Pure Storage (NYSE:PSTG) Announces Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Pure Storage (NYSE:PSTG) posted its quarterly earnings results on Tuesday. The technology company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.10, MarketWatch Earnings reports. Pure Storage had a negative net margin of 14.04% and a negative return on equity of 22.19%. The business had revenue of $562.74 million during the quarter, compared to analysts’ expectations of $530.66 million. During the same quarter in the prior year, the company posted ($0.22) EPS. The business’s revenue for the quarter was up 37.1% on a year-over-year basis. Pure Storage updated its Q4 2022 guidance to EPS and its FY 2022 guidance to EPS.

Shares of NYSE:PSTG traded down $0.20 on Tuesday, hitting $27.28. 3,701,723 shares of the company’s stock were exchanged, compared to its average volume of 4,321,176. The firm’s 50-day moving average is $26.70 and its 200 day moving average is $22.51. The company has a market capitalization of $7.78 billion, a PE ratio of -29.33 and a beta of 1.39. Pure Storage has a 1-year low of $16.79 and a 1-year high of $29.53. The company has a debt-to-equity ratio of 1.10, a quick ratio of 2.40 and a current ratio of 2.46.

Several equities analysts have recently commented on the stock. TheStreet upgraded shares of Pure Storage from a “d+” rating to a “c-” rating in a report on Wednesday, August 25th. Northland Securities upgraded shares of Pure Storage from a “market perform” rating to an “outperform” rating in a report on Wednesday, September 8th. Susquehanna Bancshares restated a “buy” rating and issued a $33.00 price objective on shares of Pure Storage in a report on Thursday, August 26th. Cowen restated a “buy” rating and issued a C$30.00 price objective on shares of Pure Storage in a report on Monday, August 23rd. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Pure Storage from $29.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday, September 29th. Two analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Pure Storage currently has an average rating of “Buy” and a consensus price target of $29.83.

In other news, Director Anita M. Sands sold 74,157 shares of the company’s stock in a transaction dated Friday, September 10th. The stock was sold at an average price of $26.79, for a total transaction of $1,986,666.03. Following the completion of the transaction, the director now directly owns 100,976 shares of the company’s stock, valued at approximately $2,705,147.04. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 6.80% of the company’s stock.

About Pure Storage

Pure Storage, Inc engages in the provision of flash-based storage solutions. Its technology replaces storage systems designed for mechanical disk with all-flash systems optimized end-to-end for solid-state memory. The company was founded by John Hayes and John Colgrove in October 2009 and is headquartered in Mountain View, CA.

Featured Story: How to Use the MarketBeat Retirement Calculator

Earnings History for Pure Storage (NYSE:PSTG)

Receive News & Ratings for Pure Storage Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pure Storage and related companies with MarketBeat.com's FREE daily email newsletter.