KLP Kapitalforvaltning AS Purchases 7,200 Shares of Pure Storage, Inc. $PSTG

Key Points

• KLP Kapitalforvaltning AS increased its stake in Pure Storage, Inc. by 7.2% during the second quarter, acquiring an additional 7,200 shares, bringing its total holdings to 107,300 shares valued at $6,178,000.
• A significant rise in analyst ratings has been observed, with Barclays and Bank of America increasing their price targets, and 14 analysts giving the stock a "Buy" rating, indicating strong market confidence.
• Despite a positive earnings report, shares of Pure Storage declined by 4.5% recently, with current market values showing a 12-month range between $34.51 and $94.72.

KLP Kapitalforvaltning AS boosted its position in Pure Storage, Inc. (NYSE:PSTG - Free Report) by 7.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 107,300 shares of the technology company's stock after purchasing an additional 7,200 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Pure Storage were worth $6,178,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of PSTG. T. Rowe Price Investment Management Inc. lifted its position 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 valued at $401,793,000 after acquiring an additional 1,868,782 shares during the period. Woodline Partners LP bought a new stake in shares of Pure Storage during the 1st quarter valued at $38,989,000. Nuveen LLC bought a new stake in shares of Pure Storage during the 1st quarter valued at $32,410,000. Goldman Sachs Group Inc. lifted its position in shares of Pure Storage by 109.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,137,939 shares of the technology company's stock valued at $50,377,000 after acquiring an additional 595,307 shares during the period. Finally, Allspring Global Investments Holdings LLC bought a new stake in shares of Pure Storage during the 1st quarter valued at $24,462,000. 83.42% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Barclays upped their target price on Pure Storage from $57.00 to $70.00 and gave the company an "equal weight" rating in a research report on Friday, August 29th. Bank of America upped their price objective on Pure Storage from $76.00 to $80.00 and gave the stock a "neutral" rating in a research report on Thursday, August 28th. Citigroup upped their price objective on Pure Storage from $70.00 to $81.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Piper Sandler set a $92.00 price objective on Pure Storage and gave the stock an "overweight" rating in a research report on Thursday, September 25th. Finally, Cowen restated a "buy" rating on shares of Pure Storage in a research report on Thursday, August 28th. Fourteen investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $81.06.

Pure Storage Stock 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 business has a 50-day simple moving average of $74.81 and a two-hundred day simple moving average of $59.41. The stock has a market cap of $29.39 billion, a PE ratio of 218.12, a PEG ratio of 8.70 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. 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 during the quarter, compared to analysts' expectations of $845.78 million. During the same quarter in the prior year, the firm earned $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 expect that Pure Storage, Inc. will post 0.44 EPS for the current year.

Insider Transactions at Pure Storage

In other Pure Storage news, insider John Colgrove sold 198,749 shares of the company's stock in a transaction dated 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 completion of the transaction, the insider owned 500,000 shares of the company's stock, valued at $30,160,000. This represents a 28.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CRO Dan Fitzsimons sold 6,051 shares of the company's stock in a transaction dated Tuesday, September 23rd. The stock was sold at an average price of $87.42, for a total value of $528,978.42. Following the completion of the transaction, the executive directly owned 62,759 shares of the company's stock, valued at approximately $5,486,391.78. The trade was a 8.79% decrease in their position. The disclosure for this sale can be found here. Insiders sold 643,111 shares of company stock worth $42,454,009 in the last 90 days. 5.60% of the stock is currently owned by company insiders.

About Pure Storage

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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