Envestnet Asset Management Inc. Raises Position in Pure Storage, Inc. (NYSE:PSTG)

Envestnet Asset Management Inc. raised its holdings in Pure Storage, Inc. (NYSE:PSTG - Free Report) by 20.6% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 264,096 shares of the technology company's stock after buying an additional 45,152 shares during the quarter. Envestnet Asset Management Inc. owned 0.08% of Pure Storage worth $16,223,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of PSTG. Sugar Maple Asset Management LLC bought a new stake in shares of Pure Storage in the 4th quarter valued at $29,000. Compass Financial Services Inc bought a new stake in Pure Storage in the fourth quarter valued at $29,000. Crowley Wealth Management Inc. acquired a new position in shares of Pure Storage during the fourth quarter valued at about $31,000. Berbice Capital Management LLC bought a new position in shares of Pure Storage during the 4th quarter worth about $37,000. Finally, Financial Life Planners acquired a new stake in shares of Pure Storage in the 4th quarter valued at about $44,000. 83.42% of the stock is currently owned by institutional investors.

Pure Storage Stock Performance

NYSE PSTG traded up $0.53 on Friday, hitting $41.79. 2,606,810 shares of the stock traded hands, compared to its average volume of 3,124,746. The business's fifty day moving average is $50.84 and its two-hundred day moving average is $56.50. Pure Storage, Inc. has a 12 month low of $34.51 and a 12 month high of $73.67. The firm has a market capitalization of $13.62 billion, a price-to-earnings ratio of 109.97, a PEG ratio of 5.12 and a beta of 1.08.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PSTG. Piper Sandler dropped their price target on Pure Storage from $76.00 to $53.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Bank of America lowered their target price on Pure Storage from $77.00 to $73.00 and set a "neutral" rating on the stock in a research report on Thursday, February 27th. Needham & Company LLC reissued a "buy" rating and issued a $75.00 price target on shares of Pure Storage in a research report on Thursday, February 27th. StockNews.com downgraded shares of Pure Storage from a "buy" rating to a "hold" rating in a report on Thursday, February 27th. Finally, Citigroup reduced their price objective on shares of Pure Storage from $77.00 to $55.00 and set a "buy" rating for the company in a report on Monday, April 14th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Pure Storage presently has a consensus rating of "Moderate Buy" and an average price target of $70.95.

Pure Storage 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.