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, MarketBeat.com reports. The brokerage currently has a buy rating on the technology company’s stock.

A number of other research analysts have also issued reports on PSTG. Wedbush upped their target price on shares of Pure Storage from $70.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, August 28th. UBS Group upped their target price on shares of Pure Storage from $50.00 to $55.00 and gave the company a “sell” rating in a report on Thursday, August 28th. Barclays upped their target price 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 stock an “equal weight” rating in a report on Thursday, August 28th. Finally, Needham & Company LLC increased their price objective on shares of Pure Storage from $85.00 to $100.00 and gave the stock a “buy” rating in a report on Friday. Fourteen research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.06.

Pure Storage Trading Down 1.2%

NYSE:PSTG opened at $82.46 on Friday. The firm has a market cap of $27.10 billion, a price-to-earnings ratio of 201.13, a price-to-earnings-growth ratio of 7.75 and a beta of 1.20. The company’s 50-day moving average is $68.71 and its two-hundred day moving average is $56.83. Pure Storage has a 12-month low of $34.51 and a 12-month high of $89.10.

Pure Storage (NYSE:PSTG) last released its earnings results on Wednesday, August 27th. The technology company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm’s quarterly revenue was up 12.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.44 EPS. Pure Storage has set its FY 2026 guidance at EPS. Q3 2026 guidance at EPS. On average, equities research analysts forecast that Pure Storage will post 0.44 earnings per share for the current fiscal year.

Insider Transactions at Pure Storage

In related news, insider John Colgrove sold 198,749 shares of the firm’s stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $60.32, for a total value of $11,988,539.68. Following the transaction, the insider owned 500,000 shares in the company, valued at approximately $30,160,000. This trade represents a 28.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Mona Chu sold 17,500 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the chief accounting officer owned 138,899 shares in the company, valued at $10,627,162.49. The trade was a 11.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 663,580 shares of company stock valued at $43,326,205 in the last three months. 5.60% of the stock is owned by company insiders.

Institutional Trading of Pure Storage

A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake 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 valued at $1,915,572,000 after purchasing an additional 308,738 shares during the period. T. Rowe Price Investment Management Inc. raised its stake in shares of Pure Storage by 25.9% during 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 during the period. Geode Capital Management LLC raised its stake in shares of Pure Storage by 1.7% during 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 during the period. William Blair Investment Management LLC raised its stake in shares of Pure Storage by 112.9% during 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 during the period. Finally, Norges Bank purchased a new stake in shares of Pure Storage during the second quarter valued at approximately $225,203,000. Hedge funds and other 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.