Alliancebernstein L.P. Lowers Holdings in Pure Storage, Inc. $PSTG

Key Points

• Alliancebernstein L.P. reduced its holdings in Pure Storage, Inc. by 1.3%, owning 521,164 shares valued at approximately $23 million after selling 6,900 shares.
• Recent Q2 earnings showed Pure Storage reported an EPS of $0.43, which surpassed estimates and indicated a 12.7% revenue growth year-over-year.
• Several analysts have upgraded their target prices for Pure Storage, with a consensus rating of “Moderate Buy” and a price target of $77.39.

Alliancebernstein L.P. decreased its position in Pure Storage, Inc. (NYSE:PSTG - Free Report) by 1.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 521,164 shares of the technology company's stock after selling 6,900 shares during the period. Alliancebernstein L.P. owned 0.16% of Pure Storage worth $23,072,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. McIlrath & Eck LLC purchased a new stake in shares of Pure Storage in the fourth quarter valued at approximately $25,000. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Pure Storage by 55.9% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 650 shares of the technology company's stock valued at $29,000 after purchasing an additional 233 shares during the period. FNY Investment Advisers LLC lifted its holdings in Pure Storage by 5,233.3% during the first quarter. FNY Investment Advisers LLC now owns 800 shares of the technology company's stock worth $35,000 after buying an additional 785 shares during the period. TruNorth Capital Management LLC purchased a new stake in Pure Storage during the first quarter worth $38,000. Finally, Nisa Investment Advisors LLC lifted its holdings 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 buying an additional 239 shares during the period. Hedge funds and other institutional investors own 83.42% of the company's stock.

Pure Storage Trading Up 2.4%

Shares of PSTG opened at $81.12 on Thursday. Pure Storage, Inc. has a 12 month low of $34.51 and a 12 month high of $82.51. The stock has a fifty day moving average price of $61.74 and a 200-day moving average price of $54.16. The firm has a market cap of $26.51 billion, a PE ratio of 197.85, a P/E/G ratio of 7.40 and a beta of 1.20.

Pure Storage (NYSE:PSTG - Get Free Report) last issued its quarterly earnings data on Wednesday, August 27th. The technology company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.39 by $0.04. Pure Storage had a return on equity of 11.34% and a net margin of 4.15%.The firm had revenue of $861.00 million during the quarter, compared to analyst estimates of $845.78 million. During the same quarter in the prior year, the business posted $0.44 EPS. The business's revenue for the quarter 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, research analysts forecast that Pure Storage, Inc. will post 0.44 EPS for the current year.

Insider Transactions at Pure Storage

In related news, insider Ajay Singh sold 22,601 shares of the company's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $55.45, for a total value of $1,253,225.45. Following the transaction, the insider directly owned 261,465 shares of the company's stock, valued at $14,498,234.25. This represents a 7.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John Francis Murphy sold 6,959 shares of the company's stock in a transaction on Friday, July 11th. The shares were sold at an average price of $56.17, for a total value of $390,887.03. Following the completion of the transaction, the director directly owned 19,706 shares in the company, valued at approximately $1,106,886.02. The trade was a 26.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 551,360 shares of company stock worth $33,317,922 over the last 90 days. Insiders own 5.60% of the company's stock.

Wall Street Analyst Weigh In

PSTG has been the subject of a number of analyst reports. Citigroup upped their target price on Pure Storage from $70.00 to $81.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Cowen restated a "buy" rating on shares of Pure Storage in a report on Thursday, August 28th. Bank of America upped their target price on Pure Storage from $76.00 to $80.00 and gave the stock a "neutral" rating in a report on Thursday, August 28th. Needham & Company LLC upped their target price on Pure Storage from $75.00 to $85.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Finally, Piper Sandler upped their target price on Pure Storage from $66.00 to $78.00 and gave the stock an "overweight" rating in a 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 given a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $77.39.

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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