Pure Storage (NYSE:PSTG) Hits New 12-Month High - What's Next?

Key Points

• Pure Storage shares have reached a new 52-week high at $89.40, with the last traded price at $87.79, indicating strong market interest.
• Analysts have increased their price targets for Pure Storage, with Wells Fargo raising it to $100.00, while UBS set a lower target of $55.00, reflecting varied market opinions.
• The company reported better-than-expected earnings of $0.43 per share for the last quarter, surpassing the consensus estimate of $0.39, alongside a 12.7% year-over-year revenue growth.

Pure Storage, Inc. (NYSE:PSTG - Get Free Report) shares hit a new 52-week high during mid-day trading on Friday . The company traded as high as $89.40 and last traded at $87.79, with a volume of 188780 shares trading hands. The stock had previously closed at $88.25.

Analysts Set New Price Targets

Several analysts recently commented on the stock. UBS Group raised their price objective on shares of Pure Storage from $50.00 to $55.00 and gave the company a "sell" rating in a research note on Thursday, August 28th. Wells Fargo & Company lifted their price target on shares of Pure Storage from $80.00 to $100.00 and gave the company an "overweight" rating in a research report on Friday, September 26th. Northland Securities boosted their price target on Pure Storage from $63.00 to $71.00 and gave the stock a "market perform" rating in a research note on Thursday, August 28th. Wall Street Zen raised Pure Storage from a "hold" rating to a "buy" rating in a research note on Saturday, August 30th. Finally, Morgan Stanley lifted their price objective on Pure Storage from $60.00 to $72.00 and gave the stock an "equal weight" rating in a report on Thursday, August 28th. Fourteen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $81.06.

Pure Storage Price Performance

The firm has a market capitalization of $28.58 billion, a PE ratio of 212.27, a P/E/G ratio of 7.96 and a beta of 1.22. The company has a 50-day moving average price of $70.98 and a 200-day moving average price of $57.81.

Pure Storage (NYSE:PSTG - Get Free Report) last released its earnings results on Wednesday, August 27th. The technology company reported $0.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.39 by $0.04. The company had revenue of $861.00 million for the quarter, compared to analyst estimates of $845.78 million. Pure Storage had a net margin of 4.15% and a return on equity of 11.34%. The firm's quarterly revenue was up 12.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.44 EPS. Pure Storage has set its FY 2026 guidance at EPS. Q3 2026 guidance at EPS. On average, research analysts predict that Pure Storage, Inc. will post 0.44 earnings per share for the current fiscal year.

Insider Transactions at Pure Storage

In other Pure Storage news, Director Roxanne Taylor sold 3,000 shares of the firm's stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $76.93, for a total value of $230,790.00. Following 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $87.33, for a total value of $8,733,000.00. Following the completion of the sale, the insider owned 300,000 shares of the company's stock, valued at $26,199,000. This trade represents a 25.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold 650,070 shares of company stock worth $42,844,896 in the last three months. 5.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Pure Storage

Several institutional investors and hedge funds have recently added to or reduced their stakes in PSTG. Vanguard Group Inc. lifted its stake in shares of Pure Storage by 0.9% in the 2nd quarter. Vanguard Group Inc. now owns 33,268,006 shares of the technology company's stock valued at $1,915,572,000 after purchasing an additional 308,738 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in 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 buying an additional 1,868,782 shares during the period. Geode Capital Management LLC raised its holdings in Pure Storage by 1.7% in the second quarter. Geode Capital Management LLC now owns 7,273,696 shares of the technology company's stock valued at $417,830,000 after buying an additional 123,320 shares during the period. William Blair Investment Management LLC lifted its position in Pure Storage by 112.9% during the second quarter. William Blair Investment Management LLC now owns 4,926,836 shares of the technology company's stock valued at $283,687,000 after buying an additional 2,612,300 shares in the last quarter. Finally, Norges Bank purchased a new stake in Pure Storage during the second quarter worth approximately $225,203,000. 83.42% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.