Kayne Anderson Rudnick Investment Management LLC Has $2.33 Million Position in Pure Storage, Inc. $PSTG

Key Points

• Kayne Anderson Rudnick Investment Management LLC increased its stake in Pure Storage by 60.1%, owning a total of 52,642 shares valued at approximately $2.33 million as of its latest filing.
• Pure Storage reported earnings of $0.29 EPS for the last quarter, surpassing analyst estimates and showing a 12.3% increase in revenue year-over-year.
• The stock is currently held by 83.42% of institutional investors, indicating strong institutional interest in Pure Storage shares.

Kayne Anderson Rudnick Investment Management LLC increased its stake in Pure Storage, Inc. (NYSE:PSTG - Free Report) by 60.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 52,642 shares of the technology company's stock after acquiring an additional 19,760 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC's holdings in Pure Storage were worth $2,330,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PSTG. LPL Financial LLC increased its position in Pure Storage by 22.6% in the 1st quarter. LPL Financial LLC now owns 118,368 shares of the technology company's stock worth $5,240,000 after purchasing an additional 21,812 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Pure Storage by 13.4% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 275,796 shares of the technology company's stock worth $12,209,000 after purchasing an additional 32,611 shares in the last quarter. D.A. Davidson & CO. boosted its holdings in Pure Storage by 7.7% in the first quarter. D.A. Davidson & CO. now owns 7,000 shares of the technology company's stock worth $310,000 after purchasing an additional 500 shares in the last quarter. Fifth Third Bancorp boosted its holdings in Pure Storage by 11.3% in the first quarter. Fifth Third Bancorp now owns 5,339 shares of the technology company's stock worth $236,000 after purchasing an additional 542 shares in the last quarter. Finally, Oppenheimer & Co. Inc. boosted its holdings in Pure Storage by 8.4% in the first quarter. Oppenheimer & Co. Inc. now owns 7,327 shares of the technology company's stock worth $324,000 after purchasing an additional 570 shares in the last quarter. Institutional investors and hedge funds own 83.42% of the company's stock.

Pure Storage Trading Down 3.8%

PSTG stock traded down $3.06 during trading on Friday, reaching $77.48. 9,351,858 shares of the stock were exchanged, compared to its average volume of 3,210,271. Pure Storage, Inc. has a twelve month low of $34.51 and a twelve month high of $80.68. The company has a market capitalization of $25.32 billion, a P/E ratio of 188.99, a price-to-earnings-growth ratio of 8.21 and a beta of 1.07. The stock has a 50 day simple moving average of $57.99 and a 200-day simple moving average of $53.44.

Pure Storage (NYSE:PSTG - Get Free Report) last released its 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 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 earnings per share. The firm'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. Equities analysts predict that Pure Storage, Inc. will post 0.44 EPS for the current year.

Insider Buying and Selling at Pure Storage

In other news, Director John Francis Murphy sold 11,234 shares of the firm's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $55.13, for a total transaction of $619,330.42. Following the completion of the transaction, the director directly owned 21,930 shares of the company's stock, valued at approximately $1,209,000.90. This trade represents a 33.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction of $11,988,539.68. Following the transaction, the insider directly owned 500,000 shares of the company's stock, valued at $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. Insiders sold a total of 542,094 shares of company stock valued at $32,367,537 over the last quarter. 5.60% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Piper Sandler boosted their price objective on shares of Pure Storage from $66.00 to $78.00 and gave the stock an "overweight" rating in a research note on Thursday. Lake Street Capital boosted their price objective on shares of Pure Storage from $70.00 to $80.00 and gave the stock a "buy" rating in a research note on Thursday. Bank of America boosted their price objective on shares of Pure Storage from $76.00 to $80.00 and gave the stock a "neutral" rating in a research note on Thursday. Needham & Company LLC boosted their price objective on shares of Pure Storage from $75.00 to $85.00 and gave the stock a "buy" rating in a research note on Thursday. Finally, Evercore ISI lifted their price target on Pure Storage from $70.00 to $80.00 and gave the stock an "outperform" rating in a research report on Thursday. Fourteen analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Pure Storage presently has an average rating of "Moderate Buy" and a consensus price target of $77.11.

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.