Pure Storage, Inc. (NYSE: PSTG) – Analysts at Summit Insights lowered their FY2023 EPS estimates for shares of Pure Storage in a research note released on Wednesday, January 5. Summit Insights analyst S. Nandury now expects the tech company to post earnings per share of ($ 0.26) for the year, down from its previous estimate of 0. $ 06.
Other stock analysts have also recently published research reports on the stock. Morgan Stanley increased its price target on Pure Storage shares from $ 27.00 to $ 33.00 and gave the stock an “equal weight” rating in a research report published on Wednesday, November 24. Deutsche Bank Aktiengesellschaft raised its price target on Pure Storage shares from $ 32.00 to $ 38.00 and gave the stock a ‘buy’ rating in a research report published on Wednesday, November 24 . Lake Street Capital raised its price target for Pure Storage stock from $ 31.00 to $ 34.00 and gave the stock a “buy” rating in a research report released on Wednesday, November 24. UBS Group raised its target price on Pure Storage shares from $ 28.00 to $ 32.00 and gave the stock a “buy” rating in a report released on Wednesday, September 29. Finally, Northland Securities raised its target price on Pure Storage shares from $ 36.00 to $ 40.00 and assigned the stock an “outperformance” rating in a report released on Wednesday, November 24. Three research analysts rated the stock with a conservation rating, sixteen issued a buy rating, and one gave the stock a high buy rating. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $ 32.80.
NYSE: PSTG open for $ 29.83 Monday. The company has a debt to equity ratio of 1.07, a current ratio of 2.47, and a quick ratio of 2.41. The company has a 50-day moving average of $ 30.63 and a two-hundred-day moving average of $ 25.60. The stock has a market cap of $ 8.65 billion, a P / E ratio of -39.77 and a beta of 1.35. Pure Storage has a one-year low at $ 16.79 and a one-year high at $ 35.09. Pure Storage (NYSE: PSTG) last released its quarterly earnings data on Tuesday, November 23. The tech company reported earnings per share of $ 0.22 for the quarter, beating consensus analysts’ estimates of $ 0.12 by $ 0.10. The company posted revenue of $ 562.74 million in the quarter, against analysts’ expectations of $ 530.66 million. Pure Storage had a negative net margin of 10.66% and a negative return on equity of 15.40%. The company’s revenue for the quarter increased 37.1% year-over-year. During the same period of the previous year, the company posted ($ 0.22) EPS.
A number of institutional investors and hedge funds have recently changed their positions in PSTG. First Republic Investment Management Inc. increased its stake in Pure Storage shares by 1.4% during the 3rd quarter. First Republic Investment Management Inc. now owns 30,676 shares of the technology company valued at $ 772,000 after purchasing an additional 412 shares during the period. The Wisconsin State Investment Board increased its stake in Pure Storage shares by 1.7% in the second quarter. The Wisconsin State Investment Board now owns 31,838 shares of the tech company valued at $ 622,000 after purchasing an additional 540 shares during the period. The State Board of Administration of Florida Retirement System strengthened its position in Pure Storage shares by 0.3% during the 3rd quarter. The Florida State Pension System Board now owns 248,055 shares of the tech company valued at $ 6,241,000 after acquiring an additional 755 shares in the last quarter. Berman Capital Advisors LLC strengthened its position in Pure Storage shares by 91.0% during the 3rd quarter. Berman Capital Advisors LLC now owns 1,662 shares of the tech company valued at $ 41,000 after acquiring 792 more shares in the last quarter. Finally, Synovus Financial Corp strengthened its position in Pure Storage shares by 1.9% during the 3rd quarter. Synovus Financial Corp now owns 43,388 shares of the tech company valued at $ 1,087,000 after acquiring an additional 818 shares in the last quarter. Hedge funds and other institutional investors hold 79.79% of the company’s shares.
In other news, the director Tomb of Gregory sold 29,311 shares of the company in a trade on Thursday, December 2. The shares were sold at an average price of $ 31.45, for a total trade of $ 921,830.95. The transaction was disclosed in a file with the SEC, which can be accessed through this link. Also, financial director P. Kevan Krysler sold 26,444 shares of the company in a trade on Thursday, December 9. The shares were sold at an average price of $ 32.80, for a total trade of $ 867,363.20. Disclosure of this sale can be found here. Company insiders own 6.80% of the company’s shares.
Pure Storage Company Profile
Pure Storage, Inc is committed to providing flash storage solutions. Its technology replaces storage systems designed for mechanical drives with all-flash systems optimized from end to end for solid-state memory. The company was founded by John Hayes and John Colgrove in October 2009 and is headquartered in Mountain View, California.
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