Pure Storage, Inc. $PSTG Shares Sold by Jacobs Levy Equity Management Inc.

Key Points

• Jacobs Levy Equity Management Inc. reduced its holdings in Pure Storage, Inc. by 56.1%, now owning 36,009 shares valued at $1.594 million after selling 46,042 shares in Q1 2023.
• Other institutional investors, such as T. Rowe Price and Blair William & Co., have increased their stakes in Pure Storage, reflecting a mix of investment strategies among hedge funds.
• Pure Storage reported a Q2 EPS of $0.43, beating estimates, and is experiencing a year-over-year revenue growth of 12.7%, demonstrating strong financial performance despite recent institutional trading patterns.

Jacobs Levy Equity Management Inc. decreased its position in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 56.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,009 shares of the technology company's stock after selling 46,042 shares during the quarter. Jacobs Levy Equity Management Inc.'s holdings in Pure Storage were worth $1,594,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. T. Rowe Price Investment Management Inc. boosted its stake in shares of Pure Storage by 25.9% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 9,075,944 shares of the technology company's stock worth $401,793,000 after acquiring an additional 1,868,782 shares in the last quarter. Blair William & Co. IL boosted its stake in shares of Pure Storage by 2.8% during the 1st quarter. Blair William & Co. IL now owns 3,541,445 shares of the technology company's stock worth $156,780,000 after acquiring an additional 96,731 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Pure Storage by 0.8% during the 1st quarter. Northern Trust Corp now owns 2,911,591 shares of the technology company's stock worth $128,896,000 after acquiring an additional 23,531 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Pure Storage by 3.0% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,010,210 shares of the technology company's stock worth $88,992,000 after acquiring an additional 58,054 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Pure Storage by 6.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,461,500 shares of the technology company's stock worth $64,701,000 after acquiring an additional 85,851 shares in the last quarter. Hedge funds and other institutional investors own 83.42% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Lake Street Capital upped their target price on Pure Storage from $70.00 to $80.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Guggenheim reaffirmed a "buy" rating and issued a $93.00 target price on shares of Pure Storage in a research note on Thursday, August 28th. JPMorgan Chase & Co. upped their target price on Pure Storage from $70.00 to $80.00 and gave the company an "overweight" rating in a research note on Thursday, August 28th. Wedbush upped their target price 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, Needham & Company LLC upped their target price on Pure Storage from $75.00 to $85.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Fourteen research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $77.39.

Pure Storage Trading Down 0.1%

Shares of Pure Storage stock traded down $0.12 during trading hours on Friday, reaching $82.34. 1,776,369 shares of the company's stock were exchanged, compared to its average volume of 4,094,776. Pure Storage, Inc. has a 52-week low of $34.51 and a 52-week high of $83.32. The firm has a market capitalization of $26.91 billion, a price-to-earnings ratio of 200.83, a price-to-earnings-growth ratio of 7.71 and a beta of 1.20. The company has a fifty day moving average of $62.77 and a 200-day moving average of $54.38.

Pure Storage (NYSE:PSTG - Get Free Report) last issued its quarterly earnings results on Wednesday, August 27th. The technology company reported $0.43 earnings per share for the quarter, topping 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 company had revenue of $861.00 million for the quarter, compared to analyst estimates of $845.78 million. During the same quarter in the prior year, the company 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. On average, equities research analysts anticipate that Pure Storage, Inc. will post 0.44 earnings per share for the current fiscal year.

Insider Activity at Pure Storage

In other news, CAO Mona Chu sold 17,500 shares of the company's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $76.51, for a total transaction of $1,338,925.00. Following the completion of the sale, the chief accounting officer directly owned 138,899 shares in the company, valued at $10,627,162.49. This represents a 11.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider John Colgrove sold 198,749 shares of the company's stock in a transaction on 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 sale, the insider owned 500,000 shares of the company's stock, valued at approximately $30,160,000. The trade was a 28.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 551,360 shares of company stock worth $33,317,922. Company insiders own 5.60% of the company's stock.

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.