What's Going On With Pure Storage Stock Thursday?

Pure Storage, Inc. Class A -5.18%

Pure Storage, Inc. Class A

PSTG

60.63

-5.18%

Pure Storage, Inc. (NYSE:PSTG) shares are trading higher Thursday following the company’s quarterly earnings announcement.

What To Know: Pure Storage reported financial results for the first quarter of fiscal-year 2025 after the market close on Wednesday.

The results included adjusted EPS of 32 cents, which came in ahead of analyst estimates of 21 cents. The company also reported sales of $693.47 million, beating analyst estimates of $680.97 million.

Pure Storage also issued guidance for the second quarter. The company expects sales of $755 million versus analyst estimates of $750.3 million, according to Benzinga Pro. For the full fiscal year, the company anticipates revenue of $3.1 billion versus analyst estimates of $3.127 billion.

“We are pleased with the strong start to our year as Q1 revenue growth of 18 percent and profitability both outperformed,” said Kevan Krysler, CFO, Pure Storage. “We are well positioned with our highly differentiated data storage platform for substantial long-term growth.”

Analyst Changes: Following the earnings announcement, several analysts released price target adjustments.

  • Needham analyst Mike Cikos maintained Pure Storage with a Buy and raised the price target from $66 to $80.
  • Keybanc analyst Thomas Blakey maintained Pure Storage with an Overweight and raised the price target from $64 to $79.
  • Truist Securities analyst Matthew Sheerin maintained Pure Storage with a Hold and raised the price target from $46 to $65.
  • Stifel analyst Matthew Sheerin maintains Pure Storage with a Hold and raised the price target from $46 to $65.
  • Susquehanna analyst Mehdi Hosseini maintains Pure Storage with a Positive and raises the price target from $65 to $75.

Related Link: What’s Going On With Smart For Life’s Stock?

PSTG Price Action: At the time of writing, Pure Storage stock was up .34% at $63.15, per data from Benzinga Pro.

Image: 2620140 from Pixabay

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