Pure Storage’s (PSTG) Buy Rating Reiterated at Guggenheim

Pure Storage (NYSE:PSTG)‘s stock had its “buy” rating reiterated by analysts at Guggenheim in a research note issued on Thursday,Benzinga reports. They presently have a $93.00 target price on the technology company’s stock. Guggenheim’s price target indicates a potential upside of 28.03% from the company’s previous close.

PSTG has been the subject of several other reports. Morgan Stanley initiated coverage on Pure Storage in a report on Thursday, August 21st. They set an “equal weight” rating and a $60.00 price target for the company. Needham & Company LLC increased their price objective on Pure Storage from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday. Wedbush increased their price objective on Pure Storage from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday. Wall Street Zen cut Pure Storage from a “buy” rating to a “hold” rating in a research report on Friday, August 22nd. Finally, Citigroup reaffirmed a “buy” rating on shares of Pure Storage in a research report on Thursday. Thirteen 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 MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $71.22.

Pure Storage Price Performance

Shares of NYSE:PSTG opened at $72.64 on Thursday. Pure Storage has a 1-year low of $34.51 and a 1-year high of $73.67. The business has a fifty day moving average price of $56.92 and a 200-day moving average price of $53.40. The company has a market capitalization of $23.74 billion, a PE ratio of 188.82, a PEG ratio of 6.19 and a beta of 1.07.

Pure Storage (NYSE:PSTG) last issued its quarterly earnings results on Wednesday, August 27th. The technology company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.04. Pure Storage had a return on equity of 13.98% and a net margin of 3.93%.The firm had revenue of $861.00 million during the quarter, compared to the consensus estimate of $845.78 million. During the same period last year, the company earned $0.44 earnings per share. The company’s 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. On average, sell-side analysts anticipate that Pure Storage will post 0.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Ajay Singh sold 22,601 shares of Pure Storage stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $55.45, for a total transaction of $1,253,225.45. Following the transaction, the insider directly owned 261,465 shares of the company’s stock, valued at $14,498,234.25. The trade was a 7.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John Colgrove sold 198,749 shares of Pure Storage stock in a transaction dated 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 directly owned 500,000 shares in the company, valued at approximately $30,160,000. The trade was a 28.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 446,794 shares of company stock valued at $26,641,913 in the last 90 days. Corporate insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Orion Porfolio Solutions LLC raised its holdings in shares of Pure Storage by 123.7% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 11,660 shares of the technology company’s stock worth $671,000 after acquiring an additional 6,448 shares in the last quarter. Thrivent Financial for Lutherans raised its holdings in Pure Storage by 0.7% during the 2nd quarter. Thrivent Financial for Lutherans now owns 73,176 shares of the technology company’s stock valued at $4,213,000 after buying an additional 511 shares during the period. Newbridge Financial Services Group Inc. raised its holdings in Pure Storage by 39.4% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,627 shares of the technology company’s stock valued at $94,000 after buying an additional 460 shares during the period. Advisory Services Network LLC raised its holdings in Pure Storage by 12.3% during the 2nd quarter. Advisory Services Network LLC now owns 13,799 shares of the technology company’s stock valued at $821,000 after buying an additional 1,511 shares during the period. Finally, State of Wyoming purchased a new stake in Pure Storage during the 2nd quarter valued at $87,000. 83.42% of the stock is 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.