Pure Storage, Inc. (PSTG) Expected to Post Quarterly Sales of $271.72 Million
Equities research analysts predict that Pure Storage, Inc. (NYSE:PSTG) will report sales of $271.72 million for the current quarter, Zacks reports. Six analysts have provided estimates for Pure Storage’s earnings, with the highest sales estimate coming in at $276.00 million and the lowest estimate coming in at $270.65 million. Pure Storage reported sales of $196.96 million during the same quarter last year, which indicates a positive year-over-year growth rate of 38%. The firm is expected to announce its next quarterly earnings report on Wednesday, November 29th.
On average, analysts expect that Pure Storage will report full year sales of $271.72 million for the current fiscal year, with estimates ranging from $1.00 billion to $1.01 billion. For the next year, analysts expect that the company will report sales of $1.32 billion per share, with estimates ranging from $1.24 billion to $1.35 billion. Zacks’ sales calculations are an average based on a survey of research firms that follow Pure Storage.
Pure Storage (NYSE:PSTG) last released its quarterly earnings data 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 firm had revenue of $224.50 million for 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%. The company’s revenue for the quarter was up 37.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.16) EPS.
A number of equities research analysts have recently issued reports on PSTG shares. Summit Redstone raised shares of Pure Storage from a “hold” rating to a “buy” rating in a research report on Friday, August 25th. BidaskClub raised Pure Storage from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. UBS AG reaffirmed a “buy” rating and issued a $18.00 price target (up previously from $15.00) on shares of Pure Storage in a research note on Monday, September 25th. BTIG Research boosted their price target on Pure Storage from $14.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $15.00 price target (up previously from $13.00) on shares of Pure Storage in a research note on Friday, August 25th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $16.36.
Shares of Pure Storage (PSTG) opened at 16.28 on Friday. The company’s market capitalization is $3.44 billion. Pure Storage has a 52-week low of $9.12 and a 52-week high of $16.64. The firm has a 50-day moving average of $15.45 and a 200 day moving average of $13.05.
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In related news, President David Hatfield sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $14.66, for a total value of $439,800.00. Following the sale, the president now directly owns 215,190 shares in the company, valued at $3,154,685.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Timothy Riitters sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $14.56, for a total value of $72,800.00. Following the completion of the sale, the chief financial officer now owns 282,200 shares in the company, valued at $4,108,832. The disclosure for this sale can be found here. Insiders sold 242,028 shares of company stock valued at $3,773,235 in the last ninety days. 46.58% of the stock is currently owned by insiders.
A number of hedge funds have recently made changes to their positions in PSTG. BlackRock Inc. boosted its holdings in Pure Storage by 18,167.3% in the first quarter. BlackRock Inc. now owns 13,649,176 shares of the technology company’s stock valued at $134,172,000 after acquiring an additional 13,574,457 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Pure Storage by 3,403.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,738,819 shares of the technology company’s stock valued at $17,093,000 after acquiring an additional 1,689,194 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Pure Storage by 26.7% in the second quarter. Vanguard Group Inc. now owns 7,059,059 shares of the technology company’s stock valued at $90,427,000 after acquiring an additional 1,489,008 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in Pure Storage by 91.7% in the second quarter. Renaissance Technologies LLC now owns 2,461,000 shares of the technology company’s stock valued at $31,525,000 after acquiring an additional 1,177,000 shares during the last quarter. Finally, UBS Oconnor LLC bought a new stake in Pure Storage in the second quarter valued at approximately $13,130,000. Institutional investors and hedge funds own 35.30% 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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