Pure Storage (NYSE:PSTG) Given New $100.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo & Company has raised Pure Storage's price target from $80.00 to $100.00, suggesting a potential upside of 19.89% from its previous close.
• Other brokerages have also increased their target prices for Pure Storage, with an average consensus price target of $80.39 and a rating of "Moderate Buy."
• Pure Storage reported earnings of $0.43 EPS for the last quarter, surpassing analysts' expectations and showing a 12.7% revenue increase compared to the same quarter last year.

Pure Storage (NYSE:PSTG - Get Free Report) had its price target raised by analysts at Wells Fargo & Company from $80.00 to $100.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the technology company's stock. Wells Fargo & Company's price target points to a potential upside of 19.89% from the stock's previous close.

A number of other brokerages have also commented on PSTG. Northland Securities upped 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. Evercore ISI upped their target price on Pure Storage from $80.00 to $85.00 and gave the company an "outperform" rating in a research note on Thursday, September 4th. Wedbush upped their target price on Pure Storage from $70.00 to $80.00 and gave the company an "outperform" rating in a research note on Thursday, August 28th. UBS Group upped their target price on Pure Storage from $50.00 to $55.00 and gave the company a "sell" rating in a research note on Thursday, August 28th. Finally, Citigroup upped their target price on Pure Storage from $70.00 to $81.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Fourteen investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $80.39.

Pure Storage Price Performance

NYSE:PSTG opened at $83.41 on Friday. The stock has a market cap of $27.41 billion, a P/E 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. The company has a fifty day moving average price of $68.22 and a 200 day moving average price of $56.59.

Pure Storage (NYSE:PSTG - Get Free Report) 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. The firm had revenue of $861.00 million during the quarter, compared to analysts' expectations of $845.78 million. Pure Storage had a net margin of 4.15% and a return on equity of 11.34%. The business's quarterly revenue was up 12.7% compared to the same quarter last year. During the same period in the prior 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, equities research analysts anticipate that Pure Storage will post 0.44 EPS for the current year.

Insider Activity

In other Pure Storage news, CRO Dan Fitzsimons sold 6,051 shares of the stock in a transaction on Tuesday, September 23rd. The stock was sold at an average price of $87.42, for a total transaction of $528,978.42. Following the completion of the transaction, the executive directly owned 62,759 shares in the company, valued at $5,486,391.78. This represents a 8.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Ajay Singh sold 22,601 shares of the stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $55.45, for a total value of $1,253,225.45. Following the transaction, the insider owned 261,465 shares of the company's stock, valued at $14,498,234.25. This represents a 7.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 656,566 shares of company stock valued at $42,724,053. 5.60% of the stock is owned by company insiders.

Institutional Trading of Pure Storage

Several large investors have recently made changes to their positions in PSTG. Mechanics Financial Corp bought a new stake in shares of Pure Storage during the second quarter worth $25,000. MassMutual Private Wealth & Trust FSB grew its holdings in shares of Pure Storage by 55.9% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 650 shares of the technology company's stock worth $29,000 after purchasing an additional 233 shares during the last quarter. True Wealth Design LLC grew its holdings in shares of Pure Storage by 402.8% during the second quarter. True Wealth Design LLC now owns 548 shares of the technology company's stock worth $32,000 after purchasing an additional 439 shares during the last quarter. SouthState Corp grew its holdings in shares of 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 purchasing an additional 489 shares during the last quarter. Finally, FNY Investment Advisers LLC grew its holdings in shares of Pure Storage by 5,233.3% during the first quarter. FNY Investment Advisers LLC now owns 800 shares of the technology company's stock worth $35,000 after purchasing an additional 785 shares during the last quarter. 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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