Pure Storage, Inc. $PSTG Position Boosted by Resona Asset Management Co. Ltd.

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Pure Storage by 7.5%, holding a total of 92,592 shares valued at approximately $4.12 million.
• Several hedge funds, including HighTower Advisors LLC and Motley Fool Asset Management LLC, have also increased their holdings in Pure Storage, reflecting a growing institutional interest.
• Pure Storage's recent quarterly earnings showed a 12.3% year-over-year revenue growth, reporting $778.49 million, surpassing analysts' expectations.

Resona Asset Management Co. Ltd. lifted its stake in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 7.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 92,592 shares of the technology company's stock after buying an additional 6,421 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Pure Storage were worth $4,121,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Bank Pictet & Cie Europe AG increased its stake in Pure Storage by 23.3% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 9,201 shares of the technology company's stock valued at $565,000 after buying an additional 1,740 shares during the period. Rockefeller Capital Management L.P. boosted its position in shares of Pure Storage by 1.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 103,350 shares of the technology company's stock worth $6,349,000 after buying an additional 1,568 shares in the last quarter. Mariner LLC boosted its position in shares of Pure Storage by 15.7% in the 4th quarter. Mariner LLC now owns 31,281 shares of the technology company's stock worth $1,922,000 after buying an additional 4,237 shares in the last quarter. CreativeOne Wealth LLC purchased a new position in Pure Storage in the 4th quarter valued at about $303,000. Finally, NewEdge Advisors LLC lifted its holdings in Pure Storage by 32.9% in the 4th quarter. NewEdge Advisors LLC now owns 24,842 shares of the technology company's stock valued at $1,526,000 after purchasing an additional 6,153 shares in the last quarter. Hedge funds and other institutional investors own 83.42% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PSTG. Wall Street Zen upgraded shares of Pure Storage from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Piper Sandler reiterated an "overweight" rating and set a $66.00 price objective (up from $53.00) on shares of Pure Storage in a report on Thursday, May 29th. Citigroup increased their price objective on shares of Pure Storage from $65.00 to $70.00 and gave the stock a "buy" rating in a report on Monday, August 11th. Barclays cut their price objective on shares of Pure Storage from $61.00 to $57.00 and set an "equal weight" rating on the stock in a report on Thursday, May 29th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Pure Storage from $75.00 to $70.00 and set an "overweight" rating on the stock in a report on Thursday, May 29th. Fourteen research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Pure Storage presently has a consensus rating of "Moderate Buy" and an average price target of $70.21.

Insider Activity at Pure Storage

In other news, Director John Francis Murphy sold 6,959 shares of Pure Storage stock in a transaction dated Friday, July 11th. The shares were sold at an average price of $56.17, for a total value of $390,887.03. Following the completion of the transaction, the director directly owned 19,706 shares of the company's stock, valued at approximately $1,106,886.02. The trade was a 26.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider John Colgrove sold 198,749 shares of Pure Storage stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $60.32, for a total transaction of $11,988,539.68. Following the completion of the transaction, the insider directly owned 500,000 shares of the company's stock, valued at $30,160,000. This trade represents a 28.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 446,794 shares of company stock worth $26,641,913 over the last three months. 5.60% of the stock is owned by corporate insiders.

Pure Storage Stock Performance

Shares of PSTG stock traded down $1.99 during mid-day trading on Wednesday, reaching $55.23. 809,480 shares of the company were exchanged, compared to its average volume of 2,684,616. Pure Storage, Inc. has a fifty-two week low of $34.51 and a fifty-two week high of $73.67. The company has a market capitalization of $18.05 billion, a P/E ratio of 149.26, a P/E/G ratio of 5.56 and a beta of 1.07. The business's 50 day simple moving average is $56.31 and its 200 day simple moving average is $53.74.

Pure Storage (NYSE:PSTG - Get Free Report) last released its quarterly earnings results on Wednesday, May 28th. The technology company reported $0.29 earnings per share for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $770.03 million. During the same quarter last year, the company earned $0.32 earnings per share. The business'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. On average, analysts forecast that Pure Storage, Inc. will post 0.44 EPS for the current 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.