Summit Creek Advisors LLC Sells 11,580 Shares of Pure Storage, Inc. $PSTG

Summit Creek Advisors LLC reduced its stake in shares of Pure Storage, Inc. (NYSE:PSTG) by 3.1% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 361,368 shares of the technology company’s stock after selling 11,580 shares during the period. Pure Storage makes up approximately 2.9% of Summit Creek Advisors LLC’s portfolio, making the stock its 5th biggest holding. Summit Creek Advisors LLC owned 0.11% of Pure Storage worth $20,808,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Empowered Funds LLC grew its position in Pure Storage by 4.2% during the 1st quarter. Empowered Funds LLC now owns 4,790 shares of the technology company’s stock worth $212,000 after purchasing an additional 194 shares during the period. Ramirez Asset Management Inc. boosted its stake in shares of Pure Storage by 40.0% during the 2nd quarter. Ramirez Asset Management Inc. now owns 700 shares of the technology company’s stock worth $40,000 after acquiring an additional 200 shares in the last quarter. REAP Financial Group LLC boosted its stake in shares of Pure Storage by 49.0% during the 2nd quarter. REAP Financial Group LLC now owns 611 shares of the technology company’s stock worth $35,000 after acquiring an additional 201 shares in the last quarter. GraniteShares Advisors LLC boosted its stake in shares of Pure Storage by 2.6% during the 2nd quarter. GraniteShares Advisors LLC now owns 8,001 shares of the technology company’s stock worth $461,000 after acquiring an additional 206 shares in the last quarter. Finally, Emerald Advisers LLC boosted its stake in shares of Pure Storage by 2.0% during the 2nd quarter. Emerald Advisers LLC now owns 12,433 shares of the technology company’s stock worth $716,000 after acquiring an additional 238 shares in the last quarter. 83.42% of the stock is owned by institutional investors and hedge funds.

Pure Storage Stock Performance

Pure Storage stock opened at $96.94 on Thursday. Pure Storage, Inc. has a fifty-two week low of $34.51 and a fifty-two week high of $100.59. The firm has a 50 day moving average price of $87.83 and a 200 day moving average price of $66.11. The company has a market capitalization of $31.86 billion, a PE ratio of 236.44, a price-to-earnings-growth ratio of 8.99 and a beta of 1.24.

Pure Storage (NYSE:PSTG) last posted its earnings results on Wednesday, August 27th. The technology company reported $0.43 earnings per share for the quarter, beating 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 firm had revenue of $861.00 million during the quarter, compared to the consensus estimate of $845.78 million. During the same quarter last year, the firm earned $0.44 EPS. The firm’s revenue for the quarter 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. As a group, equities research analysts forecast that Pure Storage, Inc. will post 0.44 earnings per share for the current year.

Insider Buying and Selling

In other Pure Storage news, CAO Mona Chu sold 17,500 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer owned 138,899 shares of the company’s stock, valued at $10,627,162.49. This trade represents a 11.19% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Roxanne Taylor sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $76.93, for a total transaction of $230,790.00. Following the completion of the transaction, the director directly owned 16,343 shares of the company’s stock, valued at $1,257,266.99. This represents a 15.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 343,111 shares of company stock worth $27,634,439 over the last three months. 5.60% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

PSTG has been the topic of several recent analyst reports. Wedbush increased their target price on shares of Pure Storage from $70.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, August 28th. Morgan Stanley increased their price objective on shares of Pure Storage from $60.00 to $72.00 and gave the company an “equal weight” rating in a report on Thursday, August 28th. Piper Sandler set a $92.00 price objective on shares of Pure Storage and gave the company an “overweight” rating in a report on Thursday, September 25th. UBS Group set a $110.00 price objective on shares of Pure Storage in a report on Tuesday, October 21st. Finally, Wells Fargo & Company increased their price objective on shares of Pure Storage from $80.00 to $100.00 and gave the company an “overweight” rating in a report on Friday, September 26th. Fourteen research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Pure Storage currently has a consensus rating of “Moderate Buy” and an average price target of $88.56.

Pure Storage 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.