Pure Storage Inc (PSTG) Expected to Post Quarterly Sales of $366.96 Million

Wall Street analysts predict that Pure Storage Inc (NYSE:PSTG) will post $366.96 million in sales for the current quarter, Zacks Investment Research reports. Ten analysts have issued estimates for Pure Storage’s earnings. The highest sales estimate is $373.00 million and the lowest is $365.00 million. Pure Storage reported sales of $277.67 million in the same quarter last year, which would indicate a positive year over year growth rate of 32.2%. The company is scheduled to report its next quarterly earnings results on Tuesday, November 27th.

On average, analysts expect that Pure Storage will report full year sales of $1.37 billion for the current financial year, with estimates ranging from $1.36 billion to $1.39 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $1.73 billion per share, with estimates ranging from $1.65 billion to $1.80 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that follow Pure Storage.

Pure Storage (NYSE:PSTG) last released its quarterly earnings results on Tuesday, August 21st. The technology company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.06) by $0.07. The business had revenue of $308.90 million for the quarter, compared to analyst estimates of $301.32 million. Pure Storage had a negative net margin of 15.07% and a negative return on equity of 30.56%. The company’s quarterly revenue was up 37.5% on a year-over-year basis. During the same period in the prior year, the business earned ($0.11) earnings per share.

Several research firms have recently commented on PSTG. Bank of America reiterated a “buy” rating and issued a $33.00 price target on shares of Pure Storage in a research report on Wednesday. Citigroup increased their price target on shares of Pure Storage to $34.00 and gave the company a “buy” rating in a research report on Thursday, September 6th. Zacks Investment Research lowered shares of Pure Storage from a “buy” rating to a “hold” rating in a research report on Monday, August 27th. Deutsche Bank increased their price target on shares of Pure Storage from $25.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, August 22nd. Finally, BMO Capital Markets increased their price target on shares of Pure Storage from $29.00 to $30.00 and gave the company an “outperform” rating in a research report on Wednesday, August 22nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nineteen have assigned a buy rating to the company’s stock. Pure Storage has a consensus rating of “Buy” and a consensus target price of $26.24.

Shares of PSTG stock traded down $0.67 during trading hours on Tuesday, hitting $26.88. The company’s stock had a trading volume of 5,858,030 shares, compared to its average volume of 2,755,685. The firm has a market capitalization of $6.21 billion, a PE ratio of -32.00 and a beta of 1.34. Pure Storage has a twelve month low of $14.95 and a twelve month high of $29.14. The company has a debt-to-equity ratio of 0.68, a current ratio of 4.03 and a quick ratio of 3.91.

In other Pure Storage news, CEO Charles H. Giancarlo sold 54,990 shares of the stock in a transaction that occurred on Thursday, September 20th. The shares were sold at an average price of $27.46, for a total transaction of $1,510,025.40. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Scott Dietzen sold 125,000 shares of the stock in a transaction that occurred on Tuesday, June 26th. The stock was sold at an average price of $23.19, for a total transaction of $2,898,750.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,397,747 shares of company stock worth $150,517,411. 15.30% of the stock is owned by company insiders.

Large investors have recently bought and sold shares of the business. Fortis Advisors LLC purchased a new position in Pure Storage during the first quarter worth approximately $118,000. WealthTrust Fairport LLC purchased a new position in Pure Storage during the first quarter worth approximately $121,000. Point72 Asia Hong Kong Ltd purchased a new position in Pure Storage during the first quarter worth approximately $132,000. Adviser Investments LLC purchased a new position in Pure Storage during the first quarter worth approximately $136,000. Finally, Global X Management Co LLC purchased a new position in Pure Storage during the second quarter worth approximately $181,000. 68.86% of the stock is currently owned by institutional investors.

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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Earnings History and Estimates for Pure Storage (NYSE:PSTG)

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