Pure Storage (NYSE:PSTG) Hits New 52-Week High - Here's What Happened

Key Points

• Pure Storage (NYSE:PSTG) achieved a new 52-week high, trading at $96.08, with significant trading volume of 306,233 shares.
• Analysts have raised their price targets for Pure Storage, with Wells Fargo setting the highest target at $100.00, indicating strong analyst confidence in the stock.
• The company reported quarterly earnings of $0.43 per share, exceeding expectations and showing a 12.7% increase in revenue compared to the previous year.

Pure Storage, Inc. (NYSE:PSTG - Get Free Report) reached a new 52-week high on Friday . The company traded as high as $96.08 and last traded at $93.82, with a volume of 306233 shares changing hands. The stock had previously closed at $93.63.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Raymond James Financial boosted their target price on Pure Storage from $88.00 to $99.00 and gave the company an "outperform" rating in a research note on Friday, October 17th. Bank of America upped their price target on Pure Storage from $76.00 to $80.00 and gave the company a "neutral" rating in a research report on Thursday, August 28th. Wells Fargo & Company upped their price target on Pure Storage from $80.00 to $100.00 and gave the company an "overweight" rating in a research report on Friday, September 26th. UBS Group set a $110.00 price target on Pure Storage in a research report on Tuesday. Finally, Morgan Stanley upped their price target on Pure Storage from $60.00 to $72.00 and gave the company an "equal weight" rating in a research report on Thursday, August 28th. Fourteen equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $88.56.

Pure Storage Trading Up 0.8%

The firm has a 50 day moving average of $80.91 and a two-hundred day moving average of $62.36. The company has a market cap of $31.02 billion, a PE ratio of 230.42, a P/E/G ratio of 8.19 and a beta of 1.22.

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

Insider Buying and Selling

In related news, CRO Dan Fitzsimons sold 6,051 shares of the firm's stock in a transaction on Tuesday, September 23rd. The stock was sold at an average price of $87.42, for a total value of $528,978.42. Following the transaction, the executive directly owned 62,759 shares of the company's stock, valued at approximately $5,486,391.78. This trade represents a 8.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Colgrove sold 198,749 shares of the firm's stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $60.32, for a total value of $11,988,539.68. Following the completion of the transaction, the insider directly owned 500,000 shares in the company, valued at approximately $30,160,000. This represents a 28.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 743,111 shares of company stock valued at $51,703,009 in the last 90 days. 5.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Pure Storage

Institutional investors and hedge funds have recently bought and sold shares of the business. LPL Financial LLC raised its holdings in Pure Storage by 22.6% during the first quarter. LPL Financial LLC now owns 118,368 shares of the technology company's stock valued at $5,240,000 after acquiring an additional 21,812 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Pure Storage by 13.4% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 275,796 shares of the technology company's stock valued at $12,209,000 after acquiring an additional 32,611 shares in the last quarter. Crumly & Associates Inc. bought a new position in Pure Storage in the second quarter worth approximately $242,000. Michael S. Ryan Inc. purchased a new position in Pure Storage in the second quarter worth $254,000. Finally, D.A. Davidson & CO. grew its holdings in shares of Pure Storage by 7.7% during the first quarter. D.A. Davidson & CO. now owns 7,000 shares of the technology company's stock valued at $310,000 after buying an additional 500 shares during the last quarter. 83.42% of the stock is owned by institutional investors.

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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