Cresset Asset Management LLC Decreases Holdings in Pure Storage, Inc. (NYSE:PSTG)

Cresset Asset Management LLC cut its holdings in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 3.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 319,109 shares of the technology company's stock after selling 11,110 shares during the period. Cresset Asset Management LLC owned about 0.10% of Pure Storage worth $19,603,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Norges Bank bought a new position in Pure Storage during the 4th quarter worth approximately $216,690,000. Artisan Partners Limited Partnership acquired a new position in shares of Pure Storage during the 4th quarter valued at $210,906,000. William Blair Investment Management LLC lifted its position in shares of Pure Storage by 1,725.3% during the 4th quarter. William Blair Investment Management LLC now owns 2,525,208 shares of the technology company's stock valued at $155,124,000 after acquiring an additional 2,386,864 shares during the period. Franklin Resources Inc. lifted its position in shares of Pure Storage by 210.2% during the 3rd quarter. Franklin Resources Inc. now owns 2,553,402 shares of the technology company's stock valued at $137,628,000 after acquiring an additional 1,730,123 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Pure Storage by 25.4% during the 4th quarter. Geode Capital Management LLC now owns 6,748,553 shares of the technology company's stock valued at $413,982,000 after acquiring an additional 1,366,458 shares during the period. 83.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PSTG shares. Evercore ISI dropped their target price on shares of Pure Storage from $75.00 to $60.00 and set an "outperform" rating on the stock in a research report on Monday, April 28th. Bank of America lowered 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. Piper Sandler lowered their price objective on shares of Pure Storage from $76.00 to $53.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. StockNews.com downgraded shares of Pure Storage from a "buy" rating to a "hold" rating in a report on Thursday, February 27th. Finally, Needham & Company LLC restated a "buy" rating and set a $75.00 price objective on shares of Pure Storage in a report on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $70.20.

Pure Storage Price Performance

NYSE:PSTG traded up $3.77 on Monday, reaching $52.47. 978,822 shares of the company's stock were exchanged, compared to its average volume of 3,093,808. The firm has a market cap of $17.11 billion, a price-to-earnings ratio of 138.11, a P/E/G ratio of 5.12 and a beta of 1.05. Pure Storage, Inc. has a 52 week low of $34.51 and a 52 week high of $73.67. The stock has a fifty day simple moving average of $45.89 and a 200-day simple moving average of $55.67.

Insiders Place Their Bets

In other news, CRO Dan Fitzsimons sold 6,977 shares of the stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $40.91, for a total value of $285,429.07. Following the sale, the executive now directly owns 90,223 shares of the company's stock, valued at approximately $3,691,022.93. This represents a 7.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 6.00% of the company's stock.

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.