Pure Storage (NYSE:PSTG) Price Target Raised to $90.00

Pure Storage (NYSE:PSTG) had its price target hoisted by Evercore ISI from $85.00 to $90.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has an outperform rating on the technology company’s stock.

Several other analysts have also recently commented on PSTG. Wall Street Zen upgraded shares of Pure Storage from a “hold” rating to a “buy” rating in a report on Saturday, August 30th. Lake Street Capital lifted their target price on shares of Pure Storage from $70.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. JPMorgan Chase & Co. upped their price target on shares of Pure Storage from $70.00 to $80.00 and gave the stock an “overweight” rating in a research note on Thursday, August 28th. Barclays increased their price objective on Pure Storage from $57.00 to $70.00 and gave the stock an “equal weight” rating in a report on Friday, August 29th. Finally, Northland Securities boosted their target price on Pure Storage from $63.00 to $71.00 and gave the company a “market perform” rating in a research note on Thursday, August 28th. Fourteen analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $81.06.

Pure Storage Trading Down 1.2%

Shares of PSTG stock opened at $82.46 on Friday. The company has a market capitalization of $27.10 billion, a price-to-earnings ratio of 201.13, a P/E/G ratio of 7.65 and a beta of 1.20. Pure Storage has a 1-year low of $34.51 and a 1-year high of $89.10. The stock’s fifty day simple moving average is $68.71 and its 200-day simple moving average is $56.94.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings data on Wednesday, August 27th. The technology company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.04. Pure Storage had a return on equity of 11.34% and a net margin of 4.15%.The firm had revenue of $861.00 million during the quarter, compared to analyst estimates of $845.78 million. During the same period last year, the company posted $0.44 EPS. The business’s quarterly revenue was up 12.7% compared to the same quarter last year. Pure Storage has set its FY 2026 guidance at EPS. Q3 2026 guidance at EPS. On average, sell-side analysts predict that Pure Storage will post 0.44 EPS for the current year.

Insider Activity at Pure Storage

In other Pure Storage news, insider John Colgrove sold 198,749 shares of the business’s stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $60.32, for a total value of $11,988,539.68. Following the completion of the sale, the insider owned 500,000 shares of the company’s stock, valued at $30,160,000. The trade was a 28.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mona Chu sold 17,500 shares of the company’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $76.51, for a total value of $1,338,925.00. Following the sale, the chief accounting officer owned 138,899 shares of the company’s stock, valued at approximately $10,627,162.49. This trade represents a 11.19% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 663,580 shares of company stock valued at $43,326,205. Insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On Pure Storage

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted 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 worth $1,915,572,000 after buying an additional 308,738 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its holdings 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 worth $401,793,000 after acquiring an additional 1,868,782 shares during the period. Geode Capital Management LLC lifted its position in Pure Storage by 1.7% during the 2nd quarter. Geode Capital Management LLC now owns 7,273,696 shares of the technology company’s stock worth $417,830,000 after acquiring an additional 123,320 shares during the last quarter. William Blair Investment Management LLC boosted its holdings 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 valued at $283,687,000 after acquiring an additional 2,612,300 shares during the period. Finally, Norges Bank acquired a new stake in shares of Pure Storage in the second quarter valued at about $225,203,000. Institutional investors own 83.42% of the company’s stock.

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.