Pure Storage (NYSE:PSTG) Price Target Raised to $105.00

Key Points

• JPMorgan Chase & Co. raised the price target for Pure Storage from $80.00 to $105.00, indicating a potential upside of 13.16% from the current stock price.
• In total, fourteen analysts rated Pure Storage with a Buy rating while the consensus price target stands at $82.44.
• The company reported a strong quarterly performance with earnings per share of $0.43, exceeding expectations and reflecting a 12.7% year-over-year revenue growth.

Pure Storage (NYSE:PSTG - Get Free Report) had its price target increased by equities research analysts at JPMorgan Chase & Co. from $80.00 to $105.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the technology company's stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 13.16% from the company's current price.

Several other equities research analysts have also commented on the company. 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 report on Thursday, August 28th. Evercore ISI increased their price target on Pure Storage from $85.00 to $90.00 and gave the stock an "outperform" rating in a report on Friday, September 26th. Wedbush increased their price objective on Pure Storage from $70.00 to $80.00 and gave the stock an "outperform" rating in a research note on Thursday, August 28th. UBS Group increased their price objective on Pure Storage from $50.00 to $55.00 and gave the stock a "sell" rating in a research note on Thursday, August 28th. Finally, Barclays increased their price objective on Pure Storage from $57.00 to $70.00 and gave the stock an "equal weight" rating in a research note on Friday, August 29th. Fourteen analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $82.44.

Pure Storage Trading Up 0.3%

NYSE:PSTG opened at $92.79 on Thursday. The stock has a market cap of $30.49 billion, a P/E ratio of 226.31, a PEG ratio of 8.59 and a beta of 1.22. The stock has a 50 day simple moving average of $76.97 and a 200 day simple moving average of $60.32. Pure Storage has a 1-year low of $34.51 and a 1-year high of $94.94.

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

Insiders Place Their Bets

In related news, insider John Colgrove sold 198,749 shares of the business's stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $60.32, for a total transaction of $11,988,539.68. Following the transaction, the insider owned 500,000 shares in the company, valued at $30,160,000. The trade was a 28.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Mona Chu sold 17,500 shares of the business's stock in a transaction dated 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 transaction, the chief accounting officer owned 138,899 shares in the company, valued at approximately $10,627,162.49. This represents a 11.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 643,111 shares of company stock worth $42,454,009 in the last quarter. 5.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Pure Storage

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in Pure Storage during the 2nd quarter valued at $225,203,000. Atreides Management LP purchased a new stake in Pure Storage in the 2nd quarter worth $204,552,000. William Blair Investment Management LLC increased its stake in Pure Storage by 112.9% in the 2nd quarter. William Blair Investment Management LLC now owns 4,926,836 shares of the technology company's stock worth $283,687,000 after buying an additional 2,612,300 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in shares of Pure Storage by 25.9% during the 1st 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 purchasing an additional 1,868,782 shares during the last quarter. Finally, Federated Hermes Inc. boosted its holdings in shares of Pure Storage by 1,560.9% during the 2nd quarter. Federated Hermes Inc. now owns 1,343,658 shares of the technology company's stock valued at $77,368,000 after purchasing an additional 1,262,758 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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