10 High-Flying Stocks to Buy Now

5) Pure Storage, Inc. (NYSE:PSTG)

% Increase on a YTD Basis: ~40%

Expected Upside Potential: 38.40%

Number of Hedge Fund Holdings: 38

Pure Storage, Inc. (NYSE:PSTG) is engaged in the provision of data storage and management technologies, products, and services in the US and internationally.

The Purity operating system, which provides customers with a consistent user experience by using a single software layer throughout the portfolio, offers Pure Storage, Inc. (NYSE:PSTG) a durable competitive advantage. The company’s innovative storage solutions and aggressive expansion into the enterprise and hyperscaler markets should continue to aid its overall business momentum. Pure Storage, Inc. (NYSE:PSTG) rolled out next-gen Fusion architecture and AI storage-as-a-service for GPU clouds.

The company continues to gain market share and focuses on replacing traditional storage in hyperscaler data centers. Its new customer acquisition was strong with 261 new customers in Q2 2024. Hyperscalers are considering the company’s technology to replace high- and low-performance workloads. Moreover, Pure Storage, Inc. (NYSE:PSTG)’s direct flash technology and purity software remain well-positioned amidst NAND pricing volatility. The 150-terabyte flash module is expected to enhance margins and create new opportunities.

Pure Storage, Inc. (NYSE:PSTG)’s platform strategy and innovation are targeted at transforming the storage industry and empowering enterprises to address data silos. Given its strong ARR growth and strategic market expansion, Pure Storage, Inc. (NYSE:PSTG) is well-placed to continue its trajectory of growth and market penetration. Its focus on energy efficiency and sustainability remains aligned with global trends and customer demands. This solidifies its competitive stance in the enterprise storage landscape.

Analysts at Wedbush reiterated an “Outperform” rating on the shares of Pure Storage, Inc. (NYSE:PSTG), setting a $80.00 target price on 26^th August.