Wells Fargo & Company Forecasts Strong Price Appreciation for Pure Storage (NYSE:PSTG) Stock

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

A number of other research firms have also weighed in on PSTG. Needham & Company LLC upped their target price on shares of Pure Storage from $75.00 to $85.00 and gave the stock a “buy” 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 research report on Thursday, August 28th. Wedbush raised their price objective on shares of Pure Storage from $70.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, August 28th. Northland Securities boosted their target price on shares of Pure Storage from $63.00 to $71.00 and gave the stock a “market perform” rating in a research note on Thursday, August 28th. Finally, Lake Street Capital raised their price target on Pure Storage from $70.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. Fourteen equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. 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 Trading Down 1.2%

Shares of NYSE PSTG opened at $82.46 on Friday. The stock has a market cap of $27.10 billion, a P/E ratio of 201.13, a PEG ratio of 7.65 and a beta of 1.20. The business’s fifty day simple moving average is $68.71 and its 200-day simple moving average is $56.94. Pure Storage has a 12-month low of $34.51 and a 12-month high of $89.10.

Pure Storage (NYSE:PSTG) last issued 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. The company had revenue of $861.00 million for the quarter, compared to the consensus estimate of $845.78 million. Pure Storage had a return on equity of 11.34% and a net margin of 4.15%.Pure Storage’s revenue was up 12.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.44 EPS. Pure Storage has set its FY 2026 guidance at EPS. Q3 2026 guidance at EPS. On average, equities analysts forecast that Pure Storage will post 0.44 EPS for the current fiscal year.

Insider Activity

In other news, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction dated Thursday, September 18th. The stock was sold at an average price of $87.33, for a total transaction of $8,733,000.00. Following the sale, the insider owned 300,000 shares in the company, valued at approximately $26,199,000. The trade was a 25.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Roxanne Taylor sold 3,000 shares of the company’s stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $76.93, for a total value of $230,790.00. Following the completion of the sale, the director directly owned 16,343 shares of the company’s stock, valued at approximately $1,257,266.99. This trade represents a 15.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 663,580 shares of company stock worth $43,326,205 over the last three months. Company insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. LPL Financial LLC grew its position in shares of Pure Storage by 22.6% during the first quarter. LPL Financial LLC now owns 118,368 shares of the technology company’s stock worth $5,240,000 after acquiring an additional 21,812 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Pure Storage by 13.4% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 275,796 shares of the technology company’s stock worth $12,209,000 after purchasing an additional 32,611 shares during the period. Crumly & Associates Inc. purchased a new position in Pure Storage during the 2nd quarter worth $242,000. Michael S. Ryan Inc. acquired a new position in Pure Storage in the second quarter valued at $254,000. Finally, D.A. Davidson & CO. increased its stake in Pure Storage by 7.7% in the first quarter. D.A. Davidson & CO. now owns 7,000 shares of the technology company’s stock valued at $310,000 after purchasing an additional 500 shares during the period. Institutional investors and hedge funds 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.