CIBC Asset Management Inc Increases Stake in Pure Storage, Inc. (NYSE:PSTG)

CIBC Asset Management Inc grew its position in Pure Storage, Inc. (NYSE:PSTG) by 5.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,679 shares of the technology company’s stock after acquiring an additional 500 shares during the quarter. CIBC Asset Management Inc’s holdings in Pure Storage were worth $595,000 at the end of the most recent reporting period.

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

Insider Activity at Pure Storage

In other Pure Storage news, CAO Mona Chu sold 8,311 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $62.16, for a total transaction of $516,611.76. Following the completion of the transaction, the chief accounting officer now directly owns 67,681 shares of the company’s stock, valued at approximately $4,207,050.96. This trade represents a 10.94 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $65.55, for a total transaction of $6,555,000.00. Following the transaction, the insider now directly owns 7,316,722 shares of the company’s stock, valued at $479,611,127.10. This represents a 1.35 % decrease in their ownership of the stock. 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 three months. 6.00% of the stock is owned by insiders.

Pure Storage Stock Down 3.9 %

Shares of Pure Storage stock opened at $65.14 on Friday. The firm has a market capitalization of $21.25 billion, a P/E ratio of 171.43, a PEG ratio of 5.12 and a beta of 1.09. The company has a 50 day moving average price of $66.23 and a 200 day moving average price of $58.09. Pure Storage, Inc. has a 52 week low of $40.32 and a 52 week high of $73.67.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. TD Cowen raised their price target on shares of Pure Storage from $70.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Morgan Stanley raised their price target on shares of Pure Storage from $62.00 to $72.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Needham & Company LLC increased their target price on shares of Pure Storage from $62.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. increased their target price on shares of Pure Storage from $60.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Finally, William Blair reiterated an “outperform” rating on shares of Pure Storage in a report on Thursday, November 14th. One analyst has rated the stock with a sell rating, six have given a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Pure Storage currently has a consensus rating of “Moderate Buy” and a consensus target price of $72.95.

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.