Fred Alger Management LLC Invests $5.04 Million in Pure Storage, Inc. $PSTG

Key Points

• Fred Alger Management LLC purchased 113,826 shares of Pure Storage, Inc. valued at approximately $5,039,000, indicating significant institutional interest in the company.
$0.43, surpassing analysts' expectations of $0.39, with a revenue of $861 million.
• Analysts have upgraded their price targets for Pure Storage, with a consensus rating of "Moderate Buy" and an average target price of $77.39.

Fred Alger Management LLC acquired a new stake in Pure Storage, Inc. (NYSE:PSTG - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 113,826 shares of the technology company's stock, valued at approximately $5,039,000.

A number of other large investors have also added to or reduced their stakes in the business. T. Rowe Price Investment Management Inc. raised its holdings in Pure Storage by 25.9% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 9,075,944 shares of the technology company's stock valued at $401,793,000 after buying an additional 1,868,782 shares during the last quarter. Blair William & Co. IL increased its position in Pure Storage by 2.8% during the 1st quarter. Blair William & Co. IL now owns 3,541,445 shares of the technology company's stock valued at $156,780,000 after purchasing an additional 96,731 shares during the period. Northern Trust Corp increased its position in Pure Storage by 0.8% during the 1st quarter. Northern Trust Corp now owns 2,911,591 shares of the technology company's stock valued at $128,896,000 after purchasing an additional 23,531 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its position in Pure Storage by 3.0% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,010,210 shares of the technology company's stock valued at $88,992,000 after purchasing an additional 58,054 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in Pure Storage by 6.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,461,500 shares of the technology company's stock valued at $64,701,000 after purchasing an additional 85,851 shares during the period. Institutional investors own 83.42% of the company's stock.

Pure Storage Stock Performance

Shares of PSTG stock traded down $0.12 during trading hours on Friday, hitting $82.34. 1,776,369 shares of the company were exchanged, compared to its average volume of 4,094,776. The firm has a market cap of $26.91 billion, a P/E ratio of 200.83, a P/E/G ratio of 7.71 and a beta of 1.20. Pure Storage, Inc. has a fifty-two week low of $34.51 and a fifty-two week high of $83.32. The company has a 50 day simple moving average of $62.77 and a two-hundred day simple moving average of $54.43.

Pure Storage (NYSE:PSTG - Get Free Report) last posted its quarterly earnings results on Wednesday, August 27th. The technology company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.04. Pure Storage had a net margin of 4.15% and a return on equity of 11.34%. The business had revenue of $861.00 million during the quarter, compared to the consensus estimate of $845.78 million. During the same quarter last year, the firm posted $0.44 EPS. Pure Storage's revenue was up 12.7% compared to the same quarter last year. Pure Storage has set its FY 2026 guidance at EPS. Q3 2026 guidance at EPS. As a group, sell-side analysts expect that Pure Storage, Inc. will post 0.44 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider John Colgrove sold 95,300 shares of Pure Storage stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $60.08, for a total value of $5,725,624.00. Following the completion of the sale, the insider owned 400,000 shares of the company's stock, valued at approximately $24,032,000. This trade represents a 19.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Roxanne Taylor sold 3,000 shares of the firm's stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $76.93, for a total value of $230,790.00. Following the transaction, the director owned 16,343 shares in the company, valued at approximately $1,257,266.99. This trade represents a 15.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 551,360 shares of company stock worth $33,317,922 in the last quarter. Insiders own 5.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on PSTG shares. UBS Group increased their target price on shares of Pure Storage from $50.00 to $55.00 and gave the company a "sell" rating in a research report on Thursday, August 28th. Wedbush increased their target price on shares of Pure Storage from $70.00 to $80.00 and gave the company an "outperform" rating in a research report on Thursday, August 28th. JPMorgan Chase & Co. increased their target price on shares of Pure Storage from $70.00 to $80.00 and gave the company an "overweight" rating in a research report on Thursday, August 28th. Cowen reissued a "buy" rating on shares of Pure Storage in a research report on Thursday, August 28th. Finally, Evercore ISI increased their target price on shares of Pure Storage from $80.00 to $85.00 and gave the company an "outperform" rating in a research report on Thursday, September 4th. Fourteen research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $77.39.

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.