Pallas Capital Advisors LLC Acquires New Holdings in Pure Storage, Inc. $PSTG

Key Points

• Pallas Capital Advisors LLC has made a new investment in Pure Storage, acquiring 9,665 shares valued at approximately $557,000 during the second quarter.
• Insider John Colgrove sold 95,300 shares for over $5.7 million, reducing his ownership by 19.24%, while director Roxanne Taylor also sold shares, impacting their ownership stakes.
• Pure Storage's stock is currently trading around $87.72, with the company reporting a year-over-year revenue increase of 12.7% and an earnings per share of $0.43, exceeding analyst expectations.

Pallas Capital Advisors LLC purchased a new stake in Pure Storage, Inc. (NYSE:PSTG - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 9,665 shares of the technology company's stock, valued at approximately $557,000.

Several other institutional investors also recently bought and sold shares of PSTG. T. Rowe Price Investment Management Inc. increased its position in shares of Pure Storage by 25.9% in the first quarter. T. Rowe Price Investment Management Inc. now owns 9,075,944 shares of the technology company's stock worth $401,793,000 after acquiring an additional 1,868,782 shares in the last quarter. Woodline Partners LP acquired a new stake in Pure Storage in the 1st quarter valued at $38,989,000. Nuveen LLC purchased a new position in Pure Storage in the first quarter valued at about $32,410,000. Goldman Sachs Group Inc. lifted its stake in shares of Pure Storage by 109.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,137,939 shares of the technology company's stock worth $50,377,000 after purchasing an additional 595,307 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of Pure Storage during the first quarter worth about $24,462,000. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

Pure Storage Price Performance

Shares of NYSE PSTG traded up $0.70 during mid-day trading on Tuesday, hitting $88.55. The company had a trading volume of 1,425,200 shares, compared to its average volume of 2,896,601. Pure Storage, Inc. has a 12 month low of $34.51 and a 12 month high of $89.10. The stock has a market cap of $29.10 billion, a price-to-earnings ratio of 215.92, a PEG ratio of 8.16 and a beta of 1.20. 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 earnings results on Wednesday, August 27th. The technology company reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.04. Pure Storage had a return on equity of 11.34% and a net margin of 4.15%.The firm had revenue of $861.00 million for the quarter, compared to analyst estimates of $845.78 million. During the same period last year, the company earned $0.44 earnings per share. The firm's revenue for the quarter 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. Equities analysts forecast that Pure Storage, Inc. will post 0.44 earnings per share for the current year.

Insider Transactions at Pure Storage

In other Pure Storage news, CAO Mona Chu sold 17,500 shares of the business's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $76.51, for a total transaction of $1,338,925.00. Following the completion of the transaction, the chief accounting officer directly owned 138,899 shares of the company's stock, valued at $10,627,162.49. The trade was a 11.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider John Colgrove sold 100,000 shares of the firm's stock in a transaction that occurred on Thursday, September 18th. The shares were sold at an average price of $87.33, for a total transaction of $8,733,000.00. Following the completion of the sale, the insider owned 300,000 shares in the company, valued at $26,199,000. The trade was a 25.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 645,360 shares of company stock worth $41,741,022 over the last 90 days. Corporate insiders own 5.60% of the company's stock.

Analyst Ratings Changes

Several brokerages recently commented on PSTG. Citigroup raised their target price on Pure Storage from $70.00 to $81.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Lake Street Capital lifted their price objective on shares of Pure Storage from $70.00 to $80.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Bank of America boosted their target price on shares of Pure Storage from $76.00 to $80.00 and gave the stock a "neutral" rating in a research report on Thursday, August 28th. UBS Group raised their price target on shares of Pure Storage from $50.00 to $55.00 and gave the company a "sell" rating in a report on Thursday, August 28th. Finally, Raymond James Financial lifted their price target 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. Fourteen investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $77.39.

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.