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Investing.com - Guggenheim raised its price target on Pure Storage (NYSE:PSTG) to $105.00 from $93.00 on Thursday, while maintaining a Buy rating on the data storage company. The stock, currently trading near its 52-week high of $89.09, has delivered an impressive 65.55% return over the past year. According to InvestingPro analysis, Pure Storage appears to be trading above its Fair Value, with 18 key insights available for subscribers.
The price target increase follows Guggenheim’s attendance at Pure Storage’s product and technology session for financial analysts in New York City, which was held alongside the company’s Accelerate customer event. The company, now valued at $27.4 billion, has maintained strong financial health with a solid revenue growth of 11.31% in the last twelve months.
Guggenheim cited Pure Storage’s strong position to address both enterprise and hyperscaler demand for flash storage, noting that the company’s products have evolved into an Enterprise Data Cloud (EDC) that leverages its software IP to manage storage with metadata awareness and governance.
The firm highlighted that Pure Storage’s EDC has contributed to increased pipeline, more strategic C-level conversations, and raised fiscal year 2026 full-year guidance during its second-quarter earnings report.
Guggenheim also noted that Pure Storage’s conversations with multiple hyperscalers, neoclouds, and sovereign clouds are progressing well, with the company expressing confidence in landing additional customers, though it will no longer discuss shipment quantities and deal progression with Meta.
In other recent news, Pure Storage reported revenue of $861 million, surpassing UBS estimates by approximately 1.4%, with an operating margin of 15.1%, which was 20 basis points higher than expected. The company achieved around 11% growth in its product segment compared to about 1% growth in the same period last year. Evercore ISI has increased its price target for Pure Storage to $90, maintaining an Outperform rating, while UBS raised its price target to $55 but kept a Sell rating. TD Cowen also adjusted its price target to $85, maintaining a Buy rating, and noted that Pure Storage is generating revenues from Meta for storage deployments.
The company announced enhancements to its storage platform, including the introduction of Pure Storage Cloud Azure Native, a service designed for Azure VMware Solution. This service is now generally available through the Azure portal, aiming to facilitate the migration of VMware workloads to Microsoft Azure. Additionally, Pure Storage unveiled new cybersecurity capabilities, integrating with CrowdStrike Falcon Next-Gen SIEM for real-time security monitoring. These developments reflect Pure Storage’s efforts to unify data management across environments and enhance cyber resilience.
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