Analysts expect Pure Storage, Inc. (NYSE:PSTG – Get a rating) to announce revenue of $522.77 million for the current quarter, Zacks reports. Eight analysts made estimates of Pure Storage’s earnings. 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 earnings report on Monday, January 1.
On average, analysts expect Pure Storage to post annual sales of $2.61 billion in the current fiscal 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 $3.04 billion, with estimates ranging from $2.94 billion to $3.24 billion. Zacks sales averages are an average average based on a survey of sell-side analysts who cover Pure Storage.
Pure Storage (NYSE: PSTG – Get a rating) last reported results on Wednesday, March 2. The technology company reported EPS of $0.36 for the quarter, beating consensus analyst estimates of $0.26 by $0.10. The company posted revenue of $708.57 million in the quarter, versus a consensus estimate of $630.93 million. Pure Storage had a negative return on equity of 4.98% and a negative net margin of 6.57%. Pure Storage’s quarterly revenue increased 40.9% compared to the same quarter last year. In the same quarter last year, the company made ($0.09) earnings per share.
A number of analysts have recently commented on the company. Lake Street Capital raised its price target on Pure Storage from $34.00 to $36.00 and gave the stock a “buy” rating in a Thursday, March 3 research report. Northland Securities raised its price target on Pure Storage from $40.00 to $42.00 and gave the company an “outperform” rating in a Thursday, March 3 report. Morgan Stanley raised its price target on Pure Storage from $33.00 to $35.00 and gave the stock an “equal weight” rating in a Thursday, March 3 report. Barclays raised its price target on Pure Storage from $35.00 to $39.00 and gave the stock an “overweight” rating in a Thursday, March 3 report. Finally, William Blair reiterated an “outperforming” rating on Pure Storage shares in a Thursday, March 3 report. Three analysts gave the stock a hold rating, seventeen gave the company a buy rating and one gave the company a strong buy rating. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $35.75.
Shares of Pure Storage opened at $35.84 on Monday. The stock has a market capitalization of $10.39 billion, a PE ratio of -70.27 and a beta of 1.42. The stock has a 50-day moving average price of $28.43 and a 200-day moving average price of $28.63. Pure Storage has a 52-week minimum of $16.79 and a 52-week maximum of $36.44. The company has a current ratio of 2.47, a quick ratio of 2.41 and a debt ratio of 1.07.
In related news, director Andrew William Fraser Brown sold 11,564 shares of the company in a trade on Monday, March 21. The stock was sold at an average price of $35.20, for a total transaction of $407,052.80. The sale was disclosed in a filing with the Securities & Exchange Commission, available via this hyperlink. Additionally, insider Ajay Singh sold 36,338 shares of the company in a trade on Wednesday, March 23. The stock was sold at an average price of $34.39, for a total value of $1,249,663.82. Disclosure of this sale can be found here. 6.80% of the shares are currently held by insiders.
Several large investors have recently increased or reduced their stake in the company. Ascendant Capital Management LLC bought a new stock position in Pure Storage in the fourth quarter worth $1,042,000. Norges Bank bought a new position in shares of Pure Storage in the fourth quarter worth $67,556,000. Compass Financial Advisors LLC bought a new stock position in Pure Storage in the fourth quarter worth $592,000. JustInvest LLC increased its holdings of Pure Storage shares by 77.7% in the fourth quarter. JustInvest LLC now owns 18,611 shares of the technology company valued at $606,000 after purchasing an additional 8,139 shares during the period. Finally, Vident Investment Advisory LLC increased its equity stake in Pure Storage by 10.8% in the fourth quarter. Vident Investment Advisory LLC now owns 21,782 shares of the technology company valued at $709,000 after purchasing 2,130 additional shares during the period. 82.38% of the shares are held by institutional investors.
Pure Storage Company Profile (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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