Analysts expect Pure Storage Inc (NYSE:PSTG) to post sales of $443.27 million for the current fiscal quarter, Zacks Investment Research reports. Nine analysts have issued estimates for Pure Storage’s earnings, with the highest sales estimate coming in at $448.10 million and the lowest estimate coming in at $441.44 million. Pure Storage posted sales of $338.25 million during the same quarter last year, which suggests a positive year over year growth rate of 31%. The company is expected to announce its next earnings results on Thursday, March 7th.
On average, analysts expect that Pure Storage will report full-year sales of $1.38 billion for the current year, with estimates ranging from $1.37 billion to $1.39 billion. For the next fiscal year, analysts expect that the firm will post sales of $1.75 billion, with estimates ranging from $1.69 billion to $1.81 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Pure Storage.
Pure Storage (NYSE:PSTG) last posted its quarterly earnings results on Monday, November 19th. The technology company reported ($0.10) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.13) by $0.03. Pure Storage had a negative net margin of 12.89% and a negative return on equity of 23.88%. The business had revenue of $372.80 million for the quarter, compared to analysts’ expectations of $367.37 million. During the same period in the prior year, the company posted ($0.01) EPS. The business’s revenue for the quarter was up 34.3% on a year-over-year basis.
A number of research analysts recently weighed in on PSTG shares. Cowen started coverage on Pure Storage in a research note on Tuesday, December 11th. They set a “market perform” rating and a $20.00 price target on the stock. Stifel Nicolaus raised their target price on Pure Storage from $23.00 to $24.00 and gave the stock a “hold” rating in a research note on Wednesday, August 22nd. Zacks Investment Research raised Pure Storage from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a research note on Thursday, November 22nd. Wolfe Research began coverage on Pure Storage in a research note on Tuesday, December 11th. They issued an “outperform” rating and a $25.00 target price on the stock. Finally, Piper Jaffray Companies reissued an “overweight” rating and issued a $25.00 target price on shares of Pure Storage in a research note on Tuesday, November 20th. They noted that the move was a valuation call. Eight research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. Pure Storage presently has a consensus rating of “Buy” and a consensus target price of $26.02.
Shares of PSTG traded down $0.38 during midday trading on Friday, hitting $17.13. The company’s stock had a trading volume of 3,960,246 shares, compared to its average volume of 3,345,845. Pure Storage has a one year low of $15.81 and a one year high of $29.14. The company has a debt-to-equity ratio of 0.63, a quick ratio of 3.52 and a current ratio of 3.64. The firm has a market cap of $4.14 billion, a price-to-earnings ratio of -20.39 and a beta of 1.72.
In other Pure Storage news, CEO Charles H. Giancarlo sold 54,990 shares of the company’s stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $27.46, for a total value of $1,510,025.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Timothy Riitters sold 25,000 shares of the company’s stock in a transaction on Thursday, December 6th. The shares were sold at an average price of $18.14, for a total value of $453,500.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 209,917 shares of company stock valued at $5,443,090. Corporate insiders own 15.30% of the company’s stock.
A number of large investors have recently made changes to their positions in the business. DekaBank Deutsche Girozentrale grew its stake in Pure Storage by 169.1% in the third quarter. DekaBank Deutsche Girozentrale now owns 4,090 shares of the technology company’s stock valued at $110,000 after purchasing an additional 2,570 shares in the last quarter. Cerebellum GP LLC acquired a new stake in Pure Storage in the 3rd quarter valued at about $171,000. Global X Management Co LLC acquired a new stake in Pure Storage in the 2nd quarter valued at about $181,000. Ibex Investors LLC acquired a new stake in Pure Storage in the 3rd quarter valued at about $200,000. Finally, CIBC Asset Management Inc acquired a new stake in Pure Storage in the 3rd quarter valued at about $202,000. Hedge funds and other institutional investors own 75.09% 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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