Pure Storage (NYSE:PSTG) Price Target Raised to $100.00

Pure Storage (NYSE:PSTG) had its target price lifted by Wells Fargo & Company from $80.00 to $100.00 in a report issued on Friday, Marketbeat reports. They currently have an overweight rating on the technology company’s stock.

A number of other research firms have also issued reports on PSTG. UBS Group upped their price target on Pure Storage from $50.00 to $55.00 and gave the company a “sell” rating in a research report on Thursday, August 28th. Cowen reissued a “buy” rating on shares of Pure Storage in a research note on Thursday, August 28th. Citigroup raised their target price on Pure Storage from $70.00 to $81.00 and gave the stock a “buy” rating in a research note on Thursday, August 28th. Lake Street Capital boosted their price target on shares of Pure Storage from $70.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, August 28th. Finally, Evercore ISI raised their price objective on shares of Pure Storage from $80.00 to $85.00 and gave the stock an “outperform” rating in a research report on Thursday, September 4th. Fourteen investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $81.06.

Pure Storage Stock Down 1.2%

Shares of PSTG opened at $82.46 on Friday. Pure Storage has a 52-week low of $34.51 and a 52-week high of $89.10. The stock has a market cap of $27.10 billion, a PE ratio of 201.13, a price-to-earnings-growth ratio of 7.65 and a beta of 1.20. The firm’s fifty day moving average is $68.71 and its two-hundred day moving average is $56.94.

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

Insider Buying and Selling

In other news, CAO Mona Chu sold 17,500 shares of the business’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 sale, the chief accounting officer directly owned 138,899 shares of the company’s stock, valued at approximately $10,627,162.49. The trade was a 11.19% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John Francis Murphy sold 6,959 shares of the stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $56.17, for a total transaction of $390,887.03. Following the transaction, the director directly owned 19,706 shares of the company’s stock, valued at $1,106,886.02. The trade was a 26.10% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 663,580 shares of company stock valued at $43,326,205 over the last three months. Company insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Pure Storage by 0.9% in the second quarter. Vanguard Group Inc. now owns 33,268,006 shares of the technology company’s stock valued at $1,915,572,000 after buying an additional 308,738 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its position in Pure Storage by 25.9% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 9,075,944 shares of the technology company’s stock valued at $401,793,000 after acquiring an additional 1,868,782 shares in the last quarter. Geode Capital Management LLC grew its position in Pure Storage by 1.7% in the 2nd quarter. Geode Capital Management LLC now owns 7,273,696 shares of the technology company’s stock valued at $417,830,000 after acquiring an additional 123,320 shares in the last quarter. William Blair Investment Management LLC increased its stake in Pure Storage by 112.9% during the second quarter. William Blair Investment Management LLC now owns 4,926,836 shares of the technology company’s stock worth $283,687,000 after purchasing an additional 2,612,300 shares during the period. Finally, Norges Bank acquired a new stake in shares of Pure Storage during the second quarter worth about $225,203,000. 83.42% of the stock is currently owned by institutional investors and hedge funds.

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.