Bank Pictet & Cie Europe AG Boosts Stake in Pure Storage, Inc. (NYSE:PSTG)

Bank Pictet & Cie Europe AG increased its position in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 257.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,870 shares of the technology company's stock after purchasing an additional 23,669 shares during the period. Bank Pictet & Cie Europe AG's holdings in Pure Storage were worth $1,455,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. McIlrath & Eck LLC bought a new stake in shares of Pure Storage in the fourth quarter worth about $25,000. Crowley Wealth Management Inc. bought a new stake in Pure Storage in the fourth quarter worth $31,000. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Pure Storage by 55.9% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 650 shares of the technology company's stock worth $29,000 after purchasing an additional 233 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of Pure Storage by 157.4% during the fourth quarter. EverSource Wealth Advisors LLC now owns 713 shares of the technology company's stock valued at $44,000 after buying an additional 436 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its position in Pure Storage by 180.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 740 shares of the technology company's stock valued at $46,000 after acquiring an additional 476 shares during the last quarter. 83.42% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on PSTG shares. Wall Street Zen raised shares of Pure Storage from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. JPMorgan Chase & Co. dropped their target price on shares of Pure Storage from $75.00 to $70.00 and set an "overweight" rating on the stock in a report on Thursday, May 29th. Bank of America cut their target price on shares of Pure Storage from $77.00 to $73.00 and set a "neutral" rating on the stock in a research report on Thursday, February 27th. Evercore ISI upped their price target on shares of Pure Storage from $60.00 to $70.00 and gave the stock an "outperform" rating in a research report on Friday, May 23rd. Finally, Piper Sandler reiterated an "overweight" rating and set a $66.00 price objective (up from $53.00) on shares of Pure Storage in a research note on Thursday, May 29th. One research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $69.95.

Insider Transactions at Pure Storage

In related news, CRO Dan Fitzsimons sold 6,977 shares of the business's stock in a transaction on Monday, April 21st. The shares were sold at an average price of $40.91, for a total transaction of $285,429.07. Following the completion of the transaction, the executive now directly owns 90,223 shares in the company, valued at $3,691,022.93. The trade was a 7.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider John Colgrove sold 100,000 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $52.01, for a total value of $5,201,000.00. Following the sale, the insider now directly owns 801,959 shares in the company, valued at $41,709,887.59. This represents a 11.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 119,083 shares of company stock worth $6,150,676 over the last three months. 5.60% of the stock is currently owned by insiders.

Pure Storage Trading Up 0.9%

Shares of NYSE PSTG traded up $0.45 during midday trading on Thursday, reaching $52.82. The company had a trading volume of 2,150,133 shares, compared to its average volume of 2,963,702. The business's 50-day simple moving average is $50.15 and its 200 day simple moving average is $56.15. The stock has a market cap of $17.22 billion, a P/E ratio of 142.77, a P/E/G ratio of 4.99 and a beta of 1.05. Pure Storage, Inc. has a 1 year low of $34.51 and a 1 year high of $73.67.

Pure Storage (NYSE:PSTG - Get Free Report) last released its earnings results on Wednesday, May 28th. The technology company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.04. Pure Storage had a return on equity of 13.98% and a net margin of 3.93%. The firm had revenue of $778.49 million for the quarter, compared to the consensus estimate of $770.03 million. During the same period in the prior year, the firm earned $0.32 EPS. The firm's revenue was up 12.3% on a year-over-year basis. Analysts predict that Pure Storage, Inc. will post 0.44 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.