Wedbush Issues Negative Estimate for Pure Storage Earnings

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

Other analysts have also recently issued research reports about the company. Evercore ISI raised their target price on Pure Storage from $70.00 to $75.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Citigroup decreased their price objective on Pure Storage from $80.00 to $77.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Barclays upped their target price on Pure Storage from $56.00 to $61.00 and gave the company an “equal weight” rating in a report on Wednesday, December 4th. Morgan Stanley raised their price target on shares of Pure Storage from $62.00 to $72.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Finally, StockNews.com downgraded shares of Pure Storage from a “buy” rating to a “hold” rating in a research report on Thursday, February 27th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Pure Storage presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.20.

Pure Storage Stock Performance

Pure Storage stock opened at $50.12 on Monday. The company has a 50 day moving average price of $65.08 and a 200 day moving average price of $58.01. Pure Storage has a 52 week low of $44.76 and a 52 week high of $73.67. The firm has a market capitalization of $16.35 billion, a price-to-earnings ratio of 131.89, a P/E/G ratio of 5.12 and a beta of 1.09.

Insider Buying and Selling

In related news, CAO Mona Chu sold 8,311 shares of the stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $62.16, for a total transaction of $516,611.76. Following the completion of the sale, the chief accounting officer now owns 67,681 shares in the company, valued at $4,207,050.96. This represents a 10.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Ajay Singh sold 19,972 shares of Pure Storage stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $61.58, for a total value of $1,229,875.76. Following the completion of the transaction, the insider now directly owns 262,144 shares in the company, valued at approximately $16,142,827.52. This represents a 7.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,178 shares of company stock worth $2,316,746. 6.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Pure Storage

Hedge funds and other institutional investors have recently modified their holdings of the stock. Citigroup Inc. boosted its holdings in Pure Storage by 11.3% in the 3rd quarter. Citigroup Inc. now owns 144,005 shares of the technology company’s stock valued at $7,235,000 after purchasing an additional 14,659 shares during the period. TT International Asset Management LTD raised its position in shares of Pure Storage by 1,160.1% during the third quarter. TT International Asset Management LTD now owns 73,085 shares of the technology company’s stock valued at $3,671,000 after buying an additional 67,285 shares during the last quarter. FMR LLC lifted its stake in shares of Pure Storage by 0.8% in the third quarter. FMR LLC now owns 49,153,797 shares of the technology company’s stock valued at $2,469,487,000 after buying an additional 368,643 shares during the period. Sycomore Asset Management grew its position in Pure Storage by 57.8% during the fourth quarter. Sycomore Asset Management now owns 187,874 shares of the technology company’s stock worth $11,541,000 after buying an additional 68,840 shares in the last quarter. Finally, Asio Capital LLC bought a new position in Pure Storage during the fourth quarter valued at about $264,000. 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.