Prime Capital Investment Advisors LLC Sells 3,951 Shares of Pure Storage, Inc. $PSTG

Key Points

• Prime Capital Investment Advisors LLC has reduced its stake in Pure Storage, Inc. by 50.1%, selling 3,951 shares and now owning 3,932 shares worth approximately $226,000.
• Several other institutional investors have initiated or expanded their holdings in Pure Storage, with institutional ownership now at 83.42% of the company's stock.
• Brokerages have adjusted their price targets for Pure Storage, with Evercore ISI raising its target from $85 to $90 and maintaining an "outperform" rating.

Prime Capital Investment Advisors LLC lessened its stake in Pure Storage, Inc. (NYSE:PSTG - Free Report) by 50.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,932 shares of the technology company's stock after selling 3,951 shares during the period. Prime Capital Investment Advisors LLC's holdings in Pure Storage were worth $226,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Relyea Zuckerberg Hanson LLC bought a new stake in Pure Storage in the 2nd quarter worth approximately $250,000. 111 Capital bought a new stake in shares of Pure Storage during the 2nd quarter valued at $255,000. Hennessy Advisors Inc. bought a new stake in shares of Pure Storage during the 2nd quarter valued at $136,000. QRG Capital Management Inc. grew its position in shares of Pure Storage by 13.6% during the 2nd quarter. QRG Capital Management Inc. now owns 17,181 shares of the technology company's stock valued at $989,000 after acquiring an additional 2,063 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Pure Storage during the 2nd quarter valued at $366,000. Institutional investors own 83.42% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PSTG. Evercore ISI boosted their price objective on shares of Pure Storage from $85.00 to $90.00 and gave the company an "outperform" rating in a research report on Friday, September 26th. UBS Group boosted their price objective on shares of Pure Storage from $50.00 to $55.00 and gave the company a "sell" rating in a research report on Thursday, August 28th. Wedbush boosted their price objective on shares of Pure Storage from $70.00 to $80.00 and gave the company an "outperform" rating in a research report on Thursday, August 28th. JPMorgan Chase & Co. boosted their price objective on shares of Pure Storage from $70.00 to $80.00 and gave the company an "overweight" rating in a research report on Thursday, August 28th. Finally, Cowen restated a "buy" rating on shares of Pure Storage in a research note on Thursday, August 28th. Fourteen equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $81.06.

Insiders Place Their Bets

In other Pure Storage news, Director Roxanne Taylor sold 3,000 shares of the business's stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $76.93, for a total value of $230,790.00. Following the sale, the director owned 16,343 shares in the company, valued at $1,257,266.99. The trade was a 15.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mona Chu sold 9,091 shares of the business's stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $84.91, for a total transaction of $771,916.81. Following the completion of the sale, the chief accounting officer owned 107,353 shares in the company, valued at approximately $9,115,343.23. The trade was a 7.81% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 643,111 shares of company stock worth $42,454,009. 5.60% of the stock is owned by corporate insiders.

Pure Storage Stock Performance

PSTG opened at $89.43 on Monday. Pure Storage, Inc. has a fifty-two week low of $34.51 and a fifty-two week high of $94.72. The firm's fifty day moving average is $74.81 and its 200 day moving average is $59.55. The stock has a market cap of $29.39 billion, a price-to-earnings ratio of 218.12, a price-to-earnings-growth ratio of 8.30 and a beta of 1.22.

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

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.

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