Lord Abbett & CO. LLC Lowers Stock Holdings in Pure Storage, Inc. $PSTG

Key Points

• Lord Abbett & CO. LLC significantly reduced its holdings in Pure Storage, selling 702,246 shares and now owning 75,563 shares worth approximately $3.35 million.
• Several analysts have increased their price targets for Pure Storage, with a consensus average target price of $70.21 and a majority rating of "Moderate Buy."
• Insider selling has been notable, with significant transactions by insiders such as John Colgrove, who sold 198,749 shares for nearly $12 million, indicating a decrease in their ownership stakes.

Lord Abbett & CO. LLC lessened its holdings in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 90.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 75,563 shares of the technology company's stock after selling 702,246 shares during the quarter. Lord Abbett & CO. LLC's holdings in Pure Storage were worth $3,345,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also modified their holdings of the company. McIlrath & Eck LLC purchased a new position in shares of Pure Storage during the 4th quarter worth $25,000. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Pure Storage by 55.9% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 650 shares of the technology company's stock worth $29,000 after acquiring an additional 233 shares during the last quarter. FNY Investment Advisers LLC boosted its stake in shares of Pure Storage by 5,233.3% during the 1st quarter. FNY Investment Advisers LLC now owns 800 shares of the technology company's stock worth $35,000 after acquiring an additional 785 shares during the last quarter. TruNorth Capital Management LLC purchased a new position in shares of Pure Storage during the 1st quarter worth $38,000. Finally, Nisa Investment Advisors LLC boosted its stake in shares of Pure Storage by 35.6% during the 1st quarter. Nisa Investment Advisors LLC now owns 910 shares of the technology company's stock worth $40,000 after acquiring an additional 239 shares during the last quarter. Hedge funds and other institutional investors own 83.42% of the company's stock.

Analyst Upgrades and Downgrades

PSTG has been the topic of several analyst reports. Wedbush reiterated an "outperform" rating and set a $70.00 price target on shares of Pure Storage in a research note on Thursday, May 29th. Barclays dropped their price target on shares of Pure Storage from $61.00 to $57.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 29th. JPMorgan Chase & Co. dropped their price target on shares of Pure Storage from $75.00 to $70.00 and set an "overweight" rating on the stock in a research note on Thursday, May 29th. Morgan Stanley lifted their target price on shares of Pure Storage from $40.00 to $62.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 20th. Finally, Wall Street Zen upgraded shares of Pure Storage from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Fourteen equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $70.21.

Pure Storage Stock Down 2.7%

NYSE PSTG traded down $1.52 on Wednesday, reaching $55.70. The company had a trading volume of 1,927,772 shares, compared to its average volume of 2,691,886. The stock has a market capitalization of $18.20 billion, a PE ratio of 150.54, a price-to-earnings-growth ratio of 5.56 and a beta of 1.07. The firm's 50 day moving average price is $56.31 and its 200 day moving average price is $53.74. Pure Storage, Inc. has a 12 month low of $34.51 and a 12 month high of $73.67.

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

Insider Activity

In related news, insider John Colgrove sold 198,749 shares of the company's stock in a transaction dated Thursday, July 31st. The shares were 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 in the company, valued at approximately $30,160,000. This represents a 28.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible 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 transaction of $309,900.00. Following the transaction, the executive owned 75,965 shares in the company, valued at $3,923,592.25. The trade was a 7.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 446,794 shares of company stock valued at $26,641,913. 5.60% of the stock is currently owned by company insiders.

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.