Pure Storage (NYSE:PSTG) announced its earnings results on Wednesday. The technology company reported ($0.23) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.05, Morningstar.com reports. Pure Storage had a negative return on equity of 25.30% and a negative net margin of 14.51%. The firm had revenue of $396.30 million during the quarter, compared to analyst estimates of $392.34 million. During the same quarter in the prior year, the company earned $0.01 EPS. The business’s revenue was up 28.3% compared to the same quarter last year. Pure Storage updated its Q3 2020 guidance to EPS and its FY 2020 guidance to EPS.
PSTG stock opened at $15.63 on Friday. Pure Storage has a twelve month low of $12.68 and a twelve month high of $29.14. The company has a quick ratio of 3.25, a current ratio of 3.35 and a debt-to-equity ratio of 0.75. The firm has a market cap of $3.51 billion, a PE ratio of -22.33 and a beta of 1.80. The business has a 50 day moving average of $14.77 and a 200 day moving average of $18.35.
Several research analysts have recently issued reports on PSTG shares. KeyCorp decreased their target price on Pure Storage from $25.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday. Piper Jaffray Companies decreased their target price on Pure Storage from $25.00 to $20.00 and set an “overweight” rating for the company in a research report on Wednesday, May 22nd. Morgan Stanley decreased their target price on Pure Storage from $21.00 to $17.00 and set an “equal weight” rating for the company in a research report on Thursday. BTIG Research decreased their target price on Pure Storage to $20.00 and set a “buy” rating for the company in a research report on Thursday. Finally, TheStreet lowered Pure Storage from a “c-” rating to a “d+” rating in a research report on Thursday, June 27th. Seven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Pure Storage has a consensus rating of “Buy” and an average target price of $22.32.
In related news, CFO Timothy Riitters sold 10,420 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $15.65, for a total transaction of $163,073.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders have sold 31,260 shares of company stock valued at $492,553. 10.00% of the stock is owned by corporate insiders.
Institutional investors have recently bought and sold shares of the business. Riverhead Capital Management LLC bought a new stake in shares of Pure Storage in the 2nd quarter worth $29,000. Price Wealth Management Inc. bought a new stake in shares of Pure Storage in the 2nd quarter worth $29,000. Coastal Investment Advisors Inc. increased its holdings in shares of Pure Storage by 25.0% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 4,000 shares of the technology company’s stock worth $61,000 after purchasing an additional 800 shares in the last quarter. Flinton Capital Management LLC increased its holdings in shares of Pure Storage by 203.8% in the 2nd quarter. Flinton Capital Management LLC now owns 5,056 shares of the technology company’s stock worth $77,000 after purchasing an additional 3,392 shares in the last quarter. Finally, Meadow Creek Investment Management LLC increased its holdings in shares of Pure Storage by 203.8% in the 2nd quarter. Meadow Creek Investment Management LLC now owns 6,952 shares of the technology company’s stock worth $106,000 after purchasing an additional 4,664 shares in the last quarter. 81.14% of the stock is owned by institutional investors and hedge funds.
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 and Artificial Intelligence Ready Infrastructure converged infrastructure solutions.
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