Townsquare Capital LLC Has $3.69 Million Position in Pure Storage, Inc. (NYSE:PSTG)

Townsquare Capital LLC grew its holdings in Pure Storage, Inc. (NYSE:PSTG) by 10.2% during the third quarter, Holdings Channel reports. The firm owned 73,444 shares of the technology company’s stock after acquiring an additional 6,806 shares during the quarter. Townsquare Capital LLC’s holdings in Pure Storage were worth $3,690,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Massmutual Trust Co. FSB ADV lifted its stake in Pure Storage by 61.2% in the second quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock valued at $27,000 after buying an additional 161 shares during the period. Larson Financial Group LLC increased its stake in shares of Pure Storage by 242.9% in the 2nd quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock valued at $28,000 after acquiring an additional 306 shares in the last quarter. ORG Wealth Partners LLC acquired a new position in shares of Pure Storage during the 3rd quarter valued at $31,000. FSC Wealth Advisors LLC bought a new position in Pure Storage during the second quarter worth $33,000. Finally, City State Bank boosted its stake in Pure Storage by 175.0% during the second quarter. City State Bank now owns 550 shares of the technology company’s stock worth $35,000 after acquiring an additional 350 shares in the last quarter. Institutional investors own 83.42% of the company’s stock.

Wall Street Analyst Weigh In

PSTG has been the topic of several research reports. Northland Securities reiterated a “market perform” rating and set a $59.00 price objective (down previously from $68.00) on shares of Pure Storage in a report on Thursday, August 29th. Needham & Company LLC dropped their price target on Pure Storage from $80.00 to $62.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. UBS Group reduced their price objective on Pure Storage from $47.00 to $45.00 and set a “sell” rating for the company in a research note on Thursday, August 29th. Piper Sandler lowered their target price on Pure Storage from $60.00 to $56.00 and set a “neutral” rating on the stock in a research report on Thursday, August 29th. Finally, Lake Street Capital reduced their price target on shares of Pure Storage from $70.00 to $68.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, Pure Storage currently has an average rating of “Moderate Buy” and a consensus target price of $67.95.

Insider Activity at Pure Storage

In other news, CAO Mona Chu sold 25,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $50.32, for a total transaction of $1,258,000.00. Following the transaction, the chief accounting officer now owns 96,639 shares of the company’s stock, valued at $4,862,874.48. This represents a 20.55 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $57.32, for a total value 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 approximately $17,196,000. This trade represents a 25.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 354,542 shares of company stock worth $18,599,030. 6.00% of the stock is owned by company insiders.

Pure Storage Stock Performance

Shares of PSTG opened at $52.99 on Friday. The stock has a 50 day moving average of $52.06 and a 200 day moving average of $56.82. The company has a current ratio of 1.99, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07. Pure Storage, Inc. has a 12 month low of $31.00 and a 12 month high of $70.41. The company has a market capitalization of $17.36 billion, a price-to-earnings ratio of 132.48, a PEG ratio of 7.18 and a beta of 1.10.

Pure Storage (NYSE:PSTG) last released its earnings results on Wednesday, August 28th. The technology company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.10. The company had revenue of $763.77 million for the quarter, compared to analysts’ expectations of $756.59 million. Pure Storage had a return on equity of 17.41% and a net margin of 4.53%. As a group, sell-side analysts forecast that Pure Storage, Inc. will post 0.42 earnings per share for the current year.

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.