3,652 Shares in Pure Storage, Inc. $PSTG Purchased by Covenant Partners LLC

Key Points

• Covenant Partners LLC has acquired a new position in Pure Storage, Inc. by purchasing 3,652 shares valued at approximately $210,000.
• Insider sales occurred recently, with CRO Dan Fitzsimons selling 6,051 shares for about $528,978 and insider Ajay Singh selling 7,014 shares for $602,151.
• Multiple analysts have recently increased their price targets for Pure Storage, with Citigroup setting a new target of $110.00 and Evercore ISI adjusting theirs from $90.00 to $105.00.

Covenant Partners LLC acquired a new position in Pure Storage, Inc. (NYSE:PSTG - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 3,652 shares of the technology company's stock, valued at approximately $210,000.

Other hedge funds have also recently bought and sold shares of the company. Mechanics Financial Corp purchased a new stake in Pure Storage in the 2nd quarter worth about $25,000. REAP Financial Group LLC lifted its stake in Pure Storage by 49.0% in the 2nd quarter. REAP Financial Group LLC now owns 611 shares of the technology company's stock worth $35,000 after acquiring an additional 201 shares in the last quarter. Ramirez Asset Management Inc. raised its stake in shares of Pure Storage by 40.0% during the 2nd quarter. Ramirez Asset Management Inc. now owns 700 shares of the technology company's stock worth $40,000 after purchasing an additional 200 shares in the last quarter. American National Bank & Trust purchased a new stake in shares of Pure Storage during the 2nd quarter worth about $45,000. Finally, TruNorth Capital Management LLC purchased a new stake in shares of Pure Storage during the 1st quarter worth about $38,000. 83.42% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Pure Storage

In other Pure Storage news, CRO Dan Fitzsimons sold 6,051 shares of the firm's stock in a transaction that occurred on Tuesday, September 23rd. The stock was sold at an average price of $87.42, for a total value of $528,978.42. Following the sale, the executive owned 62,759 shares of the company's stock, valued at $5,486,391.78. This trade represents a 8.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Ajay Singh sold 7,014 shares of Pure Storage stock in a transaction that occurred on Wednesday, September 24th. The stock was sold at an average price of $85.85, for a total value of $602,151.90. Following the sale, the insider directly owned 229,307 shares in the company, valued at $19,686,005.95. The trade was a 2.97% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 743,111 shares of company stock worth $51,703,009. Insiders own 5.60% of the company's stock.

Wall Street Analysts Forecast Growth

PSTG has been the topic of a number of recent analyst reports. Evercore ISI raised their price objective on Pure Storage from $90.00 to $105.00 and gave the company an "outperform" rating in a research note on Monday. Wall Street Zen raised Pure Storage from a "hold" rating to a "buy" rating in a research note on Saturday, August 30th. Citigroup raised their price objective on Pure Storage from $81.00 to $110.00 and gave the company a "buy" rating in a research note on Tuesday. Cowen reissued a "buy" rating on shares of Pure Storage in a research note on Thursday, August 28th. Finally, UBS Group set a $110.00 price objective on Pure Storage in a research note on Tuesday. Fourteen investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $88.56.

Pure Storage Stock Down 0.3%

PSTG opened at $90.75 on Wednesday. The firm has a market capitalization of $29.82 billion, a P/E ratio of 221.34, a price-to-earnings-growth ratio of 8.39 and a beta of 1.22. The stock's 50 day moving average price is $79.62 and its two-hundred day moving average price is $61.80. Pure Storage, Inc. has a 12-month low of $34.51 and a 12-month high of $95.14.

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

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