Why Pure Storage Stock Is Rising Thursday

Pure Storage, Inc. 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