Procyon Advisors LLC Takes $509,000 Position in Pure Storage, Inc. $PSTG

Key Points

• Procyon Advisors LLC has invested $509,000 in Pure Storage, Inc. by purchasing 8,838 shares during the 2nd quarter.
• Wall Street analysts have raised their price targets on Pure Storage, with ratings ranging from "equal weight" to "buy," suggesting a consensus price target of $77.39.
• Insiders have sold a total of 551,360 shares of Pure Storage valued at over $33 million in the last quarter, indicating potential concerns about stock performance despite recent positive earnings results.

Procyon Advisors LLC bought a new position in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 8,838 shares of the technology company's stock, valued at approximately $509,000.

Other hedge funds have also bought and sold shares of the company. McIlrath & Eck LLC bought a new stake in shares of Pure Storage during the fourth quarter worth $25,000. MassMutual Private Wealth & Trust FSB grew its position in Pure Storage by 55.9% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 650 shares of the technology company's stock worth $29,000 after purchasing an additional 233 shares in the last quarter. FNY Investment Advisers LLC grew its position in Pure Storage by 5,233.3% in the 1st quarter. FNY Investment Advisers LLC now owns 800 shares of the technology company's stock worth $35,000 after purchasing an additional 785 shares in the last quarter. TruNorth Capital Management LLC bought a new position in shares of Pure Storage during the 1st quarter valued at approximately $38,000. Finally, Nisa Investment Advisors LLC lifted 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 valued at $40,000 after buying an additional 239 shares in the last quarter. 83.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently weighed in on PSTG. Evercore ISI raised their price objective on shares of Pure Storage from $80.00 to $85.00 and gave the company an "outperform" rating in a research report on Thursday, September 4th. Needham & Company LLC boosted their price objective on shares of Pure Storage from $75.00 to $85.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Piper Sandler lifted their target price on shares of Pure Storage from $66.00 to $78.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. Citigroup boosted their price objective on shares of Pure Storage from $70.00 to $81.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Finally, Cowen restated a "buy" rating on shares of Pure Storage in a research report on Thursday, August 28th. Fourteen research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $77.39.

Pure Storage Stock Performance

Shares of PSTG traded down $0.70 during mid-day trading on Monday, hitting $87.17. 508,392 shares of the company's stock were exchanged, compared to its average volume of 2,894,223. The stock's 50-day moving average is $65.75 and its 200-day moving average is $55.65. The company has a market cap of $28.65 billion, a price-to-earnings ratio of 212.55, a P/E/G ratio of 8.16 and a beta of 1.20. Pure Storage, Inc. has a fifty-two week low of $34.51 and a fifty-two week high of $88.01.

Pure Storage (NYSE:PSTG - Get Free Report) last released its quarterly earnings data on Wednesday, August 27th. The technology company reported $0.43 earnings per share for the quarter, topping 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%. The firm's revenue for the quarter was up 12.7% on a year-over-year basis. During the same quarter last year, the company earned $0.44 earnings per share. Pure Storage has set its FY 2026 guidance at EPS. Q3 2026 guidance at EPS. As a group, equities research analysts anticipate that Pure Storage, Inc. will post 0.44 EPS for the current year.

Insider Buying and Selling at Pure Storage

In other news, insider Ajay Singh sold 22,601 shares of the company's stock in a transaction dated 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 owned 261,465 shares of the company's stock, valued at $14,498,234.25. This represents a 7.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John Francis Murphy sold 6,959 shares of the stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $56.17, for a total transaction of $390,887.03. Following the sale, the director directly owned 19,706 shares of the company's stock, valued at approximately $1,106,886.02. This trade represents a 26.10% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 545,360 shares of company stock worth $33,008,022. Company insiders own 5.60% of the company's stock.

Pure Storage 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.