Kayne Anderson Rudnick Investment Management LLC Acquires 19,760 Shares of 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 boosted its holdings in Pure Storage, Inc. (NYSE:PSTG - Free Report) by 60.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 52,642 shares of the technology company's stock after purchasing an additional 19,760 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC's holdings in Pure Storage were worth $2,330,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PSTG. T. Rowe Price Investment Management Inc. raised its holdings 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. Nuveen LLC purchased a new stake in shares of Pure Storage during the 1st quarter worth approximately $32,410,000. Raiffeisen Bank International AG purchased a new stake in shares of Pure Storage during the 4th quarter worth approximately $33,925,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Pure Storage during the 1st quarter worth approximately $24,462,000. Finally, Baird Financial Group Inc. raised its holdings in shares of Pure Storage by 9,041.4% during the 4th quarter. Baird Financial Group Inc. now owns 521,516 shares of the technology company's stock worth $32,037,000 after acquiring an additional 515,811 shares in the last quarter. 83.42% of the stock is currently owned by institutional investors.

Pure Storage Price Performance

Shares of PSTG stock opened at $59.06 on Tuesday. The company has a market capitalization of $19.30 billion, a P/E ratio of 159.63, a P/E/G ratio of 5.66 and a beta of 1.07. The company's 50-day simple moving average is $56.63 and its two-hundred day simple moving average is $53.31. Pure Storage, Inc. has a one year low of $34.51 and a one year high of $73.67.

Pure Storage (NYSE:PSTG - Get Free Report) last issued its earnings results on Wednesday, May 28th. The technology company reported $0.29 EPS for the quarter, topping analysts' consensus estimates of $0.25 by $0.04. The business had revenue of $778.49 million for the quarter, compared to analyst estimates of $770.03 million. Pure Storage had a net margin of 3.93% and a return on equity of 13.98%. The company's quarterly revenue was up 12.3% compared to the same quarter last year. During the same period last year, the company posted $0.32 earnings per share. Pure Storage has set its Q2 2026 guidance at EPS. FY 2026 guidance at EPS. On average, research analysts expect that Pure Storage, Inc. will post 0.44 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

PSTG has been the subject of several analyst reports. Morgan Stanley initiated coverage on Pure Storage in a research note on Thursday, August 21st. They issued an "equal weight" rating and a $60.00 price objective for the company. Needham & Company LLC restated a "buy" rating and set a $75.00 price target on shares of Pure Storage in a report on Friday, June 20th. Wedbush restated an "outperform" rating and set a $70.00 price target on shares of Pure Storage in a report on Thursday, May 29th. Barclays decreased their price target on Pure Storage from $61.00 to $57.00 and set an "equal weight" rating on the stock in a report on Thursday, May 29th. Finally, JPMorgan Chase & Co. decreased their price target on Pure Storage from $75.00 to $70.00 and set an "overweight" rating on the stock in a report on Thursday, May 29th. Thirteen investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $69.56.

Insider Transactions at Pure Storage

In other news, insider Ajay Singh sold 22,601 shares of the firm's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $55.45, for a total transaction of $1,253,225.45. Following the transaction, the insider owned 261,465 shares in the company, valued at approximately $14,498,234.25. This trade represents a 7.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider John Colgrove sold 198,749 shares of Pure Storage stock in a transaction dated 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 sale, the insider 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. In the last ninety days, insiders have sold 446,794 shares of company stock worth $26,641,913. Corporate 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.

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