J. Safra Sarasin Holding AG Acquires New Holdings in Pure Storage, Inc. (NYSE:PSTG)

J. Safra Sarasin Holding AG purchased a new stake in shares of Pure Storage, Inc. (NYSE:PSTG) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 50,715 shares of the technology company’s stock, valued at approximately $3,115,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Sycomore Asset Management lifted its position in Pure Storage by 57.8% during the 4th quarter. Sycomore Asset Management now owns 187,874 shares of the technology company’s stock worth $11,541,000 after acquiring an additional 68,840 shares during the last quarter. Asio Capital LLC acquired a new position in shares of Pure Storage during the 4th quarter worth about $264,000. Oak Thistle LLC bought a new stake in Pure Storage during the 4th quarter valued at approximately $1,196,000. Franklin Resources Inc. grew its holdings in Pure Storage by 210.2% in the 3rd quarter. Franklin Resources Inc. now owns 2,553,402 shares of the technology company’s stock valued at $137,628,000 after buying an additional 1,730,123 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in shares of Pure Storage by 23.5% during the fourth quarter. Victory Capital Management Inc. now owns 284,649 shares of the technology company’s stock worth $17,486,000 after buying an additional 54,256 shares during the last quarter. 83.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PSTG has been the topic of a number of research reports. Piper Sandler dropped their target price on shares of Pure Storage from $76.00 to $53.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. StockNews.com downgraded Pure Storage from a “buy” rating to a “hold” rating in a research report on Thursday, February 27th. Bank of America cut their price target on Pure Storage from $77.00 to $73.00 and set a “neutral” rating for the company in a report on Thursday, February 27th. Citigroup lowered their price objective on Pure Storage from $77.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Finally, UBS Group lifted their price objective on Pure Storage from $47.00 to $50.00 and gave the company a “sell” rating in a report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.95.

Pure Storage Stock Performance

Shares of PSTG opened at $40.28 on Tuesday. The firm has a market cap of $13.13 billion, a P/E ratio of 106.00, a PEG ratio of 5.12 and a beta of 1.08. Pure Storage, Inc. has a twelve month low of $34.51 and a twelve month high of $73.67. The firm’s 50 day moving average price is $50.30 and its two-hundred day moving average price is $56.42.

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.