AlTi Global Inc. Purchases New Holdings in Pure Storage, Inc. $PSTG

AlTi Global Inc. acquired a new position in Pure Storage, Inc. (NYSE:PSTG) during the 3rd quarter, HoldingsChannel.com reports. The fund acquired 30,032 shares of the technology company’s stock, valued at approximately $2,517,000.

Several other institutional investors also recently added to or reduced their stakes in the stock. Winnow Wealth LLC bought a new stake in shares of Pure Storage in the 3rd quarter worth approximately $26,000. True Wealth Design LLC raised its stake in Pure Storage by 402.8% in the 2nd quarter. True Wealth Design LLC now owns 548 shares of the technology company’s stock valued at $32,000 after acquiring an additional 439 shares during the period. SouthState Corp lifted its holdings in Pure Storage by 474.8% during the second quarter. SouthState Corp now owns 592 shares of the technology company’s stock valued at $34,000 after purchasing an additional 489 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in Pure Storage by 40.1% during the third quarter. Smartleaf Asset Management LLC now owns 468 shares of the technology company’s stock worth $39,000 after purchasing an additional 134 shares during the period. Finally, CoreCap Advisors LLC boosted its position in Pure Storage by 123.7% during the third quarter. CoreCap Advisors LLC now owns 510 shares of the technology company’s stock worth $43,000 after purchasing an additional 282 shares during the period. Institutional investors own 83.42% of the company’s stock.

Insider Buying and Selling

In other Pure Storage news, insider Ajay Singh sold 7,178 shares of the stock in a transaction that occurred on Tuesday, December 23rd. The stock was sold at an average price of $67.14, for a total value of $481,930.92. Following the completion of the sale, the insider owned 215,091 shares in the company, valued at approximately $14,441,209.74. This trade represents a 3.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $71.31, for a total value of $7,131,000.00. The disclosure for this sale is available in the SEC filing. Corporate insiders own 5.60% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on PSTG. Raymond James Financial boosted their price objective on Pure Storage from $88.00 to $99.00 and gave the company an “outperform” rating in a research note on Friday, October 17th. TD Cowen reiterated a “buy” rating on shares of Pure Storage in a research report on Wednesday, December 3rd. Citigroup reduced their target price on Pure Storage from $110.00 to $105.00 and set a “buy” rating for the company in a research report on Wednesday, December 3rd. JPMorgan Chase & Co. decreased their price objective on shares of Pure Storage from $110.00 to $105.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 3rd. Finally, Wedbush increased their price target on shares of Pure Storage from $90.00 to $100.00 and gave the stock an “outperform” rating in a report on Wednesday, December 3rd. Twelve research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Pure Storage has an average rating of “Moderate Buy” and an average target price of $95.26.

Pure Storage Price Performance

Shares of Pure Storage stock opened at $73.71 on Wednesday. Pure Storage, Inc. has a one year low of $34.51 and a one year high of $100.59. The business’s 50 day simple moving average is $70.11 and its two-hundred day simple moving average is $76.52. The stock has a market capitalization of $24.34 billion, a P/E ratio of 193.97, a price-to-earnings-growth ratio of 5.79 and a beta of 1.27.

Pure Storage (NYSE:PSTG) last issued its earnings results on Tuesday, December 2nd. The technology company reported $0.58 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.58. Pure Storage had a net margin of 3.74% and a return on equity of 10.60%. The firm had revenue of $964.45 million for the quarter, compared to analysts’ expectations of $955.60 million. During the same quarter last year, the business earned $0.50 earnings per share. The business’s revenue was up 16.1% on a year-over-year basis. Sell-side analysts expect that Pure Storage, Inc. will post 0.44 earnings per share for the current fiscal year.

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.