Korea Investment CORP Sells 114,440 Shares of Pure Storage, Inc. $PSTG

Key Points

• Korea Investment CORP reduced its stake in Pure Storage, Inc. by 36.4% in the first quarter, now holding 200,142 shares valued at approximately $8.86 million.
• Pure Storage reported earnings of $0.29 EPS for the latest quarter, exceeding analysts' expectations of $0.25, with revenue increasing by 12.3% year-over-year.
• Analysts remain positive on Pure Storage, with a consensus price target of $70.11 and ratings varying from "Buy" to "Hold" from multiple investment firms.

Korea Investment CORP lowered its holdings in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 36.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 200,142 shares of the technology company's stock after selling 114,440 shares during the period. Korea Investment CORP owned about 0.06% of Pure Storage worth $8,860,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Northern Trust Corp increased its stake in Pure Storage by 0.8% in the first quarter. Northern Trust Corp now owns 2,911,591 shares of the technology company's stock valued at $128,896,000 after acquiring an additional 23,531 shares during the period. Brooklyn Investment Group lifted its position in shares of Pure Storage by 292.4% during the 1st quarter. Brooklyn Investment Group now owns 1,185 shares of the technology company's stock worth $52,000 after buying an additional 883 shares during the period. Versor Investments LP acquired a new stake in Pure Storage in the 1st quarter valued at $748,000. Freestone Capital Holdings LLC boosted its stake in Pure Storage by 32.7% in the 1st quarter. Freestone Capital Holdings LLC now owns 12,455 shares of the technology company's stock valued at $551,000 after buying an additional 3,071 shares in the last quarter. Finally, Cresset Asset Management LLC boosted its stake in Pure Storage by 0.6% in the 1st quarter. Cresset Asset Management LLC now owns 321,111 shares of the technology company's stock valued at $14,216,000 after buying an additional 2,002 shares in the last quarter. Institutional investors and hedge funds own 83.42% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Wall Street Zen lowered Pure Storage from a "buy" rating to a "hold" rating in a research note on Friday. 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 research note on Thursday, May 29th. Wedbush reissued an "outperform" rating and set a $70.00 price target on shares of Pure Storage in a report on Thursday, May 29th. Barclays cut their target price on shares of Pure Storage from $61.00 to $57.00 and set an "equal weight" rating for the company in a research note on Thursday, May 29th. Finally, Piper Sandler restated an "overweight" rating and set a $66.00 price target (up from $53.00) on shares of Pure Storage in a research report on Thursday, May 29th. Fourteen research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $70.11.

Pure Storage Trading Up 1.3%

Shares of PSTG traded up $0.73 during mid-day trading on Monday, hitting $59.06. 2,194,019 shares of the company traded hands, compared to its average volume of 1,961,328. Pure Storage, Inc. has a one year low of $34.51 and a one year high of $73.67. The stock has a market capitalization of $19.30 billion, a price-to-earnings ratio of 159.63, a PEG ratio of 5.66 and a beta of 1.07. The business has a 50-day moving average of $56.63 and a 200 day moving average of $53.31.

Pure Storage (NYSE:PSTG - Get Free Report) last issued its quarterly earnings results on Wednesday, May 28th. The technology company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.25 by $0.04. Pure Storage had a net margin of 3.93% and a return on equity of 13.98%. The company had revenue of $778.49 million during the quarter, compared to analysts' expectations of $770.03 million. During the same quarter in the previous year, the company earned $0.32 EPS. Pure Storage's revenue was up 12.3% on a year-over-year basis. Pure Storage has set its Q2 2026 guidance at EPS. FY 2026 guidance at EPS. As a group, analysts anticipate that Pure Storage, Inc. will post 0.44 earnings per share for the current year.

Insider Buying and Selling

In other news, Director John Francis Murphy sold 11,234 shares of the company's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $55.13, for a total value of $619,330.42. Following the completion of the sale, the director directly owned 21,930 shares of the company's stock, valued at $1,209,000.90. This represents a 33.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CRO Dan Fitzsimons sold 6,000 shares of the company's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $51.65, for a total value of $309,900.00. Following the completion of the sale, the executive directly owned 75,965 shares of the company's stock, valued at approximately $3,923,592.25. This trade represents a 7.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 446,794 shares of company stock worth $26,641,913. 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.