Pure Storage (NYSE:PSTG) Reaches New 12-Month High - Here's What Happened

Key Points

• Pure Storage shares reached a new 52-week high at $94.94 during trading, reflecting a significant increase compared to its previous close of $92.50.
• Analysts have set varied price targets for Pure Storage, with estimates ranging from $55.00 to $100.00, and the stock has a consensus rating of "Moderate Buy" with an average target price of $81.06.
• The company reported an EPS of $0.43 in its latest quarterly earnings, exceeding expectations and indicating a year-over-year revenue growth of 12.7%.

Shares of Pure Storage, Inc. (NYSE:PSTG - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $94.94 and last traded at $94.37, with a volume of 141481 shares changing hands. The stock had previously closed at $92.50.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PSTG. Barclays raised their price objective on shares of Pure Storage from $57.00 to $70.00 and gave the stock an "equal weight" rating in a research note on Friday, August 29th. UBS Group raised their price objective on shares of Pure Storage from $50.00 to $55.00 and gave the stock a "sell" rating in a research note on Thursday, August 28th. Needham & Company LLC lifted their target price on shares of Pure Storage from $85.00 to $100.00 and gave the stock a "buy" rating in a research note on Friday, September 26th. Piper Sandler set a $92.00 target price on shares of Pure Storage and gave the stock an "overweight" rating in a research note on Thursday, September 25th. Finally, Bank of America lifted their target price on shares of Pure Storage from $76.00 to $80.00 and gave the stock a "neutral" rating in a research note on Thursday, August 28th. Fourteen research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $81.06.

Pure Storage Stock Performance

The stock has a market cap of $30.68 billion, a price-to-earnings ratio of 227.99, a price-to-earnings-growth ratio of 8.60 and a beta of 1.22. The business's fifty day simple moving average is $76.26 and its 200 day simple moving average is $60.10.

Pure Storage (NYSE:PSTG - Get Free Report) last issued its quarterly earnings data 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 firm 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 revenue was up 12.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.44 EPS. Pure Storage has set its FY 2026 guidance at EPS. Q3 2026 guidance at EPS. As a group, analysts forecast that Pure Storage, Inc. will post 0.44 EPS for the current fiscal year.

Insider Activity

In other Pure Storage news, CRO Dan Fitzsimons sold 6,051 shares of the business's 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 transaction, the executive directly owned 62,759 shares of the company's stock, valued at $5,486,391.78. The trade was a 8.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 transaction of $1,338,925.00. Following the transaction, the chief accounting officer directly owned 138,899 shares of the company's stock, valued at $10,627,162.49. The trade was 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 643,111 shares of company stock valued at $42,454,009. Company insiders own 5.60% of the company's stock.

Institutional Trading of Pure Storage

Several institutional investors and hedge funds have recently added to or reduced their stakes in PSTG. Farther Finance Advisors LLC grew its position in Pure Storage by 32.7% during the 1st quarter. Farther Finance Advisors LLC now owns 2,634 shares of the technology company's stock worth $120,000 after purchasing an additional 649 shares in the last quarter. GAMMA Investing LLC grew its position in Pure Storage by 59.4% during the 1st quarter. GAMMA Investing LLC now owns 5,118 shares of the technology company's stock worth $227,000 after purchasing an additional 1,908 shares in the last quarter. Fifth Third Bancorp grew its position in Pure Storage by 11.3% during the 1st quarter. Fifth Third Bancorp now owns 5,339 shares of the technology company's stock worth $236,000 after purchasing an additional 542 shares in the last quarter. Exchange Traded Concepts LLC grew its position in Pure Storage by 38.6% during the 1st quarter. Exchange Traded Concepts LLC now owns 73,004 shares of the technology company's stock worth $3,232,000 after purchasing an additional 20,320 shares in the last quarter. Finally, QRG Capital Management Inc. grew its position in Pure Storage by 11.5% during the 1st quarter. QRG Capital Management Inc. now owns 15,118 shares of the technology company's stock worth $669,000 after purchasing an additional 1,562 shares in the last quarter. 83.42% of the stock is 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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