CIBC Asset Management Inc Boosts Position in Pure Storage, Inc. (NYSE:PSTG)

CIBC Asset Management Inc grew its position in shares of Pure Storage, Inc. (NYSE:PSTG) by 5.4% in the 4th quarter, Holdings Channel.com reports. The firm owned 9,679 shares of the technology company’s stock after buying an additional 500 shares during the period. CIBC Asset Management Inc’s holdings in Pure Storage were worth $595,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Strategic Advisors LLC purchased a new position in shares of Pure Storage during the 4th quarter valued at approximately $1,290,000. Secured Retirement Advisors LLC purchased a new position in shares of Pure Storage during the 4th quarter valued at approximately $978,000. Congress Asset Management Co. increased its holdings in shares of Pure Storage by 4.0% during the 4th quarter. Congress Asset Management Co. now owns 1,956,344 shares of the technology company’s stock valued at $120,178,000 after purchasing an additional 76,010 shares in the last quarter. Rhumbline Advisers increased its holdings in shares of Pure Storage by 0.5% during the 4th quarter. Rhumbline Advisers now owns 909,959 shares of the technology company’s stock valued at $55,899,000 after purchasing an additional 4,192 shares in the last quarter. Finally, Bank Pictet & Cie Europe AG grew its stake in Pure Storage by 23.3% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 9,201 shares of the technology company’s stock valued at $565,000 after acquiring an additional 1,740 shares during the period. 83.42% of the stock is owned by hedge funds and other institutional investors.

Pure Storage Stock Performance

NYSE:PSTG opened at $65.14 on Friday. Pure Storage, Inc. has a 1 year low of $40.32 and a 1 year high of $73.67. The stock has a market capitalization of $21.25 billion, a price-to-earnings ratio of 171.43, a PEG ratio of 5.12 and a beta of 1.09. The stock has a fifty day moving average price of $66.23 and a two-hundred day moving average price of $58.09.

Insider Transactions at Pure Storage

In other news, insider Ajay Singh sold 19,972 shares of the business’s stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $61.58, for a total transaction of $1,229,875.76. Following the completion of the sale, the insider now owns 262,144 shares in the company, valued at approximately $16,142,827.52. The trade was a 7.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CRO Dan Fitzsimons sold 8,895 shares of the business’s stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $64.11, for a total value of $570,258.45. Following the sale, the executive now owns 72,927 shares of the company’s stock, valued at $4,675,349.97. The trade was a 10.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 137,178 shares of company stock valued at $8,871,746 in the last 90 days. 6.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on PSTG shares. Stifel Nicolaus lifted their price target on shares of Pure Storage from $60.00 to $65.00 and gave the company a “hold” rating in a research note on Wednesday, December 4th. JPMorgan Chase & Co. lifted their price target on shares of Pure Storage from $60.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. TD Cowen lifted their price target on shares of Pure Storage from $70.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Northland Securities reissued a “market perform” rating and issued a $63.00 price target (up previously from $59.00) on shares of Pure Storage in a research note on Wednesday, December 4th. Finally, Morgan Stanley lifted their price target on shares of Pure Storage from $62.00 to $72.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat, Pure Storage has an average rating of “Moderate Buy” and a consensus price target of $72.95.

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.