Pure Storage (NYSE:PSTG) Hits New 52-Week High - Time to Buy?

Key Points

• Pure Storage's stock reached a new 52-week high of $93.99, closing slightly lower at $93.15 with over 3.9 million shares traded.
• Several analysts have raised their price targets for the stock, with Guggenheim setting it at $105.00 and Needham & Company at $100.00, both assigning "buy" ratings.
• In the last quarter, Pure Storage reported $861 million in revenue, exceeding analyst estimates and showing a year-over-year growth of 12.7%.

Pure Storage, Inc. (NYSE:PSTG - Get Free Report)'s stock price reached a new 52-week high on Thursday . The stock traded as high as $93.99 and last traded at $93.15, with a volume of 3937603 shares changing hands. The stock had previously closed at $87.90.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PSTG. Guggenheim boosted their price target on Pure Storage from $93.00 to $105.00 and gave the company a "buy" rating in a research note on Friday, September 26th. Needham & Company LLC boosted their price target on Pure Storage from $85.00 to $100.00 and gave the company a "buy" rating in a research note on Friday, September 26th. Bank of America upped their target price on Pure Storage from $76.00 to $80.00 and gave the stock a "neutral" rating in a research report on Thursday, August 28th. JPMorgan Chase & Co. upped their target price on Pure Storage from $70.00 to $80.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Finally, Lake Street Capital upped their target price on Pure Storage from $70.00 to $80.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Fourteen investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Pure Storage has an average rating of "Moderate Buy" and an average price target of $81.06.

Pure Storage Price Performance

The business has a 50 day moving average of $73.43 and a 200 day moving average of $58.88. The firm has a market capitalization of $30.42 billion, a price-to-earnings ratio of 225.77, a price-to-earnings-growth ratio of 8.17 and a beta of 1.22.

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

Insiders Place Their Bets

In related news, insider Ajay Singh sold 7,014 shares of the company's stock in a transaction on Wednesday, September 24th. The stock was sold at an average price of $85.85, for a total value of $602,151.90. Following the completion of the transaction, the insider directly owned 229,307 shares in the company, valued at approximately $19,686,005.95. This represents a 2.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Mona Chu sold 17,500 shares of the company's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $76.51, for a total value of $1,338,925.00. Following the completion of the transaction, the chief accounting officer owned 138,899 shares of the company's stock, valued at $10,627,162.49. The trade was a 11.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 650,070 shares of company stock valued at $42,844,896 in the last ninety days. 5.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of PSTG. Norges Bank acquired a new position in Pure Storage during the second quarter worth $225,203,000. Atreides Management LP bought a new position in Pure Storage in the second quarter valued at about $204,552,000. William Blair Investment Management LLC boosted its holdings in Pure Storage by 112.9% in 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 acquiring an additional 2,612,300 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in Pure Storage by 25.9% during the first quarter. T. Rowe Price Investment Management Inc. now owns 9,075,944 shares of the technology company's stock worth $401,793,000 after buying an additional 1,868,782 shares during the last quarter. Finally, Federated Hermes Inc. boosted its holdings in Pure Storage by 1,560.9% during the second quarter. Federated Hermes Inc. now owns 1,343,658 shares of the technology company's stock worth $77,368,000 after buying an additional 1,262,758 shares during the last quarter. 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.

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