Pure Storage (NYSE:PSTG) Stock Price Expected to Rise, Evercore ISI Analyst Says

Pure Storage (NYSE:PSTG) had its price target raised by Evercore ISI from $85.00 to $90.00 in a report issued on Friday morning,Benzinga reports. They currently have an outperform rating on the technology company’s stock.

A number of other brokerages have also commented on PSTG. UBS Group upped their price objective on shares of Pure Storage from $50.00 to $55.00 and gave the company a “sell” rating in a research report on Thursday, August 28th. Needham & Company LLC upped their price target on Pure Storage from $75.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, August 28th. Wells Fargo & Company raised their price objective on Pure Storage from $80.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday. Cowen restated a “buy” rating on shares of Pure Storage in a research report on Thursday, August 28th. Finally, Morgan Stanley upped their target price on Pure Storage from $60.00 to $72.00 and gave the company an “equal weight” rating in a research note on Thursday, August 28th. Fourteen research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $81.06.

Pure Storage Trading Down 1.2%

PSTG opened at $82.46 on Friday. The business has a 50 day moving average of $68.71 and a 200-day moving average of $56.94. The stock 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.

Pure Storage (NYSE:PSTG) last released its earnings results on Wednesday, August 27th. The technology company reported $0.43 EPS 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 analysts’ expectations of $845.78 million. During the same period in the prior year, the company earned $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. Equities analysts predict that Pure Storage will post 0.44 EPS for the current year.

Insider Buying and Selling at Pure Storage

In other Pure Storage news, insider Ajay Singh sold 22,601 shares of Pure Storage stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $55.45, for a total transaction of $1,253,225.45. Following the completion of the transaction, the insider directly owned 261,465 shares of the company’s stock, valued at approximately $14,498,234.25. This trade represents a 7.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John Francis Murphy sold 6,959 shares of the business’s stock in a transaction on Friday, July 11th. The shares were sold at an average price of $56.17, for a total transaction of $390,887.03. Following the completion of the sale, the director owned 19,706 shares in the company, valued at $1,106,886.02. This represents a 26.10% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 663,580 shares of company stock worth $43,326,205 over the last three months. 5.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Pure Storage

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PSTG. Vanguard Group Inc. grew its stake in Pure Storage by 0.9% during 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 stake in shares of Pure Storage by 25.9% in the first 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 during the last quarter. Geode Capital Management LLC boosted its holdings in shares of 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 worth $417,830,000 after acquiring an additional 123,320 shares in the last quarter. William Blair Investment Management LLC grew its position in Pure Storage by 112.9% during the 2nd quarter. William Blair Investment Management LLC now owns 4,926,836 shares of the technology company’s stock worth $283,687,000 after acquiring an additional 2,612,300 shares during the last quarter. Finally, Norges Bank acquired a new stake in Pure Storage during the 2nd quarter valued at $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.