Union Bancaire Privee UBP SA Grows Stake in Pure Storage, Inc. (NYSE:PSTG)

Union Bancaire Privee UBP SA grew its position in Pure Storage, Inc. (NYSE:PSTG - Free Report) by 35.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 26,678 shares of the technology company's stock after acquiring an additional 7,000 shares during the period. Union Bancaire Privee UBP SA's holdings in Pure Storage were worth $1,292,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. McIlrath & Eck LLC purchased a new stake in shares of Pure Storage in the fourth quarter valued at about $25,000. Crowley Wealth Management Inc. purchased a new stake in Pure Storage during the fourth quarter worth about $31,000. MassMutual Private Wealth & Trust FSB boosted its holdings in Pure Storage by 55.9% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 650 shares of the technology company's stock worth $29,000 after buying an additional 233 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Pure Storage by 157.4% during the fourth quarter. EverSource Wealth Advisors LLC now owns 713 shares of the technology company's stock worth $44,000 after buying an additional 436 shares in the last quarter. Finally, Smartleaf Asset Management LLC boosted its holdings in Pure Storage by 180.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 740 shares of the technology company's stock worth $46,000 after buying an additional 476 shares in the last quarter. Hedge funds and other institutional investors own 83.42% of the company's stock.

Pure Storage Trading Down 5.3%

Shares of Pure Storage stock traded down $2.91 during trading hours on Friday, reaching $51.58. 3,681,172 shares of the company's stock were exchanged, compared to its average volume of 2,967,623. Pure Storage, Inc. has a 52-week low of $34.51 and a 52-week high of $73.67. The firm has a market capitalization of $16.81 billion, a price-to-earnings ratio of 135.73, a price-to-earnings-growth ratio of 5.12 and a beta of 1.05. The company has a fifty day moving average of $49.57 and a 200-day moving average of $56.19.

Pure Storage (NYSE:PSTG - Get Free Report) last issued its quarterly earnings results on Wednesday, May 28th. The technology company reported $0.29 earnings per share for the quarter, topping analysts' consensus estimates of $0.25 by $0.04. Pure Storage had a return on equity of 16.06% and a net margin of 4.22%. The company had revenue of $778.49 million for the quarter, compared to analyst estimates of $770.03 million. During the same quarter in the prior year, the company posted $0.32 EPS. The business's revenue for the quarter was up 12.3% compared to the same quarter last year. On average, equities research analysts anticipate that Pure Storage, Inc. will post 0.44 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

PSTG has been the topic of a number of research analyst reports. Citigroup boosted their price objective on shares of Pure Storage from $55.00 to $65.00 and gave the stock a "buy" rating in a report on Friday, May 16th. Bank of America decreased their price objective on shares of Pure Storage from $77.00 to $73.00 and set a "neutral" rating on the stock in a report on Thursday, February 27th. Evercore ISI boosted their price objective on shares of Pure Storage from $60.00 to $70.00 and gave the stock an "outperform" rating in a report on Friday, May 23rd. Needham & Company LLC reissued a "buy" rating and set a $75.00 price objective on shares of Pure Storage in a report on Thursday, May 29th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $66.00 price target (up previously from $53.00) on shares of Pure Storage in a report on Thursday, May 29th. One research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $69.95.

Insiders Place Their Bets

In related news, insider John Colgrove sold 100,000 shares of the stock in a transaction on 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 transaction, the insider now directly owns 801,959 shares of the company's stock, valued at approximately $41,709,887.59. This trade represents a 11.09% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CRO Dan Fitzsimons sold 6,977 shares of the stock in a transaction on Monday, April 21st. The stock was sold at an average price of $40.91, for a total value 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. This trade represents a 7.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 119,083 shares of company stock valued at $6,150,676 in the last quarter. 5.60% of the stock is currently owned by company insiders.

Pure Storage Company Profile

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.