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

Key Points

• Evercore ISI raised the price target for Pure Storage from $90.00 to $105.00, indicating a potential upside of 14.12% from the current stock price, and maintained an "outperform" rating.
• Multiple analysts, including Guggenheim and Citigroup, also updated their price targets for Pure Storage, reflecting growing investor confidence with a consensus rating of "Moderate Buy."
• During recent trading, Pure Storage experienced a slight increase of 0.2%, reaching a price of $92.01 with a market cap of $30.24 billion following a strong earnings report.

Pure Storage (NYSE:PSTG - Get Free Report) had its target price increased by investment analysts at Evercore ISI from $90.00 to $105.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an "outperform" rating on the technology company's stock. Evercore ISI's price target points to a potential upside of 14.12% from the company's current price.

Other equities research analysts have also issued reports about the stock. Guggenheim raised their price objective on shares of Pure Storage from $93.00 to $105.00 and gave the company a "buy" rating in a report on Friday, September 26th. Wedbush raised their price objective on shares of Pure Storage from $70.00 to $80.00 and gave the company an "outperform" rating in a report on Thursday, August 28th. Northland Securities raised their price objective on shares of Pure Storage from $63.00 to $71.00 and gave the company a "market perform" rating in a report on Thursday, August 28th. Citigroup raised their price objective on shares of Pure Storage from $70.00 to $81.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Finally, Morgan Stanley raised their price objective on shares of Pure Storage from $60.00 to $72.00 and gave the company an "equal weight" rating in a report on Thursday, August 28th. Fourteen analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Pure Storage presently has a consensus rating of "Moderate Buy" and an average price target of $83.89.

Pure Storage Stock Up 0.2%

Pure Storage stock traded up $0.16 during mid-day trading on Monday, reaching $92.01. 1,041,253 shares of the company's stock were exchanged, compared to its average volume of 2,885,974. The company has a market cap of $30.24 billion, a P/E ratio of 224.36, a P/E/G ratio of 8.47 and a beta of 1.22. Pure Storage has a twelve month low of $34.51 and a twelve month high of $95.14. The company has a fifty day moving average of $78.32 and a 200-day moving average of $61.22.

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, topping 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 business earned $0.44 EPS. Pure Storage has set its FY 2026 guidance at EPS. Q3 2026 guidance at EPS. Equities research analysts expect that Pure Storage will post 0.44 earnings per share for the current fiscal year.

Insider Activity at Pure Storage

In related news, CRO Dan Fitzsimons sold 6,051 shares of the stock in a transaction on Tuesday, September 23rd. The shares were 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 $5,486,391.78. This trade represents a 8.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Mona Chu sold 17,500 shares of the stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $76.51, for a total transaction of $1,338,925.00. Following the completion of the transaction, the chief accounting officer directly owned 138,899 shares in the company, valued at $10,627,162.49. This trade represents a 11.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 743,111 shares of company stock valued at $51,703,009. Corporate insiders own 5.60% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PSTG. Norges Bank purchased a new position in Pure Storage during the 2nd quarter worth $225,203,000. Atreides Management LP purchased a new position in Pure Storage during the 2nd quarter worth $204,552,000. William Blair Investment Management LLC grew its position in Pure Storage by 112.9% during 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 purchasing an additional 2,612,300 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in shares of 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 acquiring an additional 1,868,782 shares in the last quarter. Finally, Federated Hermes Inc. boosted its holdings in shares of Pure Storage by 1,560.9% in the second quarter. Federated Hermes Inc. now owns 1,343,658 shares of the technology company's stock valued at $77,368,000 after acquiring an additional 1,262,758 shares in the last quarter. 83.42% of the stock is owned by hedge funds and other 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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