Mirae Asset Global Investments Co. Ltd. Acquires New Position in Pure Storage, Inc. $PSTG

Key Points

• Mirae Asset Global Investments Co. Ltd. has acquired a new stake in Pure Storage, purchasing 6,349 shares valued at approximately $366,000.
• Pure Storage reported a 12.7% increase in quarterly revenue year-over-year, reaching $861 million, along with an EPS of $0.43, surpassing the consensus estimate.
• Research firms have raised their price targets for Pure Storage, with Needham & Company increasing it from $85 to $100, indicating a positive outlook on the stock.

Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 6,349 shares of the technology company's stock, valued at approximately $366,000.

A number of other institutional investors have also modified their holdings of the business. Empowered Funds LLC grew its position in shares of Pure Storage by 4.2% during the 1st quarter. Empowered Funds LLC now owns 4,790 shares of the technology company's stock valued at $212,000 after buying an additional 194 shares during the last quarter. GraniteShares Advisors LLC grew its position in Pure Storage by 2.6% in the 2nd quarter. GraniteShares Advisors LLC now owns 8,001 shares of the technology company's stock worth $461,000 after purchasing an additional 206 shares during the last quarter. Nisa Investment Advisors LLC grew its position in Pure Storage by 35.6% in the 1st quarter. Nisa Investment Advisors LLC now owns 910 shares of the technology company's stock worth $40,000 after purchasing an additional 239 shares during the last quarter. Mutual Advisors LLC grew its position in Pure Storage by 5.1% in the 1st quarter. Mutual Advisors LLC now owns 5,173 shares of the technology company's stock worth $236,000 after purchasing an additional 252 shares during the last quarter. Finally, MBM Wealth Consultants LLC grew its position in Pure Storage by 2.3% in the 1st quarter. MBM Wealth Consultants LLC now owns 11,372 shares of the technology company's stock worth $503,000 after purchasing an additional 252 shares during the last quarter. Institutional investors own 83.42% of the company's stock.

Pure Storage Price Performance

PSTG stock 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 firm has a market cap of $29.39 billion, a PE ratio of 218.12, a P/E/G ratio of 8.70 and a beta of 1.22. The firm has a 50 day simple moving average of $74.81 and a 200 day simple moving average of $59.41.

Pure Storage (NYSE:PSTG - Get Free Report) last released its earnings results on Wednesday, August 27th. The technology company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.39 by $0.04. Pure Storage had a net margin of 4.15% and a return on equity of 11.34%. The business had revenue of $861.00 million during the quarter, compared to analyst estimates of $845.78 million. During the same period in the prior year, the business earned $0.44 earnings per share. The business's quarterly revenue was up 12.7% on a year-over-year basis. Pure Storage has set its FY 2026 guidance at EPS. Q3 2026 guidance at EPS. As a group, sell-side analysts expect that Pure Storage, Inc. will post 0.44 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have commented on PSTG. Needham & Company LLC upped their target price on shares of Pure Storage from $85.00 to $100.00 and gave the stock a "buy" rating in a research report on Friday, September 26th. Piper Sandler set a $92.00 target price on shares of Pure Storage and gave the stock an "overweight" rating in a research report on Thursday, September 25th. Raymond James Financial upped their target price on shares of Pure Storage from $76.00 to $88.00 and gave the stock an "outperform" rating in a research report on Thursday, August 28th. Barclays upped their target price on shares of Pure Storage from $57.00 to $70.00 and gave the stock an "equal weight" rating in a research report on Friday, August 29th. 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 given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $81.06.

Insider Buying and Selling at Pure Storage

In related news, Director Roxanne Taylor sold 3,000 shares of the stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $76.93, for a total transaction of $230,790.00. Following the completion of the sale, the director directly owned 16,343 shares of the company's stock, valued at $1,257,266.99. This represents a 15.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mona Chu sold 9,091 shares of the stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $84.91, for a total transaction of $771,916.81. Following the sale, the chief accounting officer directly owned 107,353 shares of the company's stock, valued at approximately $9,115,343.23. This represents a 7.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 643,111 shares of company stock valued at $42,454,009. Corporate insiders own 5.60% of the company's stock.

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.

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