Pure Storage (NYSE:PSTG) Reaches New 52-Week High - Here's What Happened

Key Points

• Pure Storage shares reached a new 52-week high of $87.17 during trading, reflecting a notable increase from a previous close of $82.30.
• Analyst forecasts suggest strong future growth, with multiple firms including Barclays and Citigroup raising their price targets to as high as $81.00, while maintaining ratings of "Buy" or "Equal Weight".
• Insider activity has seen significant stock sales, including an insider selling over 95,300 shares for approximately $5.7 million, representing a decrease in their ownership stake.

Pure Storage, Inc. (NYSE:PSTG - Get Free Report) shares reached a new 52-week high during trading on Tuesday . The stock traded as high as $87.17 and last traded at $86.91, with a volume of 4709426 shares changing hands. The stock had previously closed at $82.30.

Wall Street Analysts Forecast Growth

PSTG has been the topic of several analyst reports. Barclays increased their price objective on shares of Pure Storage from $57.00 to $70.00 and gave the company an "equal weight" rating in a report on Friday, August 29th. Morgan Stanley increased 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. Cowen restated a "buy" rating on shares of Pure Storage in a report on Thursday, August 28th. Citigroup increased 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, Evercore ISI increased their price objective on shares of Pure Storage from $80.00 to $85.00 and gave the company an "outperform" rating in a report on Thursday, September 4th. Fourteen equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $77.39.

Pure Storage Stock Up 5.6%

The company's fifty day simple moving average is $63.39 and its two-hundred day simple moving average is $54.63. The company has a market capitalization of $28.40 billion, a price-to-earnings ratio of 211.98, a price-to-earnings-growth ratio of 7.69 and a beta of 1.20.

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, topping the consensus estimate 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 business's revenue for the quarter was up 12.7% compared to the same quarter last year. During the same period last year, the business posted $0.44 earnings per share. Pure Storage has set its FY 2026 guidance at EPS. Q3 2026 guidance at EPS. Equities research analysts expect that Pure Storage, Inc. will post 0.44 earnings per share for the current year.

Insider Activity at Pure Storage

In other news, insider John Colgrove sold 95,300 shares of the stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $60.08, for a total transaction of $5,725,624.00. Following the completion of the sale, the insider owned 400,000 shares of the company's stock, valued at $24,032,000. This represents a 19.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mona Chu sold 17,500 shares of the stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $76.51, for a total transaction of $1,338,925.00. Following the sale, the chief accounting officer directly owned 138,899 shares of the company's stock, valued at $10,627,162.49. This represents a 11.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 551,360 shares of company stock valued at $33,317,922 over the last three months. Insiders own 5.60% of the company's stock.

Institutional Investors Weigh In On Pure Storage

Several large investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of Pure Storage by 0.9% during the second quarter. Vanguard Group Inc. now owns 33,268,006 shares of the technology company's stock worth $1,915,572,000 after acquiring an additional 308,738 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its position in 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 purchasing an additional 1,868,782 shares in the last quarter. Geode Capital Management LLC grew its position in Pure Storage by 1.7% in the second quarter. Geode Capital Management LLC now owns 7,273,696 shares of the technology company's stock valued at $417,830,000 after purchasing an additional 123,320 shares in the last quarter. William Blair Investment Management LLC grew its position in Pure Storage by 112.9% in the second quarter. William Blair Investment Management LLC now owns 4,926,836 shares of the technology company's stock valued at $283,687,000 after purchasing an additional 2,612,300 shares in the last quarter. Finally, Norges Bank bought a new position in Pure Storage in the second quarter valued at $225,203,000. Institutional investors own 83.42% of the company's stock.

About Pure Storage

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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