Pure Storage (NYSE:PSTG) Price Target Raised to $80.00 at Bank of America

Key Points

• Bank of America raised the price target for Pure Storage from $76.00 to $80.00, maintaining a "neutral" rating on the stock, which implies a potential upside of 0.16% from the previous close.
• Other brokerages have varying assessments, with Needham & Company boosting their target to $85.00 and Evercore ISI to $80.00, indicating strong confidence in the stock's performance.
• Pure Storage reported positive earnings, with $0.43 per share for the last quarter, surpassing analyst expectations and demonstrating a year-over-year revenue growth of 12.7%.

Pure Storage (NYSE:PSTG - Get Free Report) had its price objective increased by investment analysts at Bank of America from $76.00 to $80.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "neutral" rating on the technology company's stock. Bank of America's target price suggests a potential upside of 0.16% from the company's previous close.

A number of other brokerages have also recently weighed in on PSTG. Needham & Company LLC boosted their price target on shares of Pure Storage from $75.00 to $85.00 and gave the company a "buy" rating in a research report on Thursday. Evercore ISI boosted their price objective on shares of Pure Storage from $70.00 to $80.00 and gave the stock an "outperform" rating in a report on Thursday. Guggenheim reaffirmed a "buy" rating and issued a $93.00 price target on shares of Pure Storage in a report on Thursday. Wall Street Zen downgraded shares of Pure Storage from a "buy" rating to a "hold" rating in a research note on Friday, August 22nd. Finally, Wedbush upped their price target on shares of Pure Storage from $70.00 to $80.00 and gave the stock an "outperform" rating in a research report on Thursday. Fourteen investment 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. Based on data from MarketBeat.com, Pure Storage has an average rating of "Moderate Buy" and an average target price of $73.56.

Pure Storage Stock Performance

Shares of NYSE PSTG traded up $19.02 during midday trading on Thursday, reaching $79.88. 11,662,141 shares of the stock were exchanged, compared to its average volume of 2,761,988. The company has a 50 day simple moving average of $56.92 and a 200 day simple moving average of $53.40. The stock has a market capitalization of $26.11 billion, a P/E ratio of 215.54, a PEG ratio of 6.19 and a beta of 1.07. Pure Storage has a twelve month low of $34.51 and a twelve month high of $79.19.

Pure Storage (NYSE:PSTG - Get Free Report) last posted its earnings results on Wednesday, August 27th. The technology company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.04. Pure Storage had a net margin of 3.93% and a return on equity of 13.98%. The firm had revenue of $861.00 million during the quarter, compared to the consensus estimate of $845.78 million. During the same quarter last year, the firm earned $0.44 EPS. The firm's revenue for the quarter was up 12.7% on a year-over-year basis. Pure Storage has set its FY 2026 guidance at EPS. Q3 2026 guidance at EPS. On average, research analysts expect that Pure Storage will post 0.44 earnings per share for the current year.

Insider Activity

In other Pure Storage news, insider Ajay Singh sold 22,601 shares of the firm's stock in a transaction dated 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 transaction, the insider owned 261,465 shares of the company's stock, valued at approximately $14,498,234.25. This trade represents a 7.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John Colgrove sold 198,749 shares of Pure Storage stock in a transaction that occurred on 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 completion of the transaction, the insider directly owned 500,000 shares in the company, valued at $30,160,000. This represents a 28.44% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 446,794 shares of company stock valued at $26,641,913. 5.60% of the stock is owned by company insiders.

Institutional Trading of Pure Storage

Institutional investors and hedge funds have recently modified their holdings of the company. Penserra Capital Management LLC increased its position in shares of Pure Storage by 11.8% during the 2nd quarter. Penserra Capital Management LLC now owns 1,666 shares of the technology company's stock worth $95,000 after purchasing an additional 176 shares in the last quarter. Empowered Funds LLC grew its position in shares of Pure Storage by 4.2% during the 1st quarter. Empowered Funds LLC now owns 4,790 shares of the technology company's stock worth $212,000 after buying an additional 194 shares during the period. Ramirez Asset Management Inc. grew its holdings in Pure Storage by 40.0% during the second quarter. Ramirez Asset Management Inc. now owns 700 shares of the technology company's stock valued at $40,000 after purchasing an additional 200 shares during the period. REAP Financial Group LLC grew its holdings in Pure Storage by 49.0% during the second quarter. REAP Financial Group LLC now owns 611 shares of the technology company's stock valued at $35,000 after purchasing an additional 201 shares during the period. Finally, GraniteShares Advisors LLC grew its holdings in Pure Storage by 2.6% during the second quarter. GraniteShares Advisors LLC now owns 8,001 shares of the technology company's stock valued at $461,000 after purchasing an additional 206 shares during the period. 83.42% of the stock is currently owned by institutional investors and hedge funds.

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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