Envestnet Portfolio Solutions Inc. Has $893,000 Stock Position in Pure Storage, Inc. $PSTG

Key Points

• Envestnet Portfolio Solutions Inc. increased its stake in Pure Storage by 56.5% in Q2, owning 15,517 shares valued at $893,000.
• Several hedge funds also acquired positions in Pure Storage during the same period, with institutional investors controlling over 83.42% of the company's stock.
• Recent analyst upgrades have pushed Pure Storage's price targets significantly higher, with Evercore ISI setting a new target of $90.00 and Guggenheim raising it to $105.00, contributing to a consensus rating of "Moderate Buy".

Envestnet Portfolio Solutions Inc. lifted its stake in Pure Storage, Inc. (NYSE:PSTG - Free Report) by 56.5% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 15,517 shares of the technology company's stock after purchasing an additional 5,603 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Pure Storage were worth $893,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Sequoia Financial Advisors LLC acquired a new position in shares of Pure Storage in the 2nd quarter valued at $235,000. Total Clarity Wealth Management Inc. acquired a new position in shares of Pure Storage in the 2nd quarter valued at $667,000. MGO One Seven LLC boosted its position in shares of Pure Storage by 3.6% in the 2nd quarter. MGO One Seven LLC now owns 7,112 shares of the technology company's stock valued at $410,000 after purchasing an additional 250 shares during the period. Hazlett Burt & Watson Inc. boosted its position in shares of Pure Storage by 241.7% in the 2nd quarter. Hazlett Burt & Watson Inc. now owns 1,025 shares of the technology company's stock valued at $58,000 after purchasing an additional 725 shares during the period. Finally, CWM LLC boosted its position in shares of Pure Storage by 324.5% in the 2nd quarter. CWM LLC now owns 35,273 shares of the technology company's stock valued at $2,031,000 after purchasing an additional 26,964 shares during the period. Institutional investors and hedge funds own 83.42% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Evercore ISI increased their price target on Pure Storage from $85.00 to $90.00 and gave the company an "outperform" rating in a research report on Friday, September 26th. Morgan Stanley raised their price objective on Pure Storage from $60.00 to $72.00 and gave the stock an "equal weight" rating in a research report on Thursday, August 28th. Barclays raised their price objective on Pure Storage from $57.00 to $70.00 and gave the stock an "equal weight" rating in a research report on Friday, August 29th. Guggenheim raised their price objective on Pure Storage from $93.00 to $105.00 and gave the stock a "buy" rating in a research report on Friday, September 26th. Finally, Wells Fargo & Company raised their price objective on Pure Storage from $80.00 to $100.00 and gave the stock an "overweight" rating in a research report on Friday, September 26th. Fourteen equities research 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. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $83.06.

Pure Storage Price Performance

PSTG opened at $91.86 on Monday. Pure Storage, Inc. has a fifty-two week low of $34.51 and a fifty-two week high of $95.14. The business has a 50-day moving average of $78.32 and a 200-day moving average of $61.22. The company has a market capitalization of $30.19 billion, a PE ratio of 224.05, a price-to-earnings-growth ratio of 8.47 and a beta of 1.22.

Pure Storage (NYSE:PSTG - Get Free Report) last issued its quarterly earnings data 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. Pure Storage had a return on equity of 11.34% and a net margin of 4.15%.The business had revenue of $861.00 million for the quarter, compared to the consensus estimate of $845.78 million. During the same period last year, the business earned $0.44 EPS. The firm's revenue 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. On average, equities research analysts expect that Pure Storage, Inc. will post 0.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Ajay Singh sold 7,014 shares of the firm's 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 transaction, the insider directly owned 229,307 shares of the company's stock, valued at approximately $19,686,005.95. This trade represents a 2.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mona Chu sold 17,500 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $76.51, for a total value of $1,338,925.00. Following the completion of the transaction, the chief accounting officer directly owned 138,899 shares in the company, valued at $10,627,162.49. The trade was a 11.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 743,111 shares of company stock valued at $51,703,009 over the last 90 days. 5.60% of the stock is currently owned by insiders.

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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