Bank Pictet & Cie Europe AG Grows Stock Holdings in Pure Storage, Inc. $PSTG

Bank Pictet & Cie Europe AG lifted its position 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. The firm owned 49,718 shares of the technology company’s stock after buying an additional 7,749 shares during the quarter. Bank Pictet & Cie Europe AG’s holdings in Pure Storage were worth $4,167,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PSTG. Mechanics Financial Corp purchased a new stake in Pure Storage during the second quarter worth about $25,000. True Wealth Design LLC grew its holdings in shares of Pure Storage by 402.8% in the second quarter. True Wealth Design LLC now owns 548 shares of the technology company’s stock valued at $32,000 after purchasing an additional 439 shares in the last quarter. SouthState Corp lifted its holdings in Pure Storage by 474.8% during the 2nd quarter. SouthState Corp now owns 592 shares of the technology company’s stock worth $34,000 after buying an additional 489 shares in the last quarter. REAP Financial Group LLC boosted its position in Pure Storage by 49.0% in the 2nd 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 period. Finally, Ramirez Asset Management Inc. grew its stake in shares of Pure Storage by 40.0% in the second quarter. Ramirez Asset Management Inc. now owns 700 shares of the technology company’s stock worth $40,000 after acquiring an additional 200 shares in the last quarter. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PSTG. JPMorgan Chase & Co. decreased their target price on Pure Storage from $110.00 to $105.00 and set an “overweight” rating for the company in a report on Wednesday, December 3rd. Susquehanna set a $105.00 price objective on Pure Storage in a research report on Wednesday, December 3rd. Barclays upped their target price on shares of Pure Storage from $70.00 to $77.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 3rd. Wells Fargo & Company lifted their price target 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. Finally, Wall Street Zen upgraded shares of Pure Storage from a “hold” rating to a “buy” rating in a report on Saturday, December 20th. Thirteen research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $95.26.

Pure Storage Stock Down 1.1%

PSTG stock opened at $67.05 on Friday. The business has a 50 day moving average price of $80.52 and a 200 day moving average price of $73.27. The stock has a market cap of $22.14 billion, a price-to-earnings ratio of 176.45, a PEG 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 announced its quarterly earnings results on Tuesday, September 9th. The technology company reported $0.44 EPS for the quarter. Pure Storage had a net margin of 3.74% and a return on equity of 10.60%. The company had revenue of $763.77 million for the quarter. As a group, sell-side analysts anticipate that Pure Storage, Inc. will post 0.44 EPS for the current year.

Insiders Place Their Bets

In related news, insider Ajay Singh sold 7,178 shares of Pure Storage stock in a transaction on Tuesday, December 23rd. The shares were sold at an average price of $67.14, for a total transaction of $481,930.92. Following the sale, the insider directly owned 215,091 shares in the company, valued at $14,441,209.74. This trade represents a 3.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction on Monday, December 8th. The shares were sold at an average price of $71.31, for a total transaction of $7,131,000.00. The SEC filing for this sale provides additional information. Insiders sold a total of 307,178 shares of company stock worth $26,020,931 over the last ninety days. Insiders own 5.60% of the company’s stock.

Pure Storage Company 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.