$272.46 Million in Sales Expected for Pure Storage, Inc. (PSTG) This Quarter
Analysts expect Pure Storage, Inc. (NYSE:PSTG) to announce $272.46 million in sales for the current quarter, Zacks reports. Seven analysts have provided estimates for Pure Storage’s earnings. The lowest sales estimate is $270.65 million and the highest is $279.90 million. Pure Storage posted sales of $196.96 million in the same quarter last year, which suggests a positive year over year growth rate of 38.3%. The firm is scheduled to announce its next quarterly earnings results on Wednesday, November 29th.
According to Zacks, analysts expect that Pure Storage will report full year sales of $272.46 million for the current year, with estimates ranging from $1.00 billion to $1.02 billion. For the next year, analysts expect that the firm will report sales of $1.31 billion per share, with estimates ranging from $1.24 billion to $1.32 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that cover Pure Storage.
Pure Storage (NYSE:PSTG) last announced its quarterly earnings results on Thursday, August 24th. The technology company reported ($0.11) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.31) by $0.20. The business had revenue of $224.50 million during the quarter, compared to analyst estimates of $217.97 million. Pure Storage had a negative net margin of 29.55% and a negative return on equity of 46.12%. Pure Storage’s quarterly revenue was up 37.6% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.16) EPS.
Several equities analysts have commented on PSTG shares. Morgan Stanley lowered Pure Storage from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $17.00 to $12.00 in a research report on Thursday, May 18th. Jefferies Group LLC raised their price objective on Pure Storage from $10.00 to $11.50 and gave the company a “hold” rating in a research report on Thursday, May 25th. Maxim Group reissued a “buy” rating and set a $20.00 price objective on shares of Pure Storage in a research report on Thursday, May 25th. BMO Capital Markets raised their price objective on Pure Storage from $13.00 to $15.00 and gave the company a “buy” rating in a research report on Thursday, May 25th. Finally, Robert W. Baird reissued a “hold” rating on shares of Pure Storage in a research report on Thursday, May 25th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Pure Storage currently has an average rating of “Buy” and an average price target of $15.61.
Shares of Pure Storage (PSTG) opened at 14.59 on Friday. The firm’s 50-day moving average is $13.43 and its 200-day moving average is $12.03. Pure Storage has a 52 week low of $9.12 and a 52 week high of $15.14. The company’s market cap is $3.09 billion.
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In related news, Director Michelangelo Volpi sold 412,514 shares of Pure Storage stock in a transaction dated Wednesday, June 21st. The stock was sold at an average price of $13.02, for a total value of $5,370,932.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Timothy Riitters sold 10,248 shares of Pure Storage stock in a transaction dated Thursday, July 6th. The stock was sold at an average price of $12.81, for a total value of $131,276.88. Following the completion of the sale, the chief financial officer now owns 227,200 shares of the company’s stock, valued at $2,910,432. The disclosure for this sale can be found here. Insiders sold a total of 923,160 shares of company stock valued at $12,245,513 over the last quarter. 46.58% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PSTG. Wells Fargo & Company MN increased its holdings in Pure Storage by 0.3% in the 1st quarter. Wells Fargo & Company MN now owns 57,389 shares of the technology company’s stock worth $564,000 after buying an additional 150 shares in the last quarter. First Trust Advisors LP bought a new stake in Pure Storage in the 1st quarter worth about $135,000. Bank of New York Mellon Corp increased its holdings in Pure Storage by 9.4% in the 1st quarter. Bank of New York Mellon Corp now owns 276,581 shares of the technology company’s stock worth $2,718,000 after buying an additional 23,682 shares in the last quarter. UBS Asset Management Americas Inc. increased its holdings in Pure Storage by 52.3% in the 1st quarter. UBS Asset Management Americas Inc. now owns 26,500 shares of the technology company’s stock worth $260,000 after buying an additional 9,100 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in Pure Storage by 32.7% in the 1st quarter. Ameriprise Financial Inc. now owns 26,350 shares of the technology company’s stock worth $259,000 after buying an additional 6,500 shares in the last quarter. Institutional investors own 35.77% of the company’s stock.
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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