Hennessy Advisors Inc. Acquires New Shares in Pure Storage, Inc. $PSTG

Hennessy Advisors Inc. bought a new position in shares of Pure Storage, Inc. (NYSE:PSTG) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,369 shares of the technology company’s stock, valued at approximately $136,000.

A number of other hedge funds have also made changes to their positions in the company. LPL Financial LLC boosted its position in shares of Pure Storage by 22.6% in 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 shares of Pure Storage by 13.4% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 275,796 shares of the technology company’s stock valued at $12,209,000 after purchasing an additional 32,611 shares in the last quarter. Crumly & Associates Inc. acquired a new stake in shares of Pure Storage in the second quarter valued at approximately $242,000. Michael S. Ryan Inc. purchased a new position in shares of Pure Storage during the 2nd quarter worth approximately $254,000. Finally, D.A. Davidson & CO. raised its position in shares of 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 purchasing an additional 500 shares during 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 equities research analysts have commented on the company. Raymond James Financial increased their target price on Pure Storage from $76.00 to $88.00 and gave the company an “outperform” rating in a report on Thursday, August 28th. Cowen reiterated a “buy” rating on shares of Pure Storage in a research report on Thursday, August 28th. Citigroup upped their target price on shares of Pure Storage from $70.00 to $81.00 and gave the company a “buy” rating in a report on Thursday, August 28th. Bank of America raised their price target on shares of Pure Storage from $76.00 to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, August 28th. Finally, Wells Fargo & Company boosted their price objective on shares of Pure Storage from $80.00 to $100.00 and gave the company an “overweight” rating in a research report on Friday, September 26th. Fourteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Pure Storage presently has an average rating of “Moderate Buy” and a consensus target price of $81.06.

Insider Buying and Selling at Pure Storage

In other Pure Storage news, CRO Dan Fitzsimons sold 6,051 shares of the company’s stock in a transaction dated Tuesday, September 23rd. The stock was sold at an average price of $87.42, for a total transaction of $528,978.42. Following the completion of the sale, the executive directly owned 62,759 shares in the company, valued at $5,486,391.78. This represents a 8.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Ajay Singh sold 7,014 shares of the firm’s stock in a transaction dated Wednesday, September 24th. The stock was sold at an average price of $85.85, for a total value of $602,151.90. Following the completion of the transaction, the insider owned 229,307 shares in the company, valued at approximately $19,686,005.95. This trade represents a 2.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 650,070 shares of company stock worth $42,844,896. 5.60% of the stock is currently owned by company insiders.

Pure Storage Price Performance

PSTG opened at $86.97 on Monday. The stock has a market capitalization of $28.58 billion, a price-to-earnings ratio of 212.12, a price-to-earnings-growth ratio of 8.07 and a beta of 1.22. Pure Storage, Inc. has a 12 month low of $34.51 and a 12 month high of $89.40. The business has a 50-day moving average of $71.56 and a two-hundred day moving average of $58.16.

Pure Storage (NYSE:PSTG) last released its earnings results on Wednesday, August 27th. The technology company reported $0.43 earnings per share (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 business had revenue of $861.00 million for the quarter, compared to analysts’ expectations of $845.78 million. During the same period last year, the company earned $0.44 earnings per share. The company’s quarterly 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 research analysts anticipate that Pure Storage, Inc. will post 0.44 earnings per share for the current year.

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.