Jim Cramer’s Latest Lightning Rounds: 15 Stocks to Watch

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

Number of Hedge Fund Holders: 38

Pure Storage, Inc. (NYSE:PSTG) is a provider of data storage and management solutions. The company’s Purity software stands out because it offers data reduction and protection across multiple storage protocols. The hardware portfolio includes the FlashArray, designed specifically for block storage, and the FlashBlade, which is optimized for handling unstructured data. In addition to these offerings, it provides cloud-native solutions like Portworx, tailored for Kubernetes environments, and Pure Fusion, which simplifies unified storage management.

Mentioning the company, Cramer said, “It does its job very well. It’s actually had a good run here. I think I would hold on to it.”

In the second quarter, Pure Storage (NYSE:PSTG) reported significant achievements in subscription revenue and overall operational performance. Subscription services revenue reached $361.2 million, which was a remarkable 25% increase year-over-year. It was largely fueled by the strong uptake of Evergreen//One, which provides on-demand, scalable storage solutions.

Pure Storage (NYSE:PSTG) also made progress in its initiatives surrounding hybrid cloud and artificial intelligence. New offerings like Portworx and Pure Fusion are experiencing growing acceptance in the market.

Management has largely reaffirmed its outlook for the fiscal year, projecting total revenue of $3.1 billion and a non-GAAP operating income of $532 million. However, the target for total contract value (TCV) sales has been adjusted to $500 million for the year, down from the previous forecast of $600 million.