Evercore ISI Forecasts Strong Price Appreciation for Pure Storage (NYSE:PSTG) Stock

Key Points

• Evercore ISI has raised the price target for Pure Storage (NYSE:PSTG) from $70 to $80, indicating a potential upside of 31.41% from its current price.
• The company reported quarterly earnings of $0.43 per share, surpassing expectations, with revenue of $861 million, a year-over-year growth of 12.7%.
• Insider transactions show significant activity, with insiders selling 446,794 shares valued at approximately $26.6 million in the last 90 days, indicating potential shifts in sentiment.

Pure Storage (NYSE:PSTG - Get Free Report) had its price objective boosted by equities researchers at Evercore ISI from $70.00 to $80.00 in a report issued on Thursday,Benzinga reports. The firm currently has an "outperform" rating on the technology company's stock. Evercore ISI's price target indicates a potential upside of 31.41% from the stock's current price.

Several other research analysts have also recently issued reports on PSTG. Wall Street Zen cut shares of Pure Storage from a "buy" rating to a "hold" rating in a report on Friday, August 22nd. Barclays dropped their price objective on shares of Pure Storage from $61.00 to $57.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 29th. JPMorgan Chase & Co. cut their price objective on shares of Pure Storage from $75.00 to $70.00 and set an "overweight" rating on the stock in a report on Thursday, May 29th. Morgan Stanley began coverage on shares of Pure Storage in a report on Thursday, August 21st. They issued an "equal weight" rating and a $60.00 target price for the company. Finally, Citigroup restated a "buy" rating on shares of Pure Storage in a research note on Thursday. Thirteen investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $70.67.

Pure Storage Stock Up 4.0%

Shares of Pure Storage stock opened at $60.88 on Thursday. The stock's fifty day moving average is $56.92 and its two-hundred day moving average is $53.40. Pure Storage has a 52 week low of $34.51 and a 52 week high of $73.67. The company has a market capitalization of $19.90 billion, a PE ratio of 164.54, a price-to-earnings-growth ratio of 6.19 and a beta of 1.07.

Pure Storage (NYSE:PSTG - Get Free Report) last released its quarterly earnings data on Wednesday, August 27th. The technology company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.04. The company had revenue of $861.00 million during the quarter, compared to analysts' expectations of $845.78 million. Pure Storage had a net margin of 3.93% and a return on equity of 13.98%. The firm's quarterly revenue was up 12.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.44 EPS. 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 Transactions at Pure Storage

In related news, CRO Dan Fitzsimons sold 6,000 shares of the stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $51.65, for a total value of $309,900.00. Following the transaction, the executive owned 75,965 shares in the company, valued at approximately $3,923,592.25. This represents a 7.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ajay Singh sold 22,601 shares of Pure Storage stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $55.45, for a total transaction of $1,253,225.45. Following the sale, the insider owned 261,465 shares of the company's stock, valued at approximately $14,498,234.25. The trade was a 7.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 446,794 shares of company stock worth $26,641,913. Insiders own 5.60% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. McIlrath & Eck LLC acquired a new stake in Pure Storage during the 4th quarter worth about $25,000. Mechanics Financial Corp acquired a new position in shares of Pure Storage in the 2nd quarter valued at about $25,000. True Wealth Design LLC boosted its stake in shares of Pure Storage by 402.8% in the second quarter. True Wealth Design LLC now owns 548 shares of the technology company's stock worth $32,000 after buying an additional 439 shares during the last quarter. SouthState Corp grew its holdings in Pure Storage by 474.8% during the second quarter. SouthState Corp now owns 592 shares of the technology company's stock worth $34,000 after acquiring an additional 489 shares during the period. Finally, REAP Financial Group LLC raised its position in Pure Storage by 49.0% during the second quarter. REAP Financial Group LLC now owns 611 shares of the technology company's stock valued at $35,000 after acquiring an additional 201 shares in the last quarter. 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.

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