Pure Storage Stock Surges 30% on Strong Earnings and Meta Partnership

Pure Storage (PSTG) shares soared more than 30% following a robust second-quarter earnings report and upward revision of full-year revenue guidance. The data storage company posted adjusted earnings of $0.43 per share, surpassing analysts' $0.39 estimate, with revenue reaching $861 million against an $846 million consensus.

Growth was fueled by its flash-storage collaboration with Meta Platforms (META), prompting at least 10 analysts to raise price targets. Needham's Mike Cikos lifted his target to $85, citing strong adoption of Evergreen//One and Cloud Block Store services, while TD Cowen's Krish Sankar similarly maintained a Buy rating with an $85 target.

The company now forecasts annual revenue between $3.6 billion and $3.63 billion, reflecting heightened demand for its subscription services and hardware portfolio. Pure Storage's performance underscores the accelerating enterprise shift toward high-efficiency data solutions.