10 Best Hardware Stocks to Buy Now

8. Pure Storage, Inc. (NYSE:PSTG)

Number of Hedge Fund Holders: 30

Pure Storage, Inc. (NYSE:PSTG) is one of the best hardware stocks to buy now. The company operates as a data management and storage technology company. It provides disruptive data storage technologies and platforms that facilitate the storing of both structured and unstructured data. Moreover, its services are tailored for various high-growth industries including data analytics, artificial intelligence, and machine learning.

On April 9th, Krish Sankar, an analyst from TD Cowen, maintained the Buy rating on the stock with a price target of $80. The analyst noted that the management of Pure Storage, Inc. (NYSE:PSTG) has assured effective management of the tariff impact. The company believes that the tariff impact will be less significant and in fact can drive more adoption for its Evergreen Solutions, which allows for component upgrades without the need to change the entire system. In addition, Sankar also highlighted that Pure Storage, Inc. (NYSE:PSTG) has demonstrated its competitive pricing power during the pandemic and the recent design win with Meta further brightens its position in the market.

Artisan Global Discovery Fund stated the following regarding Pure Storage, Inc. (NYSE:PSTG) in its Q4 2024 investor letter:

“During the quarter, we initiated 10 new GardenSM positions, including Pure Storage, Inc. (NYSE:PSTG) and The SageGroup. Pure Storage is redefining enterprise data storage by bypassing traditional approaches used by competitors. Instead of purchasing costly enterprise-grade solid-state drives (SSDs) and layering software on top, Pure Storage sources raw NAND flash memory and designs custom all-flash storage systems, providing a cost advantage. The company has been gaining share of the core enterprise data storage market due to this offering, but we believe its recent announcement of securing a large hyperscaler data center contract potentially opens the company up to a much larger addressable market and gives us confidence that the company can accelerate its growth trajectory over the next two to three years.”