Bank Pictet & Cie Europe AG Boosts Position in Pure Storage, Inc. $PSTG

Bank Pictet & Cie Europe AG grew its holdings in Pure Storage, Inc. (NYSE:PSTG) by 18.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 49,718 shares of the technology company’s stock after acquiring an additional 7,749 shares during the period. Bank Pictet & Cie Europe AG’s holdings in Pure Storage were worth $4,167,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Norges Bank purchased a new stake in Pure Storage in the 2nd quarter worth $225,203,000. Atreides Management LP acquired a new stake in shares of Pure Storage in the second quarter valued at about $204,552,000. William Blair Investment Management LLC grew its position in shares of Pure Storage by 112.9% in the second quarter. William Blair Investment Management LLC now owns 4,926,836 shares of the technology company’s stock valued at $283,687,000 after purchasing an additional 2,612,300 shares during the period. Federated Hermes Inc. increased its stake in shares of Pure Storage by 1,560.9% during the second quarter. Federated Hermes Inc. now owns 1,343,658 shares of the technology company’s stock worth $77,368,000 after purchasing an additional 1,262,758 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in shares of Pure Storage by 158.4% during the 2nd quarter. AQR Capital Management LLC now owns 1,938,125 shares of the technology company’s stock worth $110,473,000 after purchasing an additional 1,188,126 shares during the last quarter. Institutional investors and hedge funds own 83.42% of the company’s stock.

Pure Storage Stock Performance

NYSE PSTG opened at $67.05 on Friday. The stock’s fifty day moving average is $80.52 and its two-hundred day moving average is $73.27. The firm has a market capitalization of $22.14 billion, a P/E ratio of 176.45, a price-to-earnings-growth ratio of 7.44 and a beta of 1.27. Pure Storage, Inc. has a fifty-two week low of $34.51 and a fifty-two week high of $100.59.

Pure Storage (NYSE:PSTG) last issued its 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 10.60% and a net margin of 3.74%.The business had revenue of $763.77 million during the quarter. As a group, sell-side analysts forecast that Pure Storage, Inc. will post 0.44 EPS for the current year.

Insider Activity

In other news, insider John Colgrove sold 100,000 shares of the stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $71.31, for a total value of $7,131,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ajay Singh sold 7,178 shares of the firm’s stock in a transaction that occurred on Tuesday, December 23rd. The stock was sold at an average price of $67.14, for a total transaction of $481,930.92. Following the sale, the insider owned 215,091 shares of the company’s stock, valued at $14,441,209.74. This represents a 3.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 307,178 shares of company stock valued at $26,020,931. 5.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PSTG. Weiss Ratings reiterated a “hold (c)” rating on shares of Pure Storage in a report on Wednesday, October 8th. Tigress Financial set a $105.00 target price on Pure Storage in a research report on Wednesday, December 3rd. UBS Group boosted their price target on Pure Storage from $55.00 to $60.00 and gave the stock a “sell” rating in a research report on Wednesday, December 3rd. Needham & Company LLC reissued a “buy” rating and issued a $100.00 price objective on shares of Pure Storage in a research note on Wednesday, December 3rd. Finally, Wells Fargo & Company lifted their target price on shares of Pure Storage from $80.00 to $100.00 and gave the stock an “overweight” rating in a research note on Friday, September 26th. Thirteen equities research 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’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $95.26.

Pure Storage Profile

Pure Storage, Inc (NYSE: PSTG) is a technology company that designs and sells data storage hardware and software for enterprise and cloud environments. The company is best known for its all-flash storage arrays that are engineered to deliver high performance, low latency and simplified management compared with traditional disk-based systems. Its product portfolio includes purpose-built arrays and software aimed at transactional databases, virtualized infrastructures, analytics and large-scale file/object workloads.

Key product and software offerings include the FlashArray family for block storage and FlashBlade for file and object workloads, together with Purity, the company’s storage operating environment.