Evercore ISI Issues Positive Forecast for Pure Storage (NYSE:PSTG) Stock Price

Key Points

• Evercore ISI has increased the target price for Pure Storage (NYSE:PSTG) from $85 to $90, maintaining an "outperform" rating, suggesting a potential upside of 7.90% from the last closing price.
• Pure Storage reported earnings of $0.43 per share, exceeding estimates, with a quarterly revenue of $861 million, marking a 12.7% increase from the previous year.
• Analysts have generally rated Pure Storage positively, with fourteen assigning a "Buy" rating, as the stock has an average target price of $80.39 according to MarketBeat.

Pure Storage (NYSE:PSTG - Get Free Report) had its target price boosted by investment analysts at Evercore ISI from $85.00 to $90.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an "outperform" rating on the technology company's stock. Evercore ISI's target price points to a potential upside of 7.90% from the company's previous close.

PSTG has been the topic of a number of other reports. Lake Street Capital raised their price objective on Pure Storage from $70.00 to $80.00 and gave the company a "buy" rating in a report on Thursday, August 28th. UBS Group lifted their price target on shares of Pure Storage from $50.00 to $55.00 and gave the stock a "sell" rating in a research note on Thursday, August 28th. JPMorgan Chase & Co. upped their price objective on shares of Pure Storage from $70.00 to $80.00 and gave the company an "overweight" rating in a research note on Thursday, August 28th. Wall Street Zen raised shares of Pure Storage from a "hold" rating to a "buy" rating in a report on Saturday, August 30th. Finally, Bank of America boosted their price target on shares of Pure Storage from $76.00 to $80.00 and gave the stock a "neutral" 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 given a Sell rating to the stock. According to MarketBeat, Pure Storage currently has an average rating of "Moderate Buy" and an average target price of $80.39.

Pure Storage Price Performance

Shares of NYSE:PSTG opened at $83.41 on Friday. The company's fifty day moving average price is $68.22 and its 200-day moving average price is $56.59. The firm has a market capitalization of $27.41 billion, a price-to-earnings ratio of 203.45, a PEG ratio of 7.88 and a beta of 1.20. Pure Storage has a one year low of $34.51 and a one year high of $89.10.

Pure Storage (NYSE:PSTG - Get Free Report) last announced its earnings results on Wednesday, August 27th. The technology company reported $0.43 earnings per share (EPS) 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 company had revenue of $861.00 million during the quarter, compared to analyst estimates of $845.78 million. During the same period in the previous year, the business earned $0.44 earnings per share. The firm'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. As a group, equities research analysts expect that Pure Storage will post 0.44 EPS for the current year.

Insider Activity at Pure Storage

In other Pure Storage news, CAO Mona Chu sold 5,155 shares of the stock in a transaction that occurred on Tuesday, September 23rd. The stock was sold at an average price of $88.08, for a total value of $454,052.40. Following the completion of the sale, the chief accounting officer owned 116,444 shares in the company, valued at approximately $10,256,387.52. This trade represents a 4.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John Francis Murphy sold 6,959 shares of the business's stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $56.17, for a total value of $390,887.03. Following the transaction, the director directly owned 19,706 shares in the company, valued at $1,106,886.02. This trade represents a 26.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 656,566 shares of company stock valued at $42,724,053 in the last quarter. 5.60% of the stock is currently owned by company insiders.

Institutional Trading of Pure Storage

Several large investors have recently added to or reduced their stakes in the stock. LPL Financial LLC raised its holdings in Pure Storage by 22.6% in the 1st quarter. LPL Financial LLC now owns 118,368 shares of the technology company's stock worth $5,240,000 after purchasing an additional 21,812 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of 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 valued at $12,209,000 after purchasing an additional 32,611 shares in the last quarter. Crumly & Associates Inc. purchased a new position in shares of Pure Storage during the second quarter valued at about $242,000. Michael S. Ryan Inc. bought a new position in Pure Storage in the second quarter worth about $254,000. Finally, D.A. Davidson & CO. lifted its holdings 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 worth $310,000 after buying an additional 500 shares during the period. 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.

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