Korea Investment CORP Purchases 86,822 Shares of Pure Storage, Inc. $PSTG

Korea Investment CORP boosted its position in shares of Pure Storage, Inc. (NYSE:PSTG) by 43.4% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 286,964 shares of the technology company’s stock after buying an additional 86,822 shares during the period. Korea Investment CORP’s holdings in Pure Storage were worth $16,523,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Pure Storage by 0.9% during the 2nd quarter. Vanguard Group Inc. now owns 33,268,006 shares of the technology company’s stock worth $1,915,572,000 after acquiring an additional 308,738 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in shares of Pure Storage by 25.9% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 9,075,944 shares of the technology company’s stock valued at $401,793,000 after purchasing an additional 1,868,782 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Pure Storage by 1.7% in the 2nd quarter. Geode Capital Management LLC now owns 7,273,696 shares of the technology company’s stock valued at $417,830,000 after purchasing an additional 123,320 shares during the last quarter. William Blair Investment Management LLC raised its holdings in shares of Pure Storage by 112.9% during the 2nd quarter. William Blair Investment Management LLC now owns 4,926,836 shares of the technology company’s stock worth $283,687,000 after buying an additional 2,612,300 shares in the last quarter. Finally, Blair William & Co. IL lifted its position in shares of Pure Storage by 2.8% during the 1st quarter. Blair William & Co. IL now owns 3,541,445 shares of the technology company’s stock worth $156,780,000 after buying an additional 96,731 shares during the last quarter. 83.42% of the stock is currently owned by institutional investors and hedge funds.

Pure Storage Stock Performance

Shares of NYSE PSTG opened at $89.10 on Friday. The firm has a 50 day moving average price of $89.07 and a two-hundred day moving average price of $70.70. The stock has a market cap of $29.28 billion, a P/E ratio of 217.31, a price-to-earnings-growth ratio of 8.99 and a beta of 1.24. Pure Storage, Inc. has a 52-week low of $34.51 and a 52-week high of $100.59.

Pure Storage (NYSE:PSTG) last issued its quarterly earnings data on Tuesday, September 9th. The technology company reported $0.44 earnings per share for the quarter. The company had revenue of $763.77 million for the quarter. Pure Storage had a net margin of 4.15% and a return on equity of 11.34%. Analysts predict that Pure Storage, Inc. will post 0.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CRO Dan Fitzsimons sold 6,051 shares of the stock in a transaction dated Tuesday, September 23rd. The stock was sold at an average price of $87.42, for a total value of $528,978.42. Following the completion of the sale, the executive owned 62,759 shares of the company’s stock, valued at approximately $5,486,391.78. This represents a 8.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Roxanne Taylor sold 3,000 shares of Pure Storage stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $76.93, for a total value of $230,790.00. Following the completion of the transaction, the director directly owned 16,343 shares in the company, valued at approximately $1,257,266.99. This represents a 15.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 347,811 shares of company stock valued at $31,067,815. Corporate insiders own 5.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Guggenheim lifted their target price on Pure Storage from $93.00 to $105.00 and gave the company a “buy” rating in a research report on Friday, September 26th. JPMorgan Chase & Co. upped their price objective on shares of Pure Storage from $105.00 to $110.00 and gave the stock an “overweight” rating in a research report on Monday, November 17th. Needham & Company LLC increased their price objective on shares of Pure Storage from $85.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, September 26th. Northland Securities raised their target price on shares of Pure Storage from $63.00 to $71.00 and gave the company a “market perform” rating in a research report on Thursday, August 28th. Finally, Cowen reiterated a “buy” rating on shares of Pure Storage in a report on Thursday, August 28th. Thirteen analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $92.61.

About Pure Storage

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.