Sumitomo Mitsui DS Asset Management Company Ltd Cuts Stake in Pure Storage, Inc. $PSTG

Key Points

• Sumitomo Mitsui DS Asset Management Company Ltd reduced its stake in Pure Storage, Inc. by 19.2% during Q2, owning 43,604 shares valued at approximately $2.51 million after the sale.
• Pure Storage announced a quarterly earnings report showing earnings per share of $0.43, surpassing analysts' estimates, with revenue reaching $861 million—a year-over-year increase of 12.7%.
• Institutional investors now hold 83.42% of Pure Storage's stock, indicating strong institutional interest, while various analysts have given the stock a mostly positive rating with a consensus target price of $77.39.

Sumitomo Mitsui DS Asset Management Company Ltd reduced its holdings in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 19.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 43,604 shares of the technology company's stock after selling 10,341 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Pure Storage were worth $2,511,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Radnor Capital Management LLC grew its holdings in shares of Pure Storage by 14.9% during the second quarter. Radnor Capital Management LLC now owns 35,145 shares of the technology company's stock valued at $2,024,000 after buying an additional 4,555 shares during the last quarter. Procyon Advisors LLC acquired a new position in shares of Pure Storage during the second quarter valued at about $509,000. Pallas Capital Advisors LLC acquired a new position in shares of Pure Storage during the second quarter valued at about $557,000. Fiduciary Alliance LLC acquired a new position in shares of Pure Storage during the second quarter valued at about $615,000. Finally, MassMutual Private Wealth & Trust FSB grew its holdings in shares of Pure Storage by 468.0% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 3,692 shares of the technology company's stock valued at $213,000 after buying an additional 3,042 shares during the last quarter. 83.42% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on PSTG shares. Northland Securities lifted their price objective on shares of Pure Storage from $63.00 to $71.00 and gave the company a "market perform" rating in a report on Thursday, August 28th. Needham & Company LLC boosted their price target on shares of Pure Storage from $75.00 to $85.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Lake Street Capital boosted their price target on shares of Pure Storage from $70.00 to $80.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Wall Street Zen upgraded shares of Pure Storage from a "hold" rating to a "buy" rating in a report on Saturday, August 30th. Finally, Guggenheim restated a "buy" rating and set a $93.00 price target on shares of Pure Storage in a report on Thursday, August 28th. Fourteen research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Pure Storage currently has a consensus rating of "Moderate Buy" and a consensus price target of $77.39.

Insider Transactions at Pure Storage

In other news, CAO Mona Chu sold 17,500 shares of the stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $76.51, for a total value of $1,338,925.00. Following the transaction, the chief accounting officer owned 138,899 shares of the company's stock, valued at $10,627,162.49. This represents a 11.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director John Francis Murphy sold 6,959 shares of the stock in a transaction 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 completion of the transaction, the director directly owned 19,706 shares in the company, valued at $1,106,886.02. The trade was a 26.10% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 645,360 shares of company stock worth $41,741,022. Company insiders own 5.60% of the company's stock.

Pure Storage Stock Performance

Pure Storage stock traded up $0.15 during midday trading on Monday, reaching $88.02. 2,436,046 shares of the stock were exchanged, compared to its average volume of 4,593,953. The company's fifty day moving average is $66.42 and its 200-day moving average is $55.92. The firm has a market cap of $28.93 billion, a PE ratio of 209.21, a PEG ratio of 8.16 and a beta of 1.20. Pure Storage, Inc. has a 52 week low of $34.51 and a 52 week high of $88.55.

Pure Storage (NYSE:PSTG - Get Free Report) last posted its earnings results 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 business had revenue of $861.00 million for the quarter, compared to analyst estimates 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 was up 12.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.44 EPS. Pure Storage has set its FY 2026 guidance at EPS. Q3 2026 guidance at EPS. On average, sell-side analysts anticipate that Pure Storage, Inc. will post 0.44 earnings per share for the current fiscal year.

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.