Fox Run Management L.L.C. Purchases New Stake in Pure Storage, Inc. $PSTG

Key Points

• Fox Run Management L.L.C. has acquired 35,253 shares of Pure Storage, Inc. (NYSE:PSTG) valued at approximately $1.56 million in the first quarter, indicating growing interest from institutional investors.
• Insider transactions show significant selling activity, with executives Dan Fitzsimons and John Colgrove selling 6,000 and 198,749 shares respectively, leading to a decrease in their ownership stake in the company.
• Analyst ratings for Pure Storage suggest a consensus target price of $70.21 with a mix of buy and hold ratings, reflecting positive sentiment amid expected growth in earnings.

Fox Run Management L.L.C. purchased a new position in Pure Storage, Inc. (NYSE:PSTG - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 35,253 shares of the technology company's stock, valued at approximately $1,561,000.

Several other large investors have also recently made changes to their positions in PSTG. MassMutual Private Wealth & Trust FSB increased its position in Pure Storage by 55.9% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 650 shares of the technology company's stock valued at $29,000 after buying an additional 233 shares in the last quarter. Nisa Investment Advisors LLC increased its position in Pure Storage by 35.6% during the 1st quarter. Nisa Investment Advisors LLC now owns 910 shares of the technology company's stock valued at $40,000 after buying an additional 239 shares in the last quarter. Mutual Advisors LLC increased its position in Pure Storage by 5.1% during the 1st quarter. Mutual Advisors LLC now owns 5,173 shares of the technology company's stock valued at $236,000 after buying an additional 252 shares in the last quarter. MBM Wealth Consultants LLC increased its position in Pure Storage by 2.3% during the 1st quarter. MBM Wealth Consultants LLC now owns 11,372 shares of the technology company's stock valued at $503,000 after buying an additional 252 shares in the last quarter. Finally, Citizens Financial Group Inc. RI increased its position in Pure Storage by 0.9% during the 1st quarter. Citizens Financial Group Inc. RI now owns 29,481 shares of the technology company's stock valued at $1,305,000 after buying an additional 261 shares in the last quarter. 83.42% of the stock is owned by institutional investors.

Insider Transactions at Pure Storage

In other Pure Storage news, insider John Colgrove sold 198,749 shares of the stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $60.32, for a total transaction of $11,988,539.68. Following the completion of the transaction, the insider owned 500,000 shares of the company's stock, valued at $30,160,000. This represents a 28.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John Francis Murphy sold 11,234 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $55.13, for a total value of $619,330.42. Following the transaction, the director directly owned 21,930 shares of the company's stock, valued at $1,209,000.90. The trade was a 33.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold 446,794 shares of company stock worth $26,641,913 over the last three months. 5.60% of the stock is owned by insiders.

Analyst Ratings Changes

PSTG has been the topic of several recent analyst reports. Piper Sandler reaffirmed an "overweight" rating and set a $66.00 target price (up from $53.00) on shares of Pure Storage in a research report on Thursday, May 29th. Needham & Company LLC reiterated a "buy" rating and set a $75.00 price target on shares of Pure Storage in a research note on Friday, June 20th. Wedbush reiterated an "outperform" rating and set a $70.00 price target on shares of Pure Storage in a research note on Thursday, May 29th. Evercore ISI boosted their price target on Pure Storage from $60.00 to $70.00 and gave the company an "outperform" rating in a research note on Friday, May 23rd. Finally, Morgan Stanley boosted their price target on Pure Storage from $40.00 to $62.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 20th. Fourteen equities 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's stock. According to data from MarketBeat, Pure Storage has a consensus rating of "Moderate Buy" and a consensus price target of $70.21.

Pure Storage Price Performance

PSTG stock traded down $1.01 during mid-day trading on Tuesday, reaching $57.47. 469,754 shares of the company's stock were exchanged, compared to its average volume of 2,689,833. The company has a market cap of $18.78 billion, a price-to-earnings ratio of 155.33, a price-to-earnings-growth ratio of 5.58 and a beta of 1.07. The stock's 50 day moving average is $56.26 and its 200 day moving average is $53.72. Pure Storage, Inc. has a 12-month low of $34.51 and a 12-month high of $73.67.

Pure Storage (NYSE:PSTG - Get Free Report) last issued its quarterly earnings results on Wednesday, May 28th. The technology company reported $0.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.25 by $0.04. The company had revenue of $778.49 million for the quarter, compared to the consensus estimate of $770.03 million. Pure Storage had a return on equity of 13.98% and a net margin of 3.93%.Pure Storage's revenue for the quarter was up 12.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.32 earnings per share. Pure Storage has set its Q2 2026 guidance at EPS. FY 2026 guidance at EPS. On average, research analysts forecast that Pure Storage, Inc. will post 0.44 earnings per share for the current fiscal year.

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.