Raymond James Financial Inc. Has $50 Million Stock Position in Pure Storage, Inc. $PSTG

Key Points

• Raymond James Financial Inc. reduced its stake in Pure Storage by 2.2%, owning approximately 1.1 million shares worth $50 million at the end of the first quarter.
• Pure Storage reported a 12.3% increase in quarterly revenue year-over-year, totaling $778.49 million, and exceeded earnings estimates with $0.29 EPS.
• Analyst ratings for Pure Storage are generally optimistic, with a consensus target price of $70.11 and multiple analysts issuing "buy" recommendations.

Raymond James Financial Inc. lowered its position in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 2.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,129,350 shares of the technology company's stock after selling 25,963 shares during the quarter. Raymond James Financial Inc. owned approximately 0.35% of Pure Storage worth $49,996,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Cresset Asset Management LLC increased its position in shares of Pure Storage by 0.6% during the 1st quarter. Cresset Asset Management LLC now owns 321,111 shares of the technology company's stock worth $14,216,000 after purchasing an additional 2,002 shares in the last quarter. Ethic Inc. increased its position in shares of Pure Storage by 9.3% during the 1st quarter. Ethic Inc. now owns 17,112 shares of the technology company's stock worth $777,000 after purchasing an additional 1,456 shares in the last quarter. Aberdeen Group plc increased its position in shares of Pure Storage by 160.6% during the 1st quarter. Aberdeen Group plc now owns 230,470 shares of the technology company's stock worth $10,203,000 after purchasing an additional 142,031 shares in the last quarter. Liontrust Investment Partners LLP increased its position in shares of Pure Storage by 0.9% during the 1st quarter. Liontrust Investment Partners LLP now owns 90,864 shares of the technology company's stock worth $4,023,000 after purchasing an additional 855 shares in the last quarter. Finally, Fox Run Management L.L.C. acquired a new stake in shares of Pure Storage during the 1st quarter worth about $1,561,000. Institutional investors and hedge funds own 83.42% of the company's stock.

Pure Storage Price Performance

Shares of NYSE:PSTG opened at $55.6650 on Friday. The company has a 50 day moving average of $56.35 and a 200-day moving average of $53.68. Pure Storage, Inc. has a one year low of $34.51 and a one year high of $73.67. The stock has a market cap of $18.19 billion, a price-to-earnings ratio of 150.45, a P/E/G ratio of 5.28 and a beta of 1.07.

Pure Storage (NYSE:PSTG - Get Free Report) last released its quarterly earnings data on Wednesday, May 28th. The technology company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.04. Pure Storage had a net margin of 3.93% and a return on equity of 13.98%. The business had revenue of $778.49 million for the quarter, compared to analyst estimates of $770.03 million. During the same quarter last year, the firm earned $0.32 EPS. Pure Storage's quarterly revenue was up 12.3% compared to the same quarter last year. Pure Storage has set its Q2 2026 guidance at EPS. FY 2026 guidance at EPS. Equities research analysts anticipate that Pure Storage, Inc. will post 0.44 earnings per share for the current year.

Insider Activity

In other Pure Storage news, CRO Dan Fitzsimons sold 6,000 shares of Pure Storage stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $51.65, for a total value of $309,900.00. Following the transaction, the executive owned 75,965 shares of the company's stock, valued at approximately $3,923,592.25. The trade was a 7.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John Francis Murphy sold 11,234 shares of Pure Storage stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $55.13, for a total transaction of $619,330.42. Following the completion of the transaction, the director directly owned 21,930 shares in the company, valued at approximately $1,209,000.90. The trade was a 33.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold 446,794 shares of company stock worth $26,641,913 over the last quarter. 5.60% of the stock is owned by insiders.

Analysts Set New Price Targets

PSTG has been the subject of several research reports. Wedbush restated an "outperform" rating and issued a $70.00 price objective on shares of Pure Storage in a research report on Thursday, May 29th. Needham & Company LLC restated a "buy" rating and issued a $75.00 price objective on shares of Pure Storage in a research report on Friday, June 20th. Piper Sandler restated an "overweight" rating and issued a $66.00 price objective (up previously from $53.00) on shares of Pure Storage in a research report on Thursday, May 29th. Barclays lowered their price objective on shares of Pure Storage from $61.00 to $57.00 and set an "equal weight" rating for the company in a research report on Thursday, May 29th. Finally, Evercore ISI raised their price objective on shares of Pure Storage from $60.00 to $70.00 and gave the company an "outperform" rating in a research report on Friday, May 23rd. Fourteen analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Pure Storage currently has a consensus rating of "Moderate Buy" and a consensus target price of $70.11.

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.

Want to see what other hedge funds are holding PSTG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pure Storage, Inc. (NYSE:PSTG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.