Fayez Sarofim & Co Invests $614,000 in Pure Storage, Inc. (NYSE:PSTG)

Fayez Sarofim & Co acquired a new position in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 10,000 shares of the technology company's stock, valued at approximately $614,000.

Other institutional investors also recently bought and sold shares of the company. J. Safra Sarasin Holding AG acquired a new stake in shares of Pure Storage during the 4th quarter worth about $3,115,000. Tower Research Capital LLC TRC boosted its position in shares of Pure Storage by 330.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 17,109 shares of the technology company's stock worth $1,051,000 after purchasing an additional 13,137 shares during the period. Kayne Anderson Rudnick Investment Management LLC increased its holdings in Pure Storage by 54.0% in the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 32,882 shares of the technology company's stock valued at $2,020,000 after purchasing an additional 11,528 shares during the last quarter. Natixis purchased a new stake in Pure Storage in the fourth quarter valued at approximately $179,000. Finally, MetLife Investment Management LLC lifted its stake in Pure Storage by 8.9% during the fourth quarter. MetLife Investment Management LLC now owns 187,206 shares of the technology company's stock worth $11,500,000 after purchasing an additional 15,366 shares in the last quarter. 83.42% of the stock is owned by hedge funds and other institutional investors.

Pure Storage Stock Performance

Pure Storage stock traded up $0.58 during trading on Friday, reaching $45.71. The company had a trading volume of 1,806,817 shares, compared to its average volume of 3,118,808. Pure Storage, Inc. has a 12-month low of $34.51 and a 12-month high of $73.67. The stock's 50 day moving average price is $48.34 and its two-hundred day moving average price is $56.15. The firm has a market capitalization of $14.90 billion, a price-to-earnings ratio of 120.29, a PEG ratio of 5.12 and a beta of 1.08.

Insider Buying and Selling

In other news, CRO Dan Fitzsimons sold 6,977 shares of the firm's stock in a transaction on Monday, April 21st. The shares were sold at an average price of $40.91, for a total value of $285,429.07. Following the transaction, the executive now owns 90,223 shares of the company's stock, valued at approximately $3,691,022.93. This trade represents a 7.18 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 6.00% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on PSTG shares. Bank of America decreased their target price on Pure Storage from $77.00 to $73.00 and set a "neutral" rating on the stock in a research note on Thursday, February 27th. Citigroup cut their target price on shares of Pure Storage from $77.00 to $55.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. UBS Group lifted their price target on shares of Pure Storage from $47.00 to $50.00 and gave the stock a "sell" rating in a research note on Thursday, February 27th. Needham & Company LLC reissued a "buy" rating and issued a $75.00 price objective on shares of Pure Storage in a research report on Thursday, February 27th. Finally, StockNews.com downgraded shares of Pure Storage from a "buy" rating to a "hold" rating in a research note on Thursday, February 27th. One equities 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's stock. Based on data from MarketBeat.com, Pure Storage presently has an average rating of "Moderate Buy" and an average price target of $70.95.

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.