Allstate Corp Boosts Position in Pure Storage, Inc. $PSTG

Key Points

• Allstate Corp significantly increased its stake in Pure Storage, Inc. by 75.7% in the first quarter, owning 15,623 shares valued at $692,000.
• Multiple hedge funds, including Bank Pictet & Cie and Marshall Wace LLP, have also raised their investments in Pure Storage, demonstrating strong institutional interest with 83.42% of the stock owned by such investors.
• Research analysts have varied opinions on Pure Storage, with an average target price of $69.56 and a rating of "Moderate Buy" from thirteen analysts.

Allstate Corp raised its stake in Pure Storage, Inc. (NYSE:PSTG - Free Report) by 75.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,623 shares of the technology company's stock after buying an additional 6,731 shares during the period. Allstate Corp's holdings in Pure Storage were worth $692,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. Bank Pictet & Cie Europe AG boosted its holdings in shares of Pure Storage by 23.3% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 9,201 shares of the technology company's stock valued at $565,000 after purchasing an additional 1,740 shares during the period. Marshall Wace LLP raised its position in Pure Storage by 146.1% during the 4th quarter. Marshall Wace LLP now owns 11,900 shares of the technology company's stock valued at $731,000 after purchasing an additional 7,064 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Pure Storage by 2.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,167,921 shares of the technology company's stock worth $71,758,000 after buying an additional 29,522 shares during the period. Hsbc Holdings PLC grew its position in shares of Pure Storage by 88.2% during the 4th quarter. Hsbc Holdings PLC now owns 228,374 shares of the technology company's stock worth $14,095,000 after buying an additional 107,009 shares in the last quarter. Finally, Dark Forest Capital Management LP bought a new position in shares of Pure Storage during the 4th quarter worth $332,000. 83.42% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on PSTG. JPMorgan Chase & Co. lowered their price objective on shares of Pure Storage from $75.00 to $70.00 and set an "overweight" rating for the company in a research note on Thursday, May 29th. Evercore ISI boosted their price target on shares of Pure Storage from $60.00 to $70.00 and gave the company an "outperform" rating in a report on Friday, May 23rd. Needham & Company LLC reiterated a "buy" rating and set a $75.00 price objective on shares of Pure Storage in a research note on Friday, June 20th. Wedbush reissued an "outperform" rating and set a $70.00 price objective on shares of Pure Storage in a report on Thursday, May 29th. Finally, Morgan Stanley initiated coverage on Pure Storage in a report on Thursday, August 21st. They set an "equal weight" rating and a $60.00 target price for the company. Thirteen research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Pure Storage presently has an average rating of "Moderate Buy" and an average target price of $69.56.

Insiders Place Their Bets

In related news, CRO Dan Fitzsimons sold 6,000 shares of the company's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $51.65, for a total transaction of $309,900.00. Following the transaction, the executive directly owned 75,965 shares of the company's stock, valued at $3,923,592.25. This represents a 7.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider John Colgrove sold 198,749 shares of the firm's stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $60.32, for a total value of $11,988,539.68. Following the completion of the sale, the insider directly owned 500,000 shares of the company's stock, valued at approximately $30,160,000. This represents a 28.44% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 446,794 shares of company stock valued at $26,641,913 in the last 90 days. Corporate insiders own 5.60% of the company's stock.

Pure Storage Stock Up 1.3%

Shares of Pure Storage stock opened at $59.06 on Tuesday. Pure Storage, Inc. has a 52-week low of $34.51 and a 52-week high of $73.67. The firm's 50 day moving average price is $56.63 and its 200-day moving average price is $53.31. The company has a market cap of $19.30 billion, a P/E ratio of 159.63, a PEG ratio of 5.66 and a beta of 1.07.

Pure Storage (NYSE:PSTG - Get Free Report) last announced its earnings results on Wednesday, May 28th. The technology company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.04. The company had revenue of $778.49 million during the quarter, compared to the consensus estimate of $770.03 million. Pure Storage had a net margin of 3.93% and a return on equity of 13.98%. Pure Storage's revenue was up 12.3% compared to the same quarter last year. During the same period last year, the firm earned $0.32 earnings per share. Pure Storage has set its Q2 2026 guidance at EPS. FY 2026 guidance at EPS. As a group, equities research analysts forecast that Pure Storage, Inc. will post 0.44 EPS for the current fiscal year.

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.

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