Pure Storage (NYSE:PSTG) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Key Points

• Needham & Company LLC has raised its target price for Pure Storage's stock from $85.00 to $100.00, suggesting a potential upside of 19.89% from its current price.
• A total of fourteen research analysts have rated Pure Storage primarily with a "Buy" rating, indicating strong confidence in the stock's performance.
• Pure Storage reported a quarterly earnings per share of $0.43, exceeding analysts' expectations, along with a revenue of $861 million, which represents a year-over-year growth of 12.7%.

Pure Storage (NYSE:PSTG - Get Free Report) had its target price raised by equities researchers at Needham & Company LLC from $85.00 to $100.00 in a report issued on Friday,Benzinga reports. The firm currently has a "buy" rating on the technology company's stock. Needham & Company LLC's target price points to a potential upside of 19.89% from the company's current price.

Several other research firms have also commented on PSTG. Cowen reiterated a "buy" rating on shares of Pure Storage in a research report on Thursday, August 28th. Wells Fargo & Company raised their price target on shares of Pure Storage from $80.00 to $100.00 and gave the stock an "overweight" rating in a research note on Friday. Lake Street Capital raised their price target on shares of Pure Storage from $70.00 to $80.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Raymond James Financial raised their target price on shares of Pure Storage from $76.00 to $88.00 and gave the company an "outperform" rating in a research report on Thursday, August 28th. Finally, Piper Sandler set a $92.00 target price on shares of Pure Storage and gave the company an "overweight" rating in a research report on Thursday. Fourteen equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Pure Storage currently has a consensus rating of "Moderate Buy" and a consensus price target of $80.39.

Pure Storage Trading Down 1.7%

Shares of PSTG stock opened at $83.41 on Friday. The stock has a market cap of $27.41 billion, a P/E ratio of 203.45, a P/E/G ratio of 7.88 and a beta of 1.20. Pure Storage has a 12 month low of $34.51 and a 12 month high of $89.10. The company has a 50 day simple moving average of $68.22 and a two-hundred day simple moving average 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 earnings per share for the quarter, topping analysts' consensus estimates of $0.39 by $0.04. The business had revenue of $861.00 million during 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 company's revenue was up 12.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.44 earnings per share. Pure Storage has set its FY 2026 guidance at EPS. Q3 2026 guidance at EPS. As a group, equities analysts forecast that Pure Storage will post 0.44 earnings per share for the current year.

Insider Buying and Selling

In related news, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction that occurred on Thursday, September 18th. The shares were sold at an average price of $87.33, for a total value of $8,733,000.00. Following the completion of the sale, the insider directly owned 300,000 shares in the company, valued at $26,199,000. This trade represents a 25.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Roxanne Taylor sold 3,000 shares of Pure Storage stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $76.93, for a total transaction of $230,790.00. Following the completion of the sale, the director owned 16,343 shares of the company's stock, valued at $1,257,266.99. This trade represents a 15.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 656,566 shares of company stock worth $42,724,053 over the last ninety days. Company insiders own 5.60% of the company's stock.

Institutional Trading of Pure Storage

A number of institutional investors have recently bought and sold shares of the stock. LPL Financial LLC raised its position in Pure Storage by 22.6% during the 1st quarter. LPL Financial LLC now owns 118,368 shares of the technology company's stock worth $5,240,000 after buying an additional 21,812 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Pure Storage by 13.4% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 275,796 shares of the technology company's stock worth $12,209,000 after buying an additional 32,611 shares during the last quarter. Crumly & Associates Inc. purchased a new position in Pure Storage during the 2nd quarter worth approximately $242,000. Michael S. Ryan Inc. purchased a new position in Pure Storage during the 2nd quarter worth approximately $254,000. Finally, D.A. Davidson & CO. raised its position in Pure Storage by 7.7% during the 1st 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 last quarter. 83.42% of the stock is currently owned by institutional investors and hedge funds.

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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