Analysts expect Pure Storage Inc (NYSE:PSTG) to post $0.09 earnings per share for the current fiscal quarter, Zacks Investment Research reports. Ten analysts have made estimates for Pure Storage’s earnings, with the lowest EPS estimate coming in at $0.08 and the highest estimate coming in at $0.11. Pure Storage posted earnings of ($0.01) per share during the same quarter last year, which suggests a positive year over year growth rate of 1,000%. The business is scheduled to report its next earnings results on Tuesday, November 27th.
According to Zacks, analysts expect that Pure Storage will report full year earnings of $0.21 per share for the current year, with EPS estimates ranging from $0.14 to $0.32. For the next financial year, analysts anticipate that the business will report earnings of $0.45 per share, with EPS estimates ranging from $0.26 to $0.75. Zacks’ earnings per share calculations are an average based on a survey of sell-side analysts that follow Pure Storage.
Pure Storage (NYSE:PSTG) last released its earnings results on Tuesday, August 21st. The technology company reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.07. Pure Storage had a negative net margin of 15.07% and a negative return on equity of 30.56%. The business had revenue of $308.90 million for the quarter, compared to the consensus estimate of $301.32 million. During the same period in the previous year, the firm earned ($0.11) EPS. The business’s revenue for the quarter was up 37.5% on a year-over-year basis.
A number of research firms recently commented on PSTG. JMP Securities boosted their target price on shares of Pure Storage from $23.00 to $26.00 and gave the stock an “outperform” rating in a report on Tuesday, May 22nd. Deutsche Bank boosted their target price on shares of Pure Storage from $24.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, May 22nd. Zacks Investment Research downgraded shares of Pure Storage from a “buy” rating to a “hold” rating in a report on Wednesday, July 18th. Citigroup boosted their target price on shares of Pure Storage to $34.00 and gave the stock a “buy” rating in a report on Thursday, September 6th. Finally, Oppenheimer boosted their target price on shares of Pure Storage from $24.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, August 22nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and nineteen have assigned a buy rating to the stock. Pure Storage has a consensus rating of “Buy” and an average target price of $26.03.
In related news, Director Scott Dietzen sold 125,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 26th. The shares were sold at an average price of $23.19, for a total transaction of $2,898,750.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Timothy Riitters sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, June 28th. The shares were sold at an average price of $23.44, for a total transaction of $586,000.00. The disclosure for this sale can be found here. Insiders have sold 6,565,824 shares of company stock worth $154,282,305 in the last 90 days. 15.30% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. HM Payson & Co. purchased a new position in Pure Storage during the second quarter valued at approximately $323,000. Bank of New York Mellon Corp grew its position in Pure Storage by 33.6% during the second quarter. Bank of New York Mellon Corp now owns 691,545 shares of the technology company’s stock valued at $16,513,000 after purchasing an additional 173,958 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in Pure Storage during the second quarter valued at approximately $4,920,000. Global X Management Co LLC purchased a new position in Pure Storage during the second quarter valued at approximately $181,000. Finally, Verition Fund Management LLC grew its position in Pure Storage by 353.8% during the second quarter. Verition Fund Management LLC now owns 100,221 shares of the technology company’s stock valued at $2,393,000 after purchasing an additional 78,136 shares in the last quarter. 68.87% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE PSTG traded down $0.09 during midday trading on Friday, reaching $28.43. The company’s stock had a trading volume of 2,417,658 shares, compared to its average volume of 3,812,213. The company has a debt-to-equity ratio of 0.68, a current ratio of 4.03 and a quick ratio of 3.91. Pure Storage has a one year low of $14.37 and a one year high of $29.14. The company has a market capitalization of $6.56 billion, a P/E ratio of -33.85 and a beta of 1.34.
Pure Storage Company Profile
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, a converged infrastructure solution.
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