JPMorgan Chase & Co. Purchases 1,082,606 Shares of Pure Storage, Inc. $PSTG

JPMorgan Chase & Co. grew its position in Pure Storage, Inc. (NYSE:PSTG) by 75.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,525,955 shares of the technology company’s stock after acquiring an additional 1,082,606 shares during the period. JPMorgan Chase & Co.’s holdings in Pure Storage were worth $145,445,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Mechanics Financial Corp acquired a new stake in Pure Storage during the 2nd quarter valued at $25,000. True Wealth Design LLC grew its holdings in shares of Pure Storage by 402.8% during the second quarter. True Wealth Design LLC now owns 548 shares of the technology company’s stock worth $32,000 after purchasing an additional 439 shares during the last quarter. SouthState Corp increased its stake in shares of Pure Storage by 474.8% in the second quarter. SouthState Corp now owns 592 shares of the technology company’s stock valued at $34,000 after buying an additional 489 shares in the last quarter. REAP Financial Group LLC raised its holdings in shares of Pure Storage by 49.0% in the second quarter. REAP Financial Group LLC now owns 611 shares of the technology company’s stock valued at $35,000 after buying an additional 201 shares during the last quarter. Finally, Ramirez Asset Management Inc. lifted its position in Pure Storage by 40.0% during the 2nd quarter. Ramirez Asset Management Inc. now owns 700 shares of the technology company’s stock worth $40,000 after buying an additional 200 shares in the last quarter. 83.42% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Guggenheim raised their price objective on shares of Pure Storage from $93.00 to $105.00 and gave the company a “buy” rating in a research report on Friday, September 26th. Oppenheimer initiated coverage on shares of Pure Storage in a report on Monday, November 17th. They issued an “outperform” rating and a $120.00 price target for the company. Lake Street Capital upped their price objective on Pure Storage from $70.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, August 28th. Wall Street Zen upgraded Pure Storage from a “hold” rating to a “buy” rating in a research report on Saturday, August 30th. Finally, Bank of America boosted their target price on Pure Storage from $76.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday, August 28th. Thirteen equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Pure Storage has a consensus rating of “Moderate Buy” and an average target price of $92.61.

Insider Activity

In related news, Director Roxanne Taylor sold 3,000 shares of Pure Storage stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $76.93, for a total transaction of $230,790.00. Following the transaction, the director owned 16,343 shares of the company’s stock, valued at $1,257,266.99. This trade represents a 15.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mona Chu sold 17,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $76.51, for a total transaction of $1,338,925.00. Following the completion of the sale, the chief accounting officer directly owned 138,899 shares of the company’s stock, valued at $10,627,162.49. The trade was a 11.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 347,811 shares of company stock valued at $31,067,815. Insiders own 5.60% of the company’s stock.

Pure Storage Stock Performance

Shares of Pure Storage stock opened at $85.99 on Thursday. The firm has a fifty day moving average of $89.06 and a two-hundred day moving average of $70.23. The stock has a market capitalization of $28.26 billion, a price-to-earnings ratio of 209.74, a PEG 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 posted its quarterly earnings results on Tuesday, September 9th. The technology company reported $0.44 earnings per share (EPS) for the quarter. Pure Storage had a return on equity of 11.34% and a net margin of 4.15%.The business had revenue of $763.77 million for the quarter. As a group, research analysts forecast that Pure Storage, Inc. will post 0.44 EPS for the current fiscal 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.