Wedbush Has Negative Estimate for Pure Storage Q3 Earnings

Pure Storage, Inc. (NYSE:PSTG) – Equities research analysts at Wedbush reduced their Q3 2026 earnings estimates for Pure Storage in a research note issued to investors on Thursday, February 27th. Wedbush analyst M. Bryson now expects that the technology company will post earnings of $0.26 per share for the quarter, down from their prior forecast of $0.31. The consensus estimate for Pure Storage’s current full-year earnings is $0.44 per share.

Several other research firms have also recently issued reports on PSTG. Northland Securities reiterated a “market perform” rating and issued a $63.00 price objective (up previously from $59.00) on shares of Pure Storage in a research report on Wednesday, December 4th. William Blair restated an “outperform” rating on shares of Pure Storage in a research report on Thursday, November 14th. Morgan Stanley lifted their price target on shares of Pure Storage from $62.00 to $72.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. Oppenheimer initiated coverage on Pure Storage in a research note on Wednesday, November 13th. They set an “outperform” rating and a $70.00 price target on the stock. Finally, Evercore ISI raised their price objective on Pure Storage from $70.00 to $75.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $73.20.

Pure Storage Stock Down 5.7 %

Shares of NYSE:PSTG opened at $49.50 on Monday. The company has a 50-day moving average price of $65.37 and a 200 day moving average price of $58.09. The company has a market cap of $16.15 billion, a P/E ratio of 130.27, a PEG ratio of 5.12 and a beta of 1.09. Pure Storage has a 52 week low of $44.76 and a 52 week high of $73.67.

Insider Activity at Pure Storage

In other news, insider Ajay Singh sold 19,972 shares of Pure Storage stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $61.58, for a total transaction of $1,229,875.76. Following the completion of the sale, the insider now directly owns 262,144 shares in the company, valued at $16,142,827.52. The trade was a 7.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Mona Chu sold 8,311 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $62.16, for a total transaction of $516,611.76. Following the transaction, the chief accounting officer now directly owns 67,681 shares in the company, valued at $4,207,050.96. The trade was a 10.94 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 137,178 shares of company stock valued at $8,871,746. 6.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Pure Storage

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. boosted its stake in Pure Storage by 363.9% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,553 shares of the technology company’s stock worth $275,000 after buying an additional 4,356 shares during the last quarter. State of Alaska Department of Revenue lifted its holdings in shares of Pure Storage by 7.3% during the 3rd quarter. State of Alaska Department of Revenue now owns 35,670 shares of the technology company’s stock worth $1,792,000 after acquiring an additional 2,435 shares during the period. abrdn plc lifted its holdings in shares of Pure Storage by 1,604.5% during the 3rd quarter. abrdn plc now owns 94,858 shares of the technology company’s stock worth $4,766,000 after acquiring an additional 89,293 shares during the period. Farther Finance Advisors LLC boosted its position in shares of Pure Storage by 30.8% in the third quarter. Farther Finance Advisors LLC now owns 2,077 shares of the technology company’s stock worth $104,000 after acquiring an additional 489 shares during the last quarter. Finally, Janney Montgomery Scott LLC purchased a new stake in Pure Storage in the third quarter valued at approximately $2,033,000. 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.