Pure Storage, Inc. $PSTG Shares Sold by Janney Montgomery Scott LLC

Key Points

• Janney Montgomery Scott LLC reduced its stake in Pure Storage, Inc. by 27.2% during the second quarter, now holding 45,502 shares worth approximately $2.62 million.
• In Q3 2023, Pure Storage reported an EPS of $0.43, surpassing expectations, with revenue increasing by 12.7% year-over-year to $861 million.
• Analysts maintain a consensus rating of "Moderate Buy" for Pure Storage, with an average price target of $81.06, reflecting positive sentiment about its future growth.

Janney Montgomery Scott LLC cut its holdings in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 27.2% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 45,502 shares of the technology company's stock after selling 17,036 shares during the quarter. Janney Montgomery Scott LLC's holdings in Pure Storage were worth $2,620,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. LPL Financial LLC lifted its holdings in Pure Storage by 22.6% during the 1st quarter. LPL Financial LLC now owns 118,368 shares of the technology company's stock worth $5,240,000 after buying an additional 21,812 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Pure Storage by 13.4% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 275,796 shares of the technology company's stock worth $12,209,000 after buying an additional 32,611 shares in the last quarter. Crumly & Associates Inc. acquired a new stake in Pure Storage during the 2nd quarter worth approximately $242,000. Michael S. Ryan Inc. acquired a new stake in Pure Storage during the 2nd quarter worth approximately $254,000. Finally, D.A. Davidson & CO. lifted its holdings in Pure Storage by 7.7% during the 1st quarter. D.A. Davidson & CO. now owns 7,000 shares of the technology company's stock worth $310,000 after buying an additional 500 shares in the last quarter. 83.42% of the stock is currently owned by institutional investors and hedge funds.

Pure Storage Stock Performance

PSTG stock opened at $93.60 on Friday. Pure Storage, Inc. has a one year low of $34.51 and a one year high of $93.99. The stock has a market capitalization of $30.76 billion, a PE ratio of 228.30, a price-to-earnings-growth ratio of 8.65 and a beta of 1.22. The company has a fifty day moving average of $74.11 and a 200-day moving average of $59.16.

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, topping 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 company had revenue of $861.00 million during the quarter, compared to analysts' expectations of $845.78 million. During the same quarter last year, the business earned $0.44 EPS. The business's 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. Equities analysts forecast that Pure Storage, Inc. will post 0.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider John Colgrove sold 100,000 shares of the firm's stock in a transaction on Thursday, September 18th. The shares were sold at an average price of $87.33, for a total value of $8,733,000.00. Following the completion of the sale, the insider owned 300,000 shares in the company, valued at approximately $26,199,000. This trade represents a 25.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Roxanne Taylor sold 3,000 shares of the firm's stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $76.93, for a total transaction of $230,790.00. Following the completion of the sale, the director owned 16,343 shares of the company's stock, valued at $1,257,266.99. This trade represents a 15.51% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 643,111 shares of company stock worth $42,454,009. 5.60% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. increased their target price on shares of Pure Storage from $70.00 to $80.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. Piper Sandler set a $92.00 price objective on shares of Pure Storage and gave the company an "overweight" rating in a report on Thursday, September 25th. Cowen restated a "buy" rating on shares of Pure Storage in a report on Thursday, August 28th. Bank of America raised their price objective on shares of Pure Storage from $76.00 to $80.00 and gave the company a "neutral" rating in a report on Thursday, August 28th. Finally, Barclays raised their price objective on shares of Pure Storage from $57.00 to $70.00 and gave the company an "equal weight" rating in a report on Friday, August 29th. Fourteen equities research 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 data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $81.06.

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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