Granahan Investment Management LLC Raises Stock Position in Pure Storage, Inc. $PSTG

Key Points

• Granahan Investment Management LLC increased its stake in Pure Storage, Inc. by 46.7% in Q1, acquiring a total of 246,302 shares, now valued at approximately $10.9 million.
• Multiple research firms have raised their price targets for Pure Storage, with JPMorgan and Citigroup setting new targets of $80 and $81, respectively, indicating strong analyst confidence.
• Pure Storage reported a quarterly earnings per share (EPS) of $0.43, surpassing analysts' expectations and showing a year-over-year revenue growth of 12.7% to $861 million.

Granahan Investment Management LLC grew its position in Pure Storage, Inc. (NYSE:PSTG - Free Report) by 46.7% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 246,302 shares of the technology company's stock after buying an additional 78,404 shares during the period. Granahan Investment Management LLC owned 0.08% of Pure Storage worth $10,904,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in PSTG. MassMutual Private Wealth & Trust FSB grew its stake in 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 acquiring an additional 233 shares during the period. Nisa Investment Advisors LLC increased 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 buying an additional 239 shares during the last quarter. MBM Wealth Consultants LLC grew its position in shares of Pure Storage by 2.3% in the first quarter. MBM Wealth Consultants LLC now owns 11,372 shares of the technology company's stock valued at $503,000 after purchasing an additional 252 shares during the last quarter. Mutual Advisors LLC grew its position in shares of Pure Storage by 5.1% in the first quarter. Mutual Advisors LLC now owns 5,173 shares of the technology company's stock valued at $236,000 after purchasing an additional 252 shares during the last quarter. Finally, Citizens Financial Group Inc. RI grew its position in Pure Storage by 0.9% during the first quarter. Citizens Financial Group Inc. RI now owns 29,481 shares of the technology company's stock worth $1,305,000 after buying an additional 261 shares in the last quarter. 83.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PSTG has been the subject of several recent analyst reports. UBS Group upped their target price on Pure Storage from $50.00 to $55.00 and gave the stock a "sell" rating in a research note on Thursday, August 28th. Evercore ISI upped their target price on Pure Storage from $80.00 to $85.00 and gave the stock an "outperform" rating in a research note on Thursday, September 4th. Cowen reiterated a "buy" rating on shares of Pure Storage in a research note on Thursday, August 28th. Wedbush increased their price target on Pure Storage from $70.00 to $80.00 and gave the company an "outperform" rating in a research note on Thursday, August 28th. Finally, Citigroup increased their price target on Pure Storage from $70.00 to $81.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Fourteen equities 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 company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $77.39.

Insiders Place Their Bets

In related news, insider John Colgrove sold 198,749 shares of Pure Storage stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $60.32, for a total value of $11,988,539.68. Following the completion of the transaction, the insider directly owned 500,000 shares in the company, valued at approximately $30,160,000. The trade was a 28.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Dan Fitzsimons sold 6,000 shares of the business's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $51.65, for a total transaction of $309,900.00. Following the transaction, the executive owned 75,965 shares of the company's stock, valued at $3,923,592.25. This trade represents a 7.32% 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 in the last three months. Insiders own 5.60% of the company's stock.

Pure Storage Stock Performance

Shares of Pure Storage stock traded up $1.61 during mid-day trading on Wednesday, hitting $80.82. 1,573,972 shares of the stock were exchanged, compared to its average volume of 2,874,457. Pure Storage, Inc. has a 12 month low of $34.51 and a 12 month high of $82.51. The company has a 50-day simple moving average of $61.24 and a 200 day simple moving average of $53.97. The company has a market capitalization of $26.42 billion, a P/E ratio of 197.06, a P/E/G ratio of 7.43 and a beta of 1.20.

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

Pure Storage 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.