Mn Services Vermogensbeheer B.V. Invests $6.67 Million in Pure Storage, Inc. $PSTG

Key Points

• Mn Services Vermogensbeheer B.V. has acquired a new position in Pure Storage, purchasing 115,800 shares for approximately $6.67 million in the second quarter of 2023.
• Insider activity saw Director Roxanne Taylor sell 3,000 shares for about $230,790, decreasing her position by 15.51%.
• Wall Street analysts generally view Pure Storage positively, with the stock receiving a consensus rating of "Moderate Buy" and an average price target of $77.39.

Mn Services Vermogensbeheer B.V. bought a new stake in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 115,800 shares of the technology company's stock, valued at approximately $6,668,000.

Several other hedge funds have also bought and sold shares of the stock. MassMutual Private Wealth & Trust FSB increased its position in Pure Storage by 55.9% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 650 shares of the technology company's stock worth $29,000 after buying an additional 233 shares in the last quarter. FNY Investment Advisers LLC grew 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 valued at $35,000 after acquiring an additional 785 shares during the period. TruNorth Capital Management LLC purchased a new stake in Pure Storage in the 1st quarter worth approximately $38,000. Nisa Investment Advisors LLC raised its stake in 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 period. Finally, Banque Transatlantique SA purchased a new position in Pure Storage during the first quarter valued at approximately $43,000. Institutional investors own 83.42% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on PSTG shares. Raymond James Financial increased their price objective on shares of Pure Storage from $76.00 to $88.00 and gave the stock an "outperform" rating in a research note on Thursday, August 28th. Bank of America increased their price target on Pure Storage from $76.00 to $80.00 and gave the stock a "neutral" rating in a research note on Thursday, August 28th. Northland Securities raised their price target on Pure Storage from $63.00 to $71.00 and gave the company a "market perform" rating in a report on Thursday, August 28th. Cowen reaffirmed a "buy" rating on shares of Pure Storage in a research note on Thursday, August 28th. Finally, Barclays lifted their target price on Pure Storage from $57.00 to $70.00 and gave the company an "equal weight" rating in a research note on Friday, August 29th. Fourteen equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $77.39.

Pure Storage Trading Up 0.3%

Shares of NYSE:PSTG traded up $0.28 during trading on Tuesday, reaching $88.13. The company's stock had a trading volume of 705,773 shares, compared to its average volume of 2,892,609. The stock has a market capitalization of $28.96 billion, a PE ratio of 214.96, a price-to-earnings-growth ratio of 8.16 and a beta of 1.20. Pure Storage, Inc. has a 12 month low of $34.51 and a 12 month high of $88.55. The firm's 50 day simple moving average is $66.42 and its two-hundred day simple moving average is $55.92.

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

Insider Buying and Selling

In other Pure Storage news, insider Ajay Singh sold 22,601 shares of Pure Storage stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $55.45, for a total transaction of $1,253,225.45. Following the completion of the transaction, the insider directly owned 261,465 shares of the company's stock, valued at $14,498,234.25. The trade was a 7.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mona Chu sold 17,500 shares of the stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $76.51, for a total transaction of $1,338,925.00. Following the completion of the sale, the chief accounting officer directly owned 138,899 shares in the company, valued at $10,627,162.49. This trade represents a 11.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 645,360 shares of company stock valued at $41,741,022 over the last 90 days. 5.60% of the stock is currently owned by 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.