Pure Storage Inc (NYSE:PSTG) – Equities research analysts at KeyCorp raised their Q1 2020 EPS estimates for shares of Pure Storage in a note issued to investors on Wednesday, June 27th. KeyCorp analyst A. Kurtz now forecasts that the technology company will post earnings of ($0.28) per share for the quarter, up from their previous estimate of ($0.31). KeyCorp currently has a “Overweight” rating and a $29.00 target price on the stock. KeyCorp also issued estimates for Pure Storage’s Q2 2020 earnings at ($0.19) EPS, Q3 2020 earnings at ($0.03) EPS, FY2020 earnings at ($0.30) EPS and FY2021 earnings at ($0.02) EPS.
Pure Storage (NYSE:PSTG) last released its quarterly earnings data on Monday, May 21st. The technology company reported ($0.07) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.12) by $0.05. Pure Storage had a negative net margin of 16.38% and a negative return on equity of 35.13%. The firm had revenue of $255.90 million for the quarter, compared to the consensus estimate of $251.06 million. During the same quarter in the prior year, the company posted ($0.14) earnings per share. The business’s revenue was up 40.1% on a year-over-year basis.
Other analysts also recently issued research reports about the stock. Summit Insights upgraded shares of Pure Storage to a “buy” rating in a report on Tuesday, May 22nd. Deutsche Bank increased their target price on shares of Pure Storage from $24.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, May 22nd. Vetr downgraded shares of Pure Storage from a “strong-buy” rating to a “buy” rating and set a $23.58 target price for the company. in a report on Thursday, March 15th. William Blair reiterated a “buy” rating on shares of Pure Storage in a report on Thursday, March 8th. Finally, ValuEngine upgraded shares of Pure Storage from a “hold” rating to a “buy” rating in a report on Monday, June 4th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and seventeen have given a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $23.45.
Shares of PSTG stock opened at $24.05 on Monday. The company has a current ratio of 4.34, a quick ratio of 4.22 and a debt-to-equity ratio of 0.68. Pure Storage has a one year low of $11.99 and a one year high of $25.62.
In other Pure Storage news, CFO Timothy Riitters sold 25,000 shares of the stock in a transaction dated Thursday, June 28th. The shares were sold at an average price of $23.44, for a total transaction of $586,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Scott Dietzen sold 8,435 shares of the stock in a transaction dated Thursday, April 5th. The stock was sold at an average price of $20.12, for a total transaction of $169,712.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,918,357 shares of company stock valued at $43,465,475. 15.30% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of PSTG. Schwab Charles Investment Management Inc. boosted its position in Pure Storage by 26.9% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 551,048 shares of the technology company’s stock worth $8,740,000 after purchasing an additional 116,737 shares during the period. SG Americas Securities LLC bought a new position in Pure Storage during the fourth quarter worth about $162,000. Teacher Retirement System of Texas bought a new position in Pure Storage during the fourth quarter worth about $420,000. Swiss National Bank boosted its position in Pure Storage by 5.1% during the fourth quarter. Swiss National Bank now owns 138,900 shares of the technology company’s stock worth $2,203,000 after purchasing an additional 6,700 shares during the period. Finally, First Trust Advisors LP boosted its position in Pure Storage by 14.8% during the fourth quarter. First Trust Advisors LP now owns 362,466 shares of the technology company’s stock worth $5,749,000 after purchasing an additional 46,712 shares during the period. Hedge funds and other institutional investors own 57.37% of the company’s stock.
About Pure Storage
Pure Storage, Inc engages in building a data platform that enables businesses to enhance performance and reduce complexity and costs worldwide. The company delivers its data platform through Purity Operating Environment, an optimized software for solid-state memory that offers enterprise-class storage and protocol services; FlashArray and FlashBlade optimized hardware products for solid-state memory to enhance the performance and density of flash, optimize its advanced software services, and reduce solution cost for customers; Pure1, a cloud-based management and support software; and FlashStack, a converged infrastructure solution.
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