$522.74 million in sales expected for Pure Storage, Inc. (NYSE: PSTG) this quarter

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Brokers expect Pure Storage, Inc. (NYSE: PSTGGet a rating) will announce revenue of $522.74 million for the current quarter, according to Zacks Investment Research. Nine analysts provided Pure Storage earnings estimates. The lowest sales estimate is $519.67 million and the highest is $530.00 million. Pure Storage recorded sales of $412.71 million in the same quarter last year, suggesting a positive year-over-year growth rate of 26.7%. The company is expected to release its next quarterly earnings report on Monday, January 1.

According to Zacks, analysts expect Pure Storage to register annual sales of $2.61 billion for the current year, with estimates ranging from $2.58 billion to $2.65 billion. For the next fiscal year, analysts expect the company to post sales of $3.06 billion, with estimates ranging from $2.94 billion to $3.24 billion. Zacks Investment Research’s sales calculations are an average average based on a survey of sell-side research companies that cover Pure Storage.

Pure storage (NYSE: PSTGGet a rating) last released its quarterly results on Wednesday, March 2. The technology company reported earnings per share of $0.16 for the quarter, beating the consensus estimate of $0.01 by $0.15. The company posted revenue of $708.57 million in the quarter, compared to a consensus estimate of $630.93 million. Pure Storage had a negative net margin of 6.57% and a negative return on equity of 4.90%. The company’s revenue for the quarter increased 40.9% year over year. In the same period a year earlier, the company posted ($0.09) earnings per share.

Several analysts have looked at the PSTG share. Barclays raised its price target on Pure Storage shares from $35.00 to $39.00 and gave the stock an “overweight” rating in a Thursday, March 3 research note. Wedbush raised its price target on Pure Storage shares from $33.00 to $34.00 and gave the company a “neutral” rating in a Thursday, March 3 research note. William Blair reaffirmed an “outperform” rating on Pure Storage shares in a Thursday, March 3, research note. JPMorgan Chase & Co. raised its price target on Pure Storage shares from $36.00 to $40.00 and gave the company an “overweight” rating in a Thursday, March 3 research note. Finally, Susquehanna Bancshares reaffirmed a “buy” rating and set a price target of $40.00 on Pure Storage shares in a Thursday, March 3 research note. Five investment analysts gave the stock a hold rating, sixteen gave the company a buy rating and one gave the company a strong buy rating. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $36.30.

In other Pure Storage news, director Andrew William Fraser Brown sold 11,564 shares of the company in a trade dated Monday, March 21. The shares were sold at an average price of $35.20, for a total value of $407,052.80. The sale was disclosed in a legal filing with the SEC, available at the SEC website. Additionally, insider Ajay Singh sold 36,338 shares of the company in a trade dated Wednesday, March 23. The stock was sold at an average price of $34.39, for a total transaction of $1,249,663.82. Disclosure of this sale can be found here. 6.80% of the shares are currently held by company insiders.

Major investors have recently been buying and selling shares of the company. Catalyst Capital Advisors LLC purchased a new equity stake in Pure Storage during the fourth quarter, valued at approximately $27,000. Northwest Investment Counselors LLC acquired a new stake in Pure Storage in the fourth quarter worth approximately $33,000. UMB Bank NA MO bought a new stake in Pure Storage in the fourth quarter worth around $33,000. CWM LLC purchased a new stake in Pure Storage in the fourth quarter worth approximately $45,000. Finally, NEXT Financial Group Inc increased its stake in Pure Storage by 85.3% in the fourth quarter. NEXT Financial Group Inc now owns 2,016 shares of the technology company worth $66,000 after buying 928 additional shares in the last quarter. Hedge funds and other institutional investors hold 82.38% of the company’s shares.

Pure storage stock opened at $30.73 on Monday. The company has a quick ratio of 2.26, a current ratio of 2.30 and a debt ratio of 1.04. The company has a market capitalization of $8.91 billion, a PE ratio of -60.25 and a beta of 1.46. The company has a fifty-day simple moving average of $30.62 and a two-hundred-day simple moving average of $29.35. Pure Storage has a 12-month minimum of $16.79 and a 12-month maximum of $36.71.

About pure storage (Get a rating)

Pure Storage, Inc is committed to providing flash storage solutions. Its technology replaces storage systems designed for mechanical drives with all-flash systems optimized end-to-end for solid-state memory. The company was founded by John Hayes and John Colgrove in October 2009 and is based in Mountain View, California.

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