$272.46 Million in Sales Expected for Pure Storage, Inc. (PSTG) This Quarter
Analysts expect Pure Storage, Inc. (NYSE:PSTG) to announce sales of $272.46 million for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have provided estimates for Pure Storage’s earnings. The highest sales estimate is $279.90 million and the lowest is $270.65 million. Pure Storage posted sales of $196.96 million during the same quarter last year, which would indicate a positive year over year growth rate of 38.3%. The firm is scheduled to issue its next earnings results on Wednesday, November 29th.
On average, analysts expect that Pure Storage will report full year sales of $272.46 million for the current financial year, with estimates ranging from $1.00 billion to $1.02 billion. For the next year, analysts expect that the company will report sales of $1.31 billion per share, with estimates ranging from $1.24 billion to $1.32 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Pure Storage.
Pure Storage (NYSE:PSTG) last released its quarterly earnings data on Thursday, August 24th. The technology company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.20. Pure Storage had a negative return on equity of 46.12% and a negative net margin of 29.55%. The firm had revenue of $224.50 million for the quarter, compared to the consensus estimate of $217.97 million. During the same quarter in the prior year, the company posted ($0.16) earnings per share. The firm’s revenue was up 37.6% on a year-over-year basis.
Several equities analysts have recently weighed in on PSTG shares. BidaskClub upgraded Pure Storage from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. Goldman Sachs Group, Inc. (The) reissued a “neutral” rating and issued a $14.00 target price on shares of Pure Storage in a research report on Thursday, May 25th. Vetr raised Pure Storage from a “buy” rating to a “strong-buy” rating and set a $15.00 target price on the stock in a research report on Tuesday, May 30th. ValuEngine raised Pure Storage from a “sell” rating to a “hold” rating in a research report on Saturday, August 26th. Finally, Susquehanna Bancshares Inc reissued a “positive” rating and issued a $16.00 target price on shares of Pure Storage in a research report on Wednesday, June 14th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $15.61.
In related news, CFO Timothy Riitters sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $14.56, for a total transaction of $72,800.00. Following the transaction, the chief financial officer now directly owns 282,200 shares of the company’s stock, valued at approximately $4,108,832. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michelangelo Volpi sold 35,673 shares of the business’s stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $13.03, for a total value of $464,819.19. The disclosure for this sale can be found here. Insiders have sold a total of 923,160 shares of company stock worth $12,245,513 in the last ninety days. Insiders own 41.47% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. Ameritas Investment Partners Inc. increased its holdings in shares of Pure Storage by 38.8% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 8,171 shares of the technology company’s stock worth $105,000 after acquiring an additional 2,284 shares during the last quarter. First Trust Advisors LP acquired a new position in shares of Pure Storage during the 1st quarter worth approximately $135,000. Point72 Asia Hong Kong Ltd increased its holdings in shares of Pure Storage by 34.7% during the 1st quarter. Point72 Asia Hong Kong Ltd now owns 13,815 shares of the technology company’s stock worth $136,000 after acquiring an additional 3,557 shares during the last quarter. BNP Paribas Arbitrage SA increased its holdings in shares of Pure Storage by 641.5% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 11,649 shares of the technology company’s stock worth $149,000 after acquiring an additional 10,078 shares during the last quarter. Finally, Amalgamated Bank acquired a new position in shares of Pure Storage during the 2nd quarter worth approximately $151,000. 35.30% of the stock is currently owned by institutional investors and hedge funds.
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Pure Storage (NYSE:PSTG) traded down 0.20% during trading on Friday, reaching $14.65. The company had a trading volume of 1,398,238 shares. The company’s market capitalization is $3.10 billion. Pure Storage has a 52-week low of $9.12 and a 52-week high of $15.14. The company has a 50 day moving average price of $13.56 and a 200 day moving average price of $12.09.
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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