Wall Street analysts forecast that Pure Storage Inc (NYSE:PSTG) will report $251.62 million in sales for the current fiscal quarter, according to Zacks. Five analysts have made estimates for Pure Storage’s earnings, with the highest sales estimate coming in at $254.10 million and the lowest estimate coming in at $250.00 million. Pure Storage posted sales of $182.63 million during the same quarter last year, which would indicate a positive year over year growth rate of 37.8%. The business is scheduled to announce its next quarterly earnings results on Wednesday, May 23rd.
On average, analysts expect that Pure Storage will report full year sales of $251.62 million for the current fiscal year, with estimates ranging from $1.33 billion to $1.37 billion. For the next financial year, analysts expect that the business will post sales of $1.68 billion per share, with estimates ranging from $1.63 billion to $1.70 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Pure Storage.
Pure Storage (NYSE:PSTG) last released its earnings results on Thursday, March 1st. The technology company reported $0.13 EPS for the quarter, beating the Zacks’ consensus estimate of $0.07 by $0.06. The company had revenue of $338.30 million during the quarter, compared to analysts’ expectations of $331.80 million. Pure Storage had a negative return on equity of 38.70% and a negative net margin of 17.36%. The firm’s revenue for the quarter was up 48.4% compared to the same quarter last year. During the same quarter last year, the business posted ($0.02) EPS.
A number of research analysts have recently commented on PSTG shares. Robert W. Baird restated a “neutral” rating and issued a $22.00 target price (up previously from $20.00) on shares of Pure Storage in a research note on Friday, March 2nd. Barclays upgraded Pure Storage from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $19.00 to $22.00 in a research note on Wednesday, January 17th. Oppenheimer restated a “buy” rating and issued a $21.00 target price on shares of Pure Storage in a research note on Wednesday, November 29th. TheStreet upgraded Pure Storage from a “d” rating to a “c-” rating in a research note on Thursday, March 1st. Finally, BMO Capital Markets raised their target price on Pure Storage from $22.00 to $25.00 and gave the company an “outperform” rating in a research note on Friday, March 2nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $21.29.
In other Pure Storage news, President David Hatfield sold 10,000 shares of Pure Storage stock in a transaction on Monday, January 29th. The stock was sold at an average price of $20.00, for a total value of $200,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Scott Dietzen sold 125,000 shares of Pure Storage stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $21.37, for a total value of $2,671,250.00. The disclosure for this sale can be found here. In the last three months, insiders sold 635,206 shares of company stock valued at $11,807,746. Corporate insiders own 46.58% of the company’s stock.
Several institutional investors have recently bought and sold shares of PSTG. Fortaleza Asset Management Inc. bought a new stake in shares of Pure Storage in the fourth quarter worth $154,000. Ardsley Advisory Partners bought a new stake in shares of Pure Storage in the fourth quarter worth $159,000. SG Americas Securities LLC bought a new stake in shares of Pure Storage in the fourth quarter worth $162,000. Great West Life Assurance Co. Can grew its holdings in shares of Pure Storage by 151.3% in the third quarter. Great West Life Assurance Co. Can now owns 11,310 shares of the technology company’s stock worth $180,000 after acquiring an additional 6,810 shares during the period. Finally, Invictus RG bought a new stake in shares of Pure Storage in the third quarter worth $187,000. 45.49% of the stock is owned by institutional investors and hedge funds.
Pure Storage (PSTG) traded down $0.55 on Monday, hitting $20.58. The stock had a trading volume of 1,810,853 shares, compared to its average volume of 2,729,197. The stock has a market cap of $4,532.91, a PE ratio of -24.46 and a beta of 1.23. Pure Storage has a 52 week low of $9.61 and a 52 week high of $22.60.
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About Pure Storage
Pure Storage, Inc provides a data platform. The Company is focused on delivering software-defined all-flash solutions that are fast and cloud-capable for customers, enabling customers to put data to work for their businesses. Its data platform replaces storage systems designed for mechanical disk with all-flash systems optimized end-to-end for solid-state memory.
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