Pure Storage Stock Rips Higher Premarket: What’s Driving The Rally?
Synopsis
CEO and Chairman Charles Giancarlo said, “Our strong second quarter results demonstrate ever more customers' confidence in the value of the Pure Storage platform to advance their data storage and management."
Pure Storage, Inc. (PSTG) shares rose sharply in Thursday’s early premarket session after the data storage solutions provider reported better-than-expected quarterly results.
On Stocktwits, retail sentiment toward Pure Storage stock improved to ‘extremely bullish’ (95/100) by early Thursday, from ‘bullish’ a day ago. The message volume increased to ‘extremely high’ levels.
Pure Storage’s key metrics for the second quarter of fiscal year 2026 are:
- Adjusted earnings per share (EPS): $0.43 ($0.44 Year-ago) Vs. $0.39 consensus (Fiscal.ai)
- Revenue: $861 million (up 13% YoY) Vs. $846.45 million consensus
The company expects third-quarter revenue to be between $950 million and $960 million, exceeding the consensus estimate of $916.28 million. It raised its fiscal year 2026 guidance to a range of $3.60 billion to $3.63 billion from $3.52 billion. Analysts, on average, estimate the company's revenue to be $3.53 billion for the year.
CEO and Chairman Charles Giancarlo said, “Our strong second quarter results demonstrate ever more customers' confidence in the value of the Pure Storage platform to advance their data storage and management now and into the future.”
A bullish watcher on the Stocktwits platform said the company is perfectly aligned to reaped the benefits of the artificial intelligence revolution with its "low energy and high performance storage solutions."
Another user braced for a stock to climb to $75 on Thursday.
Pure Storage's stock is down about a percent this year. In premarket trading, the stock jumped 16.35% to $70.86.
The Koyfin-compiled consensus price target for Pure Storage stock is $70.61, implying upside potential of 16% from Wednesday’s close.
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