Pure Storage, Inc. (NYSE:PSTG) shares are trading marginally lower on Friday.

According to Benzinga Pro, PSTG stock has gained over 72% in the past year.

Pure Storage is a U.S.-based company that provides enterprise data storage solutions, generating revenue from product sales and subscription services.

Recently, UBS analyst David Vogt downgraded Pure Storage from Neutral to Sell, raising the price forecast from $44 to $47.

Last month, the company announced new capabilities in the Pure Storage platform that are changing the game for IT and business leaders.

These capabilities are changing the way they can radically improve their ability to deploy AI, improve cyber resilience, and modernize their applications, the company said.

The Pure Storage platform offers organizations agility and risk mitigation through a straightforward, unified storage solution and a service-oriented approach across diverse environments: on-premises, public cloud, and hosted.

At its core, the unique Evergreen architecture ensures seamless, uninterrupted upgrades, empowering enterprises to respond to evolving business landscapes.

With unmatched concurrent SLAs in the industry, customers receive the reliability, performance, and sustainability essential for their operations.

The company also revealed a strategic investment in LandingAI to help power the future of vision AI.

Pure Storage provides a data storage platform empowering customers to harness AI capabilities at any phase of their AI journey.

LandingAI's multi-modal Large Vision Model (LVM) solutions promise to revolutionize vision AI for enterprises using Pure's services.

Price Action: PSTG shares are trading lower by 0.20% to $63.56 at last check Friday.

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