Spirepoint Private Client LLC Acquires New Stake in Pure Storage, Inc. $PSTG

Key Points

• Spirepoint Private Client LLC has acquired 90,440 shares of Pure Storage, valued at approximately $5.2 million, indicating growing institutional interest in the company.
• Multiple analysts have raised their price targets for Pure Storage, with Needham & Company setting a new target at $100 and Wall Street consensus rating shifting to "Moderate Buy".
• Insider transactions reveal significant share sales, including John Colgrove selling 198,749 shares worth nearly $12 million, signaling possible profit-taking amidst the company's strong performance.

Spirepoint Private Client LLC acquired a new stake in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 90,440 shares of the technology company's stock, valued at approximately $5,208,000.

Other large investors also recently bought and sold shares of the company. MassMutual Private Wealth & Trust FSB boosted its holdings in Pure Storage by 55.9% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 650 shares of the technology company's stock valued at $29,000 after acquiring an additional 233 shares during the period. FNY Investment Advisers LLC boosted its holdings in Pure Storage by 5,233.3% during the 1st quarter. FNY Investment Advisers LLC now owns 800 shares of the technology company's stock valued at $35,000 after acquiring an additional 785 shares during the period. TruNorth Capital Management LLC purchased a new position in Pure Storage during the 1st quarter valued at $38,000. Nisa Investment Advisors LLC boosted its holdings in 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 acquiring an additional 239 shares during the period. Finally, Banque Transatlantique SA purchased a new position in Pure Storage during the 1st quarter valued at $43,000. Hedge funds and other institutional investors own 83.42% of the company's stock.

Insider Transactions at Pure Storage

In related news, insider John Colgrove sold 198,749 shares of the company's stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $60.32, for a total transaction of $11,988,539.68. Following the transaction, the insider directly owned 500,000 shares of the company's stock, valued at $30,160,000. This represents a 28.44% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, 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 value of $1,253,225.45. Following the transaction, the insider directly owned 261,465 shares in the company, valued at $14,498,234.25. This represents a 7.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 663,580 shares of company stock worth $43,326,205. Company insiders own 5.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PSTG. Northland Securities lifted their target price on Pure Storage from $63.00 to $71.00 and gave the company a "market perform" rating in a research report on Thursday, August 28th. Wedbush lifted their target price on Pure Storage from $70.00 to $80.00 and gave the company an "outperform" rating in a research report on Thursday, August 28th. Needham & Company LLC lifted their target price on Pure Storage from $85.00 to $100.00 and gave the company a "buy" rating in a research report on Friday. UBS Group lifted their target price on Pure Storage from $50.00 to $55.00 and gave the company a "sell" rating in a research report on Thursday, August 28th. Finally, Wall Street Zen raised Pure Storage from a "hold" rating to a "buy" rating in a research report on Saturday, August 30th. Fourteen research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $81.06.

Pure Storage Trading Down 1.2%

PSTG opened at $82.46 on Friday. The firm has a market cap of $27.10 billion, a price-to-earnings ratio of 201.13, a PEG ratio of 7.75 and a beta of 1.20. Pure Storage, Inc. has a 12 month low of $34.51 and a 12 month high of $89.10. The stock has a fifty day moving average price of $68.71 and a 200-day moving average price of $56.83.

Pure Storage (NYSE:PSTG - Get Free Report) last released its quarterly 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. The firm had revenue of $861.00 million during the quarter, compared to analyst estimates of $845.78 million. Pure Storage had a return on equity of 11.34% and a net margin of 4.15%.The business's revenue for the quarter was up 12.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.44 EPS. Pure Storage has set its FY 2026 guidance at EPS. Q3 2026 guidance at EPS. On average, equities research 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.

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