Guggenheim Issues Positive Forecast for Pure Storage (NYSE:PSTG) Stock Price

Pure Storage (NYSE:PSTG) had its target price increased by Guggenheim from $93.00 to $105.00 in a research note published on Friday morning, MarketBeat Ratings reports. The firm currently has a buy rating on the technology company’s stock.

A number of other equities analysts have also weighed in on PSTG. Morgan Stanley upped their price target on shares of Pure Storage from $60.00 to $72.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 28th. UBS Group raised their target price on shares of Pure Storage from $50.00 to $55.00 and gave the company a “sell” rating in a research note on Thursday, August 28th. Cowen reiterated a “buy” rating on shares of Pure Storage in a report on Thursday, August 28th. Evercore ISI increased their price objective on shares of Pure Storage from $85.00 to $90.00 and gave the company an “outperform” rating in a report on Friday. Finally, Northland Securities lifted their target price on Pure Storage from $63.00 to $71.00 and gave the stock a “market perform” rating in a report on Thursday, August 28th. Fourteen research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Pure Storage presently has an average rating of “Moderate Buy” and a consensus price target of $81.06.

Pure Storage Stock Down 1.2%

Shares of NYSE:PSTG opened at $82.46 on Friday. The firm’s 50 day moving average price is $68.71 and its 200-day moving average price is $56.94. Pure Storage has a twelve month low of $34.51 and a twelve month high of $89.10. The stock has a market capitalization of $27.10 billion, a PE ratio of 201.13, a price-to-earnings-growth ratio of 7.65 and a beta of 1.20.

Pure Storage (NYSE:PSTG) last issued its quarterly earnings data 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. Pure Storage had a net margin of 4.15% and a return on equity of 11.34%. The firm had revenue of $861.00 million for the quarter, compared to analysts’ expectations of $845.78 million. During the same quarter in the prior year, the business earned $0.44 EPS. The business’s quarterly revenue 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. Analysts expect that Pure Storage will post 0.44 earnings per share for the current fiscal year.

Insider Activity at Pure Storage

In related 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 value of $1,253,225.45. Following the transaction, the insider owned 261,465 shares of the company’s stock, valued at $14,498,234.25. This trade represents a 7.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John Francis Murphy sold 6,959 shares of the firm’s stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $56.17, for a total transaction of $390,887.03. Following the completion of the transaction, the director directly owned 19,706 shares in the company, valued at $1,106,886.02. This represents a 26.10% decrease in their position. The disclosure for this sale can be found here. Insiders sold 663,580 shares of company stock valued at $43,326,205 over the last three months. Corporate insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Pure Storage

Hedge funds have recently made changes to their positions in the company. Mechanics Financial Corp purchased a new stake in Pure Storage in the second quarter worth about $25,000. MassMutual Private Wealth & Trust FSB lifted its stake in Pure Storage by 55.9% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 650 shares of the technology company’s stock worth $29,000 after acquiring an additional 233 shares during the period. True Wealth Design LLC lifted its stake in Pure Storage by 402.8% in the second quarter. True Wealth Design LLC now owns 548 shares of the technology company’s stock worth $32,000 after acquiring an additional 439 shares during the period. SouthState Corp lifted its stake in Pure Storage by 474.8% in the second quarter. SouthState Corp now owns 592 shares of the technology company’s stock worth $34,000 after acquiring an additional 489 shares during the period. Finally, FNY Investment Advisers LLC lifted its stake in Pure Storage by 5,233.3% in the first quarter. FNY Investment Advisers LLC now owns 800 shares of the technology company’s stock worth $35,000 after acquiring an additional 785 shares during the period. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

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.