12:21 PM EDT, 08/29/2024 (MT Newswires) -- Pure Storage ( PSTG ) shares fell past 12% in recent trading on Thursday after UBS Securities, Wedbush, Evercore and other analysts cut price targets for the company following its fiscal Q2 results.

The company reported fiscal Q2 non-GAAP earnings late Wednesday of $0.44 per diluted share and revenue of $763.8 million ahead of analysts' estimates of $0.37 and $756.1 million, respectively.

Evercore reduced the price target to $70 from $75 and kept the outperform rating on Pure Storage's ( PSTG ) stock.

"Our price target does dip to $70 from $80 as our forward numbers moderate as we assume lower product margins continue into fiscal year 2026, Wedbush said in a note.

UBS Securities said, "While the impact of soft total contract value sales on near-term revenue is small given the nature of the contracts (average tenor 3 years), it suggests the revenue building or stacking underpinning consensus fiscal 2026 and 2027 revenue growth of 13.5% and 13.4% is likely to be revised lower."

The firm reduced the price target to $45 from $47 and maintained its sell rating.

Several other analysts also cut price targets for the company, including JPMorgan and Citigroup.

Price: 51.90, Change: -7.87, Percent Change: -13.16