Wells Fargo & Company Issues Positive Forecast for Pure Storage (NYSE:PSTG) Stock Price

Pure Storage (NYSE:PSTG) had its price target boosted by Wells Fargo & Company from $80.00 to $100.00 in a report published on Friday, MarketBeat Ratings reports. They currently have an overweight rating on the technology company’s stock.

Several other analysts also recently commented on PSTG. JPMorgan Chase & Co. boosted their target price on shares of Pure Storage from $70.00 to $80.00 and gave the stock an “overweight” rating in a research report on Thursday, August 28th. Citigroup boosted their price objective on shares of Pure Storage from $70.00 to $81.00 and gave the stock a “buy” rating in a research note on Thursday, August 28th. Needham & Company LLC boosted their price objective on shares of Pure Storage from $75.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, August 28th. Northland Securities boosted their price objective on shares of Pure Storage from $63.00 to $71.00 and gave the stock a “market perform” rating in a research note on Thursday, August 28th. Finally, Wall Street Zen upgraded shares of Pure Storage from a “hold” rating to a “buy” rating in a research note on Saturday, August 30th. Fourteen equities 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.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $81.06.

Pure Storage Trading Down 1.2%

PSTG stock opened at $82.46 on Friday. Pure Storage has a 52 week low of $34.51 and a 52 week high of $89.10. The company has a market capitalization 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 firm’s 50-day moving average is $68.71 and its two-hundred day moving average is $56.83.

Pure Storage (NYSE:PSTG) last released its earnings results 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 business had revenue of $861.00 million for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the previous 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 predict that Pure Storage will post 0.44 earnings per share for the current year.

Insider Activity

In related news, insider John Colgrove sold 198,749 shares of the company’s stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $60.32, for a total transaction of $11,988,539.68. Following the completion of the transaction, the insider directly owned 500,000 shares in the company, valued at $30,160,000. This represents a 28.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Mona Chu sold 17,500 shares of the company’s stock in a transaction 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 transaction, the chief accounting officer owned 138,899 shares of the company’s stock, valued at approximately $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 quarter, insiders sold 663,580 shares of company stock worth $43,326,205. Corporate insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On Pure Storage

A number of hedge funds have recently made changes to their positions in PSTG. Mechanics Financial Corp acquired a new position in shares of Pure Storage in the 2nd quarter valued at $25,000. MassMutual Private Wealth & Trust FSB raised its stake in shares of Pure Storage by 55.9% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 650 shares of the technology company’s stock valued at $29,000 after buying an additional 233 shares in the last quarter. True Wealth Design LLC raised its stake in shares of Pure Storage by 402.8% in the 2nd quarter. True Wealth Design LLC now owns 548 shares of the technology company’s stock valued at $32,000 after buying an additional 439 shares in the last quarter. SouthState Corp raised its stake in shares of Pure Storage by 474.8% in the 2nd quarter. SouthState Corp now owns 592 shares of the technology company’s stock valued at $34,000 after buying an additional 489 shares in the last quarter. Finally, FNY Investment Advisers LLC raised its stake in shares of Pure Storage by 5,233.3% in the 1st quarter. FNY Investment Advisers LLC now owns 800 shares of the technology company’s stock valued at $35,000 after buying an additional 785 shares in the last quarter. Institutional investors and hedge funds 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.