Brokerages Anticipate Pure Storage, Inc. (PSTG) Will Announce Quarterly Sales of $271.90 Million
Analysts expect Pure Storage, Inc. (NYSE:PSTG) to post sales of $271.90 million for the current fiscal quarter, according to Zacks. Seven analysts have issued estimates for Pure Storage’s earnings. The lowest sales estimate is $270.65 million and the highest is $276.00 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%. The firm is expected to issue its next quarterly earnings results on Wednesday, November 29th.
According to Zacks, analysts expect that Pure Storage will report full year sales of $271.90 million for the current year, with estimates ranging from $1.00 billion to $1.02 billion. For the next financial year, analysts expect that the company will post sales of $1.31 billion per share, with estimates ranging from $1.24 billion to $1.35 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that follow Pure Storage.
Pure Storage (NYSE:PSTG) last posted its earnings results on Thursday, August 24th. The technology company reported ($0.11) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.31) by $0.20. The company had revenue of $224.50 million during the quarter, compared to analysts’ expectations 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 period last year, the company posted ($0.16) earnings per share.
A number of equities research analysts have recently issued reports on the stock. Summit Redstone raised shares of Pure Storage from a “hold” rating to a “buy” rating in a report on Friday, August 25th. Robert W. Baird reaffirmed a “hold” rating and set a $14.00 target price on shares of Pure Storage in a research note on Wednesday, June 14th. KeyCorp increased their target price on shares of Pure Storage from $17.00 to $18.00 and gave the stock an “overweight” rating in a research note on Friday, August 25th. Morgan Stanley reaffirmed an “equal weight” rating and set a $15.00 target price (up previously from $13.00) on shares of Pure Storage in a research note on Friday, August 25th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $16.00 price target (up previously from $15.00) on shares of Pure Storage in a research report on Friday, August 25th. One analyst has 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. The company presently has a consensus rating of “Buy” and a consensus target price of $15.77.
Pure Storage (PSTG) traded down 0.06% during trading on Wednesday, reaching $15.76. 911,643 shares of the company traded hands. Pure Storage has a 52 week low of $9.12 and a 52 week high of $16.35. The company’s market capitalization is $3.33 billion. The firm has a 50-day moving average price of $14.59 and a 200-day moving average price of $12.55.
In other news, CFO Timothy Riitters sold 10,248 shares of the company’s stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $12.81, for a total transaction of $131,276.88. Following the completion of the sale, the chief financial officer now directly owns 227,200 shares of the company’s stock, valued at $2,910,432. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President David Hatfield sold 40,000 shares of the company’s stock in a transaction on Wednesday, September 27th. The shares were sold at an average price of $16.00, for a total value of $640,000.00. Following the sale, the president now directly owns 225,190 shares of the company’s stock, valued at $3,603,040. The disclosure for this sale can be found here. Insiders have sold 170,761 shares of company stock valued at $2,565,884 in the last ninety days. Company insiders own 41.47% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Wells Fargo & Company MN lifted its stake 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 acquiring an additional 150 shares in the last quarter. First Trust Advisors LP purchased a new stake in shares of Pure Storage during the 1st quarter worth about $135,000. Bank of New York Mellon Corp raised its stake in shares of Pure Storage by 9.4% during 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 purchasing an additional 23,682 shares in the last quarter. UBS Asset Management Americas Inc. raised its stake in shares of Pure Storage by 52.3% during the 1st quarter. UBS Asset Management Americas Inc. now owns 26,500 shares of the technology company’s stock worth $260,000 after purchasing an additional 9,100 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its stake in shares of Pure Storage by 32.7% during the 1st quarter. Ameriprise Financial Inc. now owns 26,350 shares of the technology company’s stock worth $259,000 after purchasing an additional 6,500 shares in the last quarter. 35.30% of the stock is owned by institutional investors and hedge funds.
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Pure Storage Company Profile
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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