure Storage by 284.9% in the first quarter. Cetera Investment Advisers now owns 55,801 shares of the technology company’s stock valued at $2,901,000 after acquiring an additional 41,305 shares during the period. Finally, CANADA LIFE ASSURANCE Co raised its position in Pure Storage by 182.5% in the first quarter. CANADA LIFE ASSURANCE Co now owns 216,808 shares of the technology company’s stock worth $11,262,000 after purchasing an additional 140,071 shares in the last quarter. 83.42% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CAO Mona Chu sold 20,647 shares of the stock in a transaction that occurred 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 directly owns 75,992 shares in the company, valued at $3,913,588. This trade represents a 21.37 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $57.32, for a total transaction of $5,732,000.00. Following the completion of the sale, the insider now directly owns 300,000 shares of the company’s stock, valued at $17,196,000. The trade was a 25.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 454,542 shares of company stock valued at $24,775,030. Company insiders own 6.00% of the company’s stock.

Analyst Ratings Changes

PSTG has been the topic of several analyst reports. Susquehanna reiterated a “positive” rating and issued a $80.00 price objective on shares of Pure Storage in a research note on Monday, August 26th. TD Cowen cut their price objective on Pure Storage from $80.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Lake Street Capital lowered their target price on shares of Pure Storage from $70.00 to $68.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Evercore ISI cut their price target on shares of Pure Storage from $75.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, August 29th. Finally, Piper Sandler decreased their price objective on shares of Pure Storage from $60.00 to $56.00 and set a “neutral” rating on the stock in a research note on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, Pure Storage currently has a consensus rating of “Moderate Buy” and an average target price of $68.15.

Pure Storage Price Performance

Shares of PSTG stock opened at $48.19 on Monday. The firm has a market cap of $15.79 billion, a price-to-earnings ratio of 120.48, a PEG ratio of 6.54 and a beta of 1.10. Pure Storage, Inc. has a 12 month low of $31.00 and a 12 month high of $70.41. The company has a quick ratio of 1.96, a current ratio of 1.99 and a debt-to-equity ratio of 0.07. The stock has a 50-day moving average price of $51.41 and a 200 day moving average price of $56.92.

Pure Storage (NYSE:PSTG) last issued its earnings results on Wednesday, August 28th. The technology company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.10. The company had revenue of $763.77 million for the quarter, compared to analyst estimates of $756.59 million. Pure Storage had a net margin of 4.53% and a return on equity of 17.41%. Research analysts expect that Pure Storage, Inc. will post 0.42 EPS for the current year.

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.