Pure Storage, Inc. (NYSE:PSTG) Expected to Announce Earnings of -$0.31 Per Share
Wall Street brokerages expect Pure Storage, Inc. (NYSE:PSTG) to report earnings of ($0.31) per share for the current quarter, Zacks reports. Nine analysts have issued estimates for Pure Storage’s earnings, with the highest EPS estimate coming in at ($0.27) and the lowest estimate coming in at ($0.33). Pure Storage also reported earnings of ($0.31) per share in the same quarter last year. The company is expected to announce its next quarterly earnings report after the market closes on Thursday, August 24th.
According to Zacks, analysts expect that Pure Storage will report full year earnings of ($0.97) per share for the current fiscal year, with EPS estimates ranging from ($1.07) to ($0.80). For the next year, analysts forecast that the company will post earnings of ($0.71) per share, with EPS estimates ranging from ($0.91) to ($0.55). Zacks’ EPS calculations are a mean average based on a survey of research analysts that cover Pure Storage.
Pure Storage (NYSE:PSTG) last released its earnings results on Wednesday, May 24th. The technology company reported ($0.14) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.22) by $0.08. Pure Storage had a negative net margin of 31.62% and a negative return on equity of 44.04%. The company had revenue of $182.60 million during the quarter, compared to analysts’ expectations of $176.13 million. During the same quarter last year, the business earned ($0.22) EPS. The business’s revenue was up 30.5% on a year-over-year basis.
PSTG has been the subject of several recent research reports. Robert W. Baird restated a “hold” rating on shares of Pure Storage in a research report on Thursday, April 13th. William Blair restated a “buy” rating on shares of Pure Storage in a research report on Friday, April 14th. Morgan Stanley lowered shares of Pure Storage from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $17.00 to $12.00 in a research report on Thursday, May 18th. Jefferies Group LLC upped their price target on shares of Pure Storage from $10.00 to $11.50 and gave the stock a “hold” rating in a research report on Thursday, May 25th. Finally, Maxim Group restated a “buy” rating and set a $20.00 price target on shares of Pure Storage in a research report on Thursday, May 25th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $15.61.
Pure Storage (PSTG) traded up 0.23% during mid-day trading on Monday, hitting $12.85. 408,884 shares of the stock traded hands. Pure Storage has a 1-year low of $9.12 and a 1-year high of $15.14. The stock has a 50-day moving average of $13.06 and a 200 day moving average of $11.60. The firm’s market cap is $2.68 billion.
In other Pure Storage news, Director Michelangelo Volpi sold 19,086 shares of the company’s stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $13.00, for a total value of $248,118.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Timothy Riitters sold 8,255 shares of the company’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $13.14, for a total transaction of $108,470.70. Following the completion of the sale, the chief financial officer now directly owns 242,448 shares of the company’s stock, valued at $3,185,766.72. The disclosure for this sale can be found here. Insiders sold a total of 2,312,246 shares of company stock valued at $30,410,081 over the last three months. 41.47% of the stock is owned by corporate insiders.
Large investors have recently modified their holdings of the stock. State Street Corp increased its stake in shares of Pure Storage by 4.4% in the fourth quarter. State Street Corp now owns 1,129,901 shares of the technology company’s stock worth $12,779,000 after buying an additional 47,633 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Pure Storage during the fourth quarter worth $2,503,000. Norges Bank acquired a new stake in shares of Pure Storage during the fourth quarter worth $1,697,000. Highbridge Capital Management LLC acquired a new stake in shares of Pure Storage during the fourth quarter worth $393,000. Finally, Bank of Montreal Can acquired a new stake in shares of Pure Storage during the first quarter worth $1,894,000. 34.45% of the stock is owned by institutional investors.
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About Pure Storage
Pure Storage, Inc provides a data platform. The Company is focused on delivering software-defined all-flash solutions that are fast and cloud-capable for customers, enabling customers to put data to work for their businesses. Its data platform replaces storage systems designed for mechanical disk with all-flash systems optimized end-to-end for solid-state memory.
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