Equities analysts expect Pure Storage, Inc. (NYSE:PSTG) to post $218.79 million in sales for the current fiscal quarter, according to Zacks Investment Research. Nine analysts have made estimates for Pure Storage’s earnings, with the highest sales estimate coming in at $222.00 million and the lowest estimate coming in at $217.20 million. Pure Storage posted sales of $163.21 million in the same quarter last year, which suggests a positive year-over-year growth rate of 34.1%. The business is expected to report its next quarterly earnings results after the market closes on Thursday, August 24th.
According to Zacks, analysts expect that Pure Storage will report full-year sales of $218.79 million for the current year, with estimates ranging from $977.00 million to $1.01 billion. For the next fiscal year, analysts forecast that the company will report sales of $1.29 billion per share, with estimates ranging from $1.23 billion to $1.32 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Pure Storage.
Pure Storage (NYSE:PSTG) last issued its earnings results on Wednesday, May 24th. The technology company reported ($0.14) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.22) by $0.08. The firm had revenue of $182.60 million during the quarter, compared to analysts’ expectations of $176.13 million. Pure Storage had a negative net margin of 31.62% and a negative return on equity of 44.04%. The firm’s revenue for the quarter was up 30.5% compared to the same quarter last year. During the same period last year, the firm posted ($0.22) earnings per share.
Several brokerages have recently commented on PSTG. BidaskClub cut shares of Pure Storage from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. ValuEngine cut shares of Pure Storage from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Wells Fargo & Company restated a “market perform” rating on shares of Pure Storage in a report on Friday, June 16th. Pacific Crest restated an “overweight” rating and set a $17.00 price objective on shares of Pure Storage in a report on Friday, June 16th. Finally, Vetr upgraded shares of Pure Storage from a “buy” rating to a “strong-buy” rating and set a $15.50 price objective for the company in a report on Wednesday, June 14th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $15.61.
In other news, Director Michelangelo Volpi sold 35,673 shares of the business’s stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of $13.03, for a total value of $464,819.19. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Timothy Riitters sold 5,000 shares of the business’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $13.12, for a total transaction of $65,600.00. Following the completion of the sale, the chief financial officer now directly owns 245,703 shares in the company, valued at approximately $3,223,623.36. The disclosure for this sale can be found here. In the last three months, insiders sold 2,312,246 shares of company stock worth $30,410,081. 41.47% of the stock is currently owned by insiders.
A number of hedge funds have recently bought and sold shares of PSTG. Bank of New York Mellon Corp raised its stake in Pure Storage by 9.4% in the first quarter. Bank of New York Mellon Corp now owns 276,581 shares of the technology company’s stock valued at $2,718,000 after buying an additional 23,682 shares during the period. First Trust Advisors LP purchased a new stake in Pure Storage during the first quarter valued at about $135,000. American National Insurance Co. TX purchased a new stake in Pure Storage during the first quarter valued at about $150,000. Thompson Investment Management Inc. raised its stake in Pure Storage by 40.5% in the first quarter. Thompson Investment Management Inc. now owns 19,875 shares of the technology company’s stock valued at $195,000 after buying an additional 5,725 shares during the period. Finally, Stoneridge Investment Partners LLC purchased a new stake in Pure Storage during the first quarter valued at about $433,000. 34.45% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Pure Storage (NYSE:PSTG) opened at 12.78 on Wednesday. Pure Storage has a one year low of $9.12 and a one year high of $15.14. The company’s market capitalization is $2.67 billion. The company’s 50-day moving average is $13.04 and its 200-day moving average is $11.62.
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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