Pure Storage (NYSE:PSTG) Price Target Raised to $55.00

Key Points

• Investment analysts at UBS Group raised the target price for Pure Storage (NYSE:PSTG) from $50.00 to $55.00, indicating a potential downside of 26.82% from the current stock price.
• Other firms like Wedbush and Needham & Company have also increased their price targets to $80.00 and $85.00 respectively, reflecting a positive outlook with multiple analysts rating the stock as a "Moderate Buy."
• Pure Storage has reported a quarterly earnings beat, posting an EPS of $0.43 against expectations of $0.39, with revenue rising 12.7% year-over-year to $861 million.

Pure Storage (NYSE:PSTG - Get Free Report) had its target price increased by investment analysts at UBS Group from $50.00 to $55.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a "sell" rating on the technology company's stock. UBS Group's target price suggests a potential downside of 26.82% from the stock's current price.

PSTG has been the subject of several other reports. Wedbush raised 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. Needham & Company LLC boosted their target price on Pure Storage from $75.00 to $85.00 and gave the stock a "buy" rating in a report on Thursday. Citigroup reissued a "buy" rating on shares of Pure Storage in a research note on Thursday. Wall Street Zen cut Pure Storage from a "buy" rating to a "hold" rating in a report on Friday, August 22nd. Finally, Piper Sandler restated an "overweight" rating on shares of Pure Storage in a report on Thursday. Thirteen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $71.50.

Pure Storage Price Performance

PSTG opened at $75.15 on Thursday. Pure Storage has a 12 month low of $34.51 and a 12 month high of $75.68. The stock has a market cap of $24.56 billion, a P/E ratio of 201.26, a P/E/G ratio of 6.19 and a beta of 1.07. The stock's 50 day moving average price is $56.92 and its 200 day moving average price is $53.40.

Pure Storage (NYSE:PSTG - Get Free Report) last posted its earnings results on Wednesday, August 27th. The technology company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.39 by $0.04. Pure Storage had a return on equity of 13.98% and a net margin of 3.93%.The firm had revenue of $861.00 million for the quarter, compared to analysts' expectations of $845.78 million. During the same period last year, the firm earned $0.44 EPS. The firm'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. Equities analysts anticipate that Pure Storage will post 0.44 EPS for the current year.

Insider Buying and Selling at Pure Storage

In related news, insider John Colgrove sold 198,749 shares of Pure Storage stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $60.32, for a total value of $11,988,539.68. Following the transaction, the insider directly owned 500,000 shares of the company's stock, valued at $30,160,000. This trade represents a 28.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John Francis Murphy sold 6,959 shares of the business's stock in a transaction on Friday, July 11th. The stock was sold at an average price of $56.17, for a total transaction of $390,887.03. Following the sale, the director directly owned 19,706 shares in the company, valued at approximately $1,106,886.02. The trade was a 26.10% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 446,794 shares of company stock valued at $26,641,913 in the last three months. Corporate insiders own 5.60% of the company's stock.

Institutional Trading of Pure Storage

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. McIlrath & Eck LLC acquired a new position in shares of Pure Storage during the fourth quarter worth $25,000. Mechanics Financial Corp acquired a new position in Pure Storage in the second quarter valued at $25,000. True Wealth Design LLC lifted its holdings in Pure Storage by 402.8% in the second quarter. True Wealth Design LLC now owns 548 shares of the technology company's stock valued at $32,000 after buying an additional 439 shares during the period. SouthState Corp lifted its holdings in Pure Storage by 474.8% in the second quarter. SouthState Corp now owns 592 shares of the technology company's stock valued at $34,000 after buying an additional 489 shares during the period. Finally, REAP Financial Group LLC lifted its holdings in Pure Storage by 49.0% in the second quarter. REAP Financial Group LLC now owns 611 shares of the technology company's stock valued at $35,000 after buying an additional 201 shares during the period. 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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