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

Key Points

• Guggenheim raised the price target for Pure Storage (NYSE:PSTG) from $93.00 to $105.00, indicating a potential upside of 25.88% from its recent close.
• Analysts from multiple firms, including Bank of America and Citigroup, have also increased their target prices on Pure Storage, reflecting a general positive sentiment towards the stock.
• Insider trading has shown significant activity, with executives selling shares recently, including a notable transaction by CRO Dan Fitzsimons, who sold over 6,000 shares.

Pure Storage (NYSE:PSTG - Get Free Report) had its price target hoisted by research analysts at Guggenheim from $93.00 to $105.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the technology company's stock. Guggenheim's price target would indicate a potential upside of 25.88% from the company's previous close.

Other analysts have also issued research reports about the company. Bank of America increased their target price on shares of Pure Storage from $76.00 to $80.00 and gave the stock a "neutral" rating in a report on Thursday, August 28th. Citigroup boosted 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. Raymond James Financial raised their target price on Pure Storage from $76.00 to $88.00 and gave the stock an "outperform" rating in a research report on Thursday, August 28th. Piper Sandler set a $92.00 target price on shares of Pure Storage and gave the stock an "overweight" rating in a report on Thursday. Finally, 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 report on Friday. Fourteen analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $81.06.

Pure Storage Price Performance

PSTG stock opened at $83.41 on Friday. Pure Storage has a one year low of $34.51 and a one year high of $89.10. The stock has a market cap of $27.41 billion, a price-to-earnings ratio of 203.45, a price-to-earnings-growth ratio of 7.88 and a beta of 1.20. The company has a fifty day moving average price of $68.22 and a two-hundred day moving average price of $56.59.

Pure Storage (NYSE:PSTG - Get Free Report) last posted its quarterly earnings results on Wednesday, August 27th. The technology company reported $0.43 EPS for the quarter, topping analysts' consensus estimates of $0.39 by $0.04. The company had revenue of $861.00 million during the quarter, compared to analysts' expectations 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 quarter in the previous year, the firm earned $0.44 EPS. Pure Storage has set its FY 2026 guidance at EPS. Q3 2026 guidance at EPS. Research analysts anticipate that Pure Storage will post 0.44 EPS for the current fiscal year.

Insider Buying and Selling at Pure Storage

In other Pure Storage news, CRO Dan Fitzsimons sold 6,051 shares of Pure Storage stock in a transaction dated Tuesday, September 23rd. The shares were sold at an average price of $87.42, for a total transaction of $528,978.42. Following the completion of the sale, the executive directly owned 62,759 shares in the company, valued at $5,486,391.78. This trade represents a 8.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ajay Singh sold 22,601 shares of Pure Storage stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $55.45, for a total transaction of $1,253,225.45. Following the completion of the sale, the insider owned 261,465 shares of the company's stock, valued at $14,498,234.25. This trade represents a 7.96% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 656,566 shares of company stock worth $42,724,053. Insiders own 5.60% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in PSTG. LPL Financial LLC boosted its stake in shares of Pure Storage by 22.6% in the first quarter. LPL Financial LLC now owns 118,368 shares of the technology company's stock valued at $5,240,000 after purchasing 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 purchasing an additional 32,611 shares in the last quarter. Crumly & Associates Inc. bought a new position in Pure Storage during the second quarter valued at about $242,000. Michael S. Ryan Inc. acquired a new stake in shares of Pure Storage during the 2nd quarter valued at $254,000. Finally, D.A. Davidson & CO. boosted its position in shares of Pure Storage by 7.7% in the first quarter. D.A. Davidson & CO. now owns 7,000 shares of the technology company's stock worth $310,000 after buying an additional 500 shares during the period. Hedge funds and other institutional investors own 83.42% of the company's stock.

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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