Advisors Asset Management Inc. Has $879,000 Position in Pure Storage, Inc. $PSTG

Key Points

• Advisors Asset Management Inc. increased its holdings in Pure Storage, Inc. by 514.2% in Q1, owning 19,845 shares valued at $879,000.
• Recent analyst upgrades have raised the price target for Pure Storage, with Needham & Company increasing it from $75.00 to $85.00 and maintaining a "buy" rating.
• Pure Storage reported earnings of $0.43 per share for the last quarter, exceeding analyst predictions, while revenue rose 12.7% year-over-year.

Advisors Asset Management Inc. lifted its stake in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 514.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 19,845 shares of the technology company's stock after purchasing an additional 16,614 shares during the quarter. Advisors Asset Management Inc.'s holdings in Pure Storage were worth $879,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. McIlrath & Eck LLC acquired a new position in shares of Pure Storage in the fourth quarter worth $25,000. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Pure Storage by 55.9% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 650 shares of the technology company's stock worth $29,000 after purchasing an additional 233 shares during the last quarter. FNY Investment Advisers LLC boosted its stake in shares of Pure Storage by 5,233.3% during the 1st quarter. FNY Investment Advisers LLC now owns 800 shares of the technology company's stock worth $35,000 after purchasing an additional 785 shares during the last quarter. TruNorth Capital Management LLC acquired a new stake in shares of Pure Storage during the 1st quarter worth about $38,000. Finally, Nisa Investment Advisors LLC boosted its position in Pure Storage by 35.6% during the first quarter. Nisa Investment Advisors LLC now owns 910 shares of the technology company's stock worth $40,000 after acquiring an additional 239 shares during the last quarter. 83.42% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director John Francis Murphy sold 6,959 shares of the business's stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $56.17, for a total value of $390,887.03. Following the completion of the sale, the director owned 19,706 shares of the company's stock, valued at approximately $1,106,886.02. The trade was a 26.10% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider John Colgrove sold 95,300 shares of the business's stock in a transaction that occurred 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 directly owned 400,000 shares of the company's stock, valued at approximately $24,032,000. The trade was a 19.24% decrease in their position. 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. Corporate insiders own 5.60% of the company's stock.

Pure Storage Stock Down 0.1%

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

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

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on PSTG. Bank of America raised their target price on shares of Pure Storage from $76.00 to $80.00 and gave the stock a "neutral" rating in a research report on Thursday, August 28th. Northland Securities raised their target price on shares of Pure Storage from $63.00 to $71.00 and gave the stock a "market perform" rating in a research report on Thursday, August 28th. Needham & Company LLC raised their target price on shares of Pure Storage from $75.00 to $85.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Citigroup raised their target price on shares of Pure Storage from $70.00 to $81.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Finally, UBS Group raised their target price on shares of Pure Storage from $50.00 to $55.00 and gave the stock a "sell" rating in a research report on Thursday, August 28th. Fourteen research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Pure Storage has an average rating of "Moderate Buy" and an average 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.