Inspire Investing LLC Decreases Stake in Pure Storage, Inc. $PSTG

Key Points

• Inspire Investing LLC reduced its stake in Pure Storage, Inc. (PSTG) by 8.3%, holding 36,357 shares valued at approximately $2.1 million after selling 3,300 shares in the second quarter.
• Various hedge funds adjusted their positions in PSTG, with some significantly increasing their stakes, while overall, 83.42% of the stock is owned by institutional investors.
• Analysts have recently increased their price targets for PSTG, with Wells Fargo raising its target from $80 to $100 and the average target now at $81.06, reflecting a general positive outlook on the stock.

Inspire Investing LLC reduced its position in Pure Storage, Inc. (NYSE:PSTG - Free Report) by 8.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,357 shares of the technology company's stock after selling 3,300 shares during the period. Inspire Investing LLC's holdings in Pure Storage were worth $2,093,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in PSTG. Mechanics Financial Corp purchased a new stake in shares of Pure Storage in the second quarter worth about $25,000. FNY Investment Advisers LLC lifted its position in shares of Pure Storage by 5,233.3% in 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 in the last quarter. REAP Financial Group LLC lifted its position in shares of Pure Storage by 49.0% in the second quarter. REAP Financial Group LLC now owns 611 shares of the technology company's stock worth $35,000 after buying an additional 201 shares in the last quarter. TruNorth Capital Management LLC purchased a new stake in shares of Pure Storage in the first quarter worth about $38,000. Finally, Nisa Investment Advisors LLC lifted its position in shares of Pure Storage by 35.6% in 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 in the last quarter. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Wells Fargo & Company boosted their price objective on Pure Storage from $80.00 to $100.00 and gave the stock an "overweight" rating in a research note on Friday, September 26th. Wedbush boosted their price objective on Pure Storage from $70.00 to $80.00 and gave the stock an "outperform" rating in a research note on Thursday, August 28th. Barclays boosted their price objective on Pure Storage from $57.00 to $70.00 and gave the stock an "equal weight" rating in a research note on Friday, August 29th. JPMorgan Chase & Co. boosted their price objective on Pure Storage from $70.00 to $80.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. Finally, Raymond James Financial boosted their price objective on Pure Storage from $76.00 to $88.00 and gave the stock an "outperform" rating in a research note on Thursday, August 28th. Fourteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $81.06.

Pure Storage Trading Down 4.5%

Shares of PSTG opened at $89.43 on Friday. Pure Storage, Inc. has a 12 month low of $34.51 and a 12 month high of $94.72. The stock has a fifty day moving average price of $74.81 and a 200-day moving average price of $59.47. The firm has a market cap of $29.39 billion, a PE ratio of 218.12, a P/E/G ratio of 8.30 and a beta of 1.22.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.39 by $0.04. The company had revenue of $861.00 million during the quarter, compared to analyst estimates 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 last year, the business posted $0.44 EPS. 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 Buying and Selling

In other news, 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 transaction of $11,988,539.68. Following the sale, the insider directly owned 500,000 shares in the company, valued at $30,160,000. This trade represents a 28.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ajay Singh sold 7,014 shares of Pure Storage stock in a transaction dated Wednesday, September 24th. The stock was sold at an average price of $85.85, for a total value of $602,151.90. Following the completion of the sale, the insider owned 229,307 shares in the company, valued at approximately $19,686,005.95. The trade was a 2.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 643,111 shares of company stock worth $42,454,009. Corporate insiders own 5.60% of the company's stock.

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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