Eminence Capital LP Buys 5,576,975 Shares of Pure Storage Inc (NYSE:PSTG)

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Eminence Capital LP increased its stake in Pure Storage Inc (NYSE:PSTG) by 107.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 10,790,325 shares of the technology company’s stock after purchasing an additional 5,576,975 shares during the quarter. Pure Storage makes up approximately 2.2% of Eminence Capital LP’s investment portfolio, making the stock its 20th biggest position. Eminence Capital LP’s holdings in Pure Storage were worth $164,768,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in Pure Storage by 4.2% in the 2nd quarter. Vanguard Group Inc. now owns 19,460,809 shares of the technology company’s stock worth $297,167,000 after purchasing an additional 780,747 shares during the period. FMR LLC raised its holdings in Pure Storage by 15.4% in the 1st quarter. FMR LLC now owns 18,219,508 shares of the technology company’s stock worth $397,003,000 after purchasing an additional 2,428,068 shares during the period. William Blair Investment Management LLC raised its holdings in Pure Storage by 27.9% in the 1st quarter. William Blair Investment Management LLC now owns 12,650,885 shares of the technology company’s stock worth $275,663,000 after purchasing an additional 2,761,026 shares during the period. Champlain Investment Partners LLC raised its holdings in Pure Storage by 14.1% in the 1st quarter. Champlain Investment Partners LLC now owns 9,854,855 shares of the technology company’s stock worth $214,737,000 after purchasing an additional 1,215,665 shares during the period. Finally, Blair William & Co. IL raised its holdings in Pure Storage by 60.0% in the 1st quarter. Blair William & Co. IL now owns 4,961,032 shares of the technology company’s stock worth $108,101,000 after purchasing an additional 1,859,451 shares during the period. 77.26% of the stock is currently owned by institutional investors.

Shares of NYSE:PSTG traded down $0.02 during trading on Thursday, reaching $17.71. The company’s stock had a trading volume of 524,854 shares, compared to its average volume of 3,988,746. The company has a current ratio of 3.21, a quick ratio of 3.14 and a debt-to-equity ratio of 0.76. Pure Storage Inc has a 12 month low of $12.68 and a 12 month high of $28.87. The firm’s 50 day simple moving average is $15.30 and its two-hundred day simple moving average is $18.04. The stock has a market capitalization of $4.49 billion, a PE ratio of -25.29 and a beta of 1.75.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings results on Wednesday, August 21st. The technology company reported ($0.23) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.28) by $0.05. Pure Storage had a negative net margin of 14.51% and a negative return on equity of 25.22%. The firm had revenue of $396.30 million during the quarter, compared to the consensus estimate of $392.34 million. During the same quarter last year, the firm earned $0.01 EPS. The firm’s revenue for the quarter was up 28.3% compared to the same quarter last year. Research analysts anticipate that Pure Storage Inc will post -0.7 EPS for the current fiscal year.

PSTG has been the topic of a number of recent research reports. KeyCorp decreased their target price on Pure Storage from $25.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday, August 22nd. Cross Research raised Pure Storage from a “hold” rating to a “buy” rating in a report on Wednesday. Lake Street Capital set a $19.00 price target on Pure Storage and gave the stock a “buy” rating in a research note on Thursday, August 22nd. Credit Suisse Group reiterated a “hold” rating and issued a $14.00 price target on shares of Pure Storage in a research note on Thursday. Finally, BTIG Research cut their price target on Pure Storage to $20.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Six research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Pure Storage currently has a consensus rating of “Buy” and a consensus price target of $21.16.

In related news, CFO Timothy Riitters sold 10,420 shares of the stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $15.59, for a total value of $162,447.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last ninety days, insiders sold 31,260 shares of company stock valued at $512,247. 10.00% of the stock is owned by insiders.

Pure Storage Profile

Pure Storage, Inc engages in building a data platform that enables businesses to enhance performance and reduce complexity and costs worldwide. The company delivers its data platform through Purity Operating Environment, an optimized software for solid-state memory that offers enterprise-class storage and protocol services; FlashArray and FlashBlade optimized hardware products for solid-state memory to enhance the performance and density of flash, optimize its advanced software services, and reduce solution cost for customers; Pure1, a cloud-based management and support software; and FlashStack and Artificial Intelligence Ready Infrastructure converged infrastructure solutions.

Read More: Understanding the Price to Earnings Ratio (PE)

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

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