Pure Storage Inc (PSTG) to Post FY2018 Earnings of ($0.95) Per Share, William Blair Forecasts

Pure Storage Inc (NYSE:PSTG) – Equities research analysts at William Blair lifted their FY2018 earnings per share estimates for Pure Storage in a research note issued on Wednesday. William Blair analyst J. Ader now forecasts that the technology company will post earnings of ($0.95) per share for the year, up from their prior forecast of ($1.00). William Blair currently has a “Ourperform” rating on the stock. William Blair also issued estimates for Pure Storage’s Q1 2019 earnings at ($0.28) EPS, Q2 2019 earnings at ($0.27) EPS, Q3 2019 earnings at ($0.19) EPS, Q4 2019 earnings at ($0.13) EPS, FY2020 earnings at ($0.62) EPS and FY2021 earnings at ($0.30) EPS.

Pure Storage (NYSE:PSTG) last posted its earnings results on Tuesday, November 28th. The technology company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.02. Pure Storage had a negative net margin of 22.86% and a negative return on equity of 44.86%. The company had revenue of $277.70 million during the quarter, compared to analysts’ expectations of $272.07 million. During the same quarter in the previous year, the company posted ($0.10) earnings per share. Pure Storage’s quarterly revenue was up 41.0% compared to the same quarter last year.

A number of other analysts have also weighed in on PSTG. KeyCorp reissued a “buy” rating and issued a $24.00 price target on shares of Pure Storage in a report on Wednesday, November 29th. Robert W. Baird set a $14.00 target price on shares of Pure Storage and gave the stock a “hold” rating in a report on Monday, August 14th. Maxim Group reaffirmed a “hold” rating and set a $20.00 target price (up previously from $15.00) on shares of Pure Storage in a report on Wednesday, November 29th. Lake Street Capital set a $21.00 target price on shares of Pure Storage and gave the stock a “buy” rating in a report on Wednesday, November 29th. They noted that the move was a valuation call. Finally, BidaskClub raised shares of Pure Storage from a “sell” rating to a “hold” rating in a report on Tuesday, September 26th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $18.57.

Shares of Pure Storage (NYSE:PSTG) opened at $16.97 on Monday. Pure Storage has a fifty-two week low of $9.12 and a fifty-two week high of $19.27.

In other news, President David Hatfield sold 30,000 shares of the company’s stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $14.66, for a total value of $439,800.00. Following the sale, the president now directly owns 215,190 shares of the company’s stock, valued at approximately $3,154,685.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Timothy Riitters sold 5,000 shares of the company’s stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $14.56, for a total transaction of $72,800.00. Following the completion of the sale, the chief financial officer now directly owns 282,200 shares in the company, valued at $4,108,832. The disclosure for this sale can be found here. Insiders have sold a total of 317,028 shares of company stock worth $5,304,635 over the last three months. Insiders own 41.47% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in PSTG. Vanguard Group Inc. grew its stake in Pure Storage by 26.7% in the 2nd quarter. Vanguard Group Inc. now owns 7,059,059 shares of the technology company’s stock valued at $90,427,000 after buying an additional 1,489,008 shares during the last quarter. Renaissance Technologies LLC grew its stake in Pure Storage by 91.7% in the 2nd quarter. Renaissance Technologies LLC now owns 2,461,000 shares of the technology company’s stock valued at $31,525,000 after buying an additional 1,177,000 shares during the last quarter. UBS Oconnor LLC acquired a new position in Pure Storage in the 2nd quarter valued at about $13,130,000. AO Asset Management LLC acquired a new position in Pure Storage in the 2nd quarter valued at about $12,170,000. Finally, BlackRock Inc. grew its stake in Pure Storage by 6.3% in the 2nd quarter. BlackRock Inc. now owns 14,513,166 shares of the technology company’s stock valued at $185,913,000 after buying an additional 863,990 shares during the last quarter. Institutional investors and hedge funds own 38.46% of the company’s stock.

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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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