Pure Storage Inc. (PSTG) Posts Earnings Results, Beats Expectations By $0.05 EPS
Pure Storage Inc. (NYSE:PSTG) released its quarterly earnings data on Wednesday. The company reported ($0.10) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.15) by $0.05. The firm had revenue of $197 million for the quarter, compared to analyst estimates of $192.36 million. Pure Storage had a negative net margin of 38.27% and a negative return on equity of 38.48%. The business’s quarterly revenue was up 49.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.18) earnings per share.
Pure Storage (NYSE:PSTG) traded down 2.17% during midday trading on Wednesday, hitting $13.95. 2,084,749 shares of the stock were exchanged. The stock’s market cap is $2.74 billion. Pure Storage has a 12-month low of $9.62 and a 12-month high of $18.39. The firm has a 50 day moving average of $13.21 and a 200-day moving average of $12.59.
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Several analysts recently commented on the stock. Vetr lowered shares of Pure Storage from a “buy” rating to a “hold” rating and set a $14.72 price target on the stock. in a research report on Tuesday, October 4th. Stifel Nicolaus restated a “buy” rating and set a $20.00 price target on shares of Pure Storage in a research report on Monday. OTR Global upgraded shares of Pure Storage from a “negative” rating to a “mixed” rating in a research report on Monday, November 14th. Wells Fargo & Co. assumed coverage on shares of Pure Storage in a research report on Tuesday, August 2nd. They set a “market perform” rating on the stock. Finally, Robert W. Baird restated a “hold” rating on shares of Pure Storage in a research report on Friday, September 9th. Ten analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $16.26.
In related news, CFO Timothy Riitters sold 3,231 shares of the business’s stock in a transaction on Wednesday, September 21st. The stock was sold at an average price of $13.50, for a total transaction of $43,618.50. Following the sale, the chief financial officer now owns 31,769 shares in the company, valued at approximately $428,881.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 46.58% of the company’s stock.
A number of large investors have recently modified their holdings of PSTG. Analytic Investors LLC purchased a new stake in shares of Pure Storage during the second quarter worth $524,000. Pacad Investment Ltd. purchased a new stake in shares of Pure Storage during the second quarter worth $488,000. American International Group Inc. raised its stake in shares of Pure Storage by 109.5% in the second quarter. American International Group Inc. now owns 35,145 shares of the company’s stock worth $383,000 after buying an additional 18,371 shares in the last quarter. Franklin Resources Inc. raised its stake in shares of Pure Storage by 21.5% in the second quarter. Franklin Resources Inc. now owns 2,792,696 shares of the company’s stock worth $30,440,000 after buying an additional 493,691 shares in the last quarter. Finally, Alliancebernstein L.P. raised its stake in shares of Pure Storage by 228.8% in the second quarter. Alliancebernstein L.P. now owns 107,632 shares of the company’s stock worth $1,173,000 after buying an additional 74,900 shares in the last quarter. Institutional investors and hedge funds own 49.91% of the company’s stock.
Pure Storage Company Profile
Pure Storage, Inc provides an enterprise data storage platform. The Company’s storage platform consists of approximately three integrated components, including the Purity Operating Environment, which is its flash-optimized software; FlashArray, which is its modular and scalable all-flash array hardware, and Pure1, which is its cloud-based management and support.
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