Why Pure Storage Stock Is Rising Thursday

Benzinga2023-06-02

Pure Storage, Inc. (NYSE:PSTG) shares are trading higher on Thursday after the company reported better-than-expected financial results and issued guidance. Multiple analysts also raised price targets following the company's quarterly results.

Q1 EPS: 8 cents beat estimates of 4 cents
Q1 Revenue: $589.31 million beat estimates of $559.34 million

Pure Storage also issued second-quarter revenue guidance of $680 million versus the consensus of $656.13 million.

"The superior economics, performance, and operational and environmental efficiencies of Pure's product portfolio over both hard disk and SSD-based, all-flash competitive offerings are now undeniable," said Charles Giancarlo, chairman and CEO of Pure Storage.

See Also: Why U Power (UCAR) Shares Are Surging Thursday

Analyst Changes:

Keybanc analyst Thomas Blakey maintained Pure Storage with an Overweight and raised the price target from $35 to $40.
Barclays analyst Tim Long maintained Pure Storage with an Overweight and raised the price target from $37 to $38.
Raymond James analyst Simon Leopold maintained Pure Storage with a Strong Buy and raised the price target from $40 to $41.
Wedbush analyst Matt Bryson maintained Pure Storage with an Outperform and raised the price target from $34 to $39.
Lake Street analyst Eric Martinuzzi maintained Pure Storage with a Buy and raised the price target from $32 to $34.
Deutsche Bank analyst Sidney Ho maintained Pure Storage with a Buy and raised the price target from $32 to $36.

PSTG Price Action: According to Benzinga Pro, Pure Storage shares are trading up over 19% at $34.46 at the time of publication.

Photo: courtesy of Pure Storage

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Multiple analysts also raised price targets following the company's quarterly results.</p>\n<ul>\n<li><strong>Q1 EPS: </strong>8 cents beat estimates of 4 cents</li>\n<li><strong>Q1 Revenue:</strong> $589.31 million beat estimates of $559.34 million</li>\n</ul>\n<p>Pure Storage also issued second-quarter revenue guidance of $680 million versus the consensus of $656.13 million.</p>\n<p>\"The superior economics, performance, and operational and environmental efficiencies of Pure's product portfolio over both hard disk and SSD-based, all-flash competitive offerings are now undeniable,\" said <strong>Charles Giancarlo</strong>, chairman and CEO of Pure Storage.</p>\n<p><em>See Also: Why U Power (UCAR) Shares Are Surging Thursday</em></p>\n<p><strong>Analyst Changes:</strong></p>\n<ul>\n<li>Keybanc analyst Thomas Blakey maintained Pure Storage with an Overweight and raised the price target from $35 to $40.</li>\n<li>Barclays analyst Tim Long maintained Pure Storage with an Overweight and raised the price target from $37 to $38.</li>\n<li>Raymond James analyst Simon Leopold maintained Pure Storage with a Strong Buy and raised the price target from $40 to $41.</li>\n<li>Wedbush analyst Matt Bryson maintained Pure Storage with an Outperform and raised the price target from $34 to $39.</li>\n<li>Lake Street analyst Eric Martinuzzi maintained Pure Storage with a Buy and raised the price target from $32 to $34.</li>\n<li>Deutsche Bank analyst Sidney Ho maintained Pure Storage with a Buy and raised the price target from $32 to $36.</li>\n</ul>\n<p><strong>PSTG Price Action:</strong> According to Benzinga Pro, Pure Storage shares are trading up over 19% at $34.46 at the time of publication.</p>\n<p><em>Photo: courtesy of Pure Storage</em></p>\n</body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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