Pure Storage Inc (PSTG) Expected to Announce Quarterly Sales of $333.83 Million

Analysts expect Pure Storage Inc (NYSE:PSTG) to post sales of $333.83 million for the current fiscal quarter, according to Zacks Investment Research. Eight analysts have issued estimates for Pure Storage’s earnings, with the lowest sales estimate coming in at $332.96 million and the highest estimate coming in at $335.00 million. Pure Storage reported sales of $255.95 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 30.4%. The business is scheduled to announce its next earnings report on Monday, May 20th.

On average, analysts expect that Pure Storage will report full-year sales of $1.77 billion for the current financial year, with estimates ranging from $1.74 billion to $1.79 billion. For the next fiscal year, analysts expect that the business will report sales of $2.18 billion, with estimates ranging from $2.08 billion to $2.27 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that that provide coverage for Pure Storage.

Pure Storage (NYSE:PSTG) last posted its quarterly earnings data on Thursday, February 28th. The technology company reported ($0.08) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by ($0.02). Pure Storage had a negative return on equity of 22.64% and a negative net margin of 13.12%. The business had revenue of $422.22 million during the quarter, compared to analysts’ expectations of $443.27 million.

Several brokerages have issued reports on PSTG. Credit Suisse Group began coverage on Pure Storage in a research note on Thursday, April 11th. They issued a “neutral” rating and a $23.00 target price on the stock. Cowen upgraded Pure Storage from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $20.00 to $30.00 in a research note on Monday, April 8th. ValuEngine upgraded Pure Storage from a “hold” rating to a “buy” rating in a research note on Monday, April 1st. Oppenheimer set a $26.00 target price on Pure Storage and gave the company a “buy” rating in a research note on Tuesday, March 19th. Finally, Zacks Investment Research lowered Pure Storage from a “buy” rating to a “hold” rating in a research note on Wednesday, March 6th. Seven equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $26.10.

Shares of PSTG traded down $0.42 during mid-day trading on Thursday, hitting $22.35. The stock had a trading volume of 3,165,507 shares, compared to its average volume of 3,003,907. The firm has a market cap of $5.47 billion, a PE ratio of -31.93 and a beta of 1.72. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.34 and a quick ratio of 3.25. Pure Storage has a 52 week low of $13.99 and a 52 week high of $29.14.

In related news, Director Scott Dietzen sold 400,000 shares of the business’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $20.46, for a total transaction of $8,184,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Timothy Riitters sold 5,210 shares of the business’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $20.46, for a total value of $106,596.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 531,260 shares of company stock worth $11,140,771. 15.30% of the stock is currently owned by corporate insiders.

Several large investors have recently added to or reduced their stakes in PSTG. Vanguard Group Inc increased its stake in Pure Storage by 14.4% in the 3rd quarter. Vanguard Group Inc now owns 15,371,526 shares of the technology company’s stock worth $398,892,000 after acquiring an additional 1,933,591 shares during the last quarter. Vanguard Group Inc. increased its holdings in Pure Storage by 14.4% in the third quarter. Vanguard Group Inc. now owns 15,371,526 shares of the technology company’s stock worth $398,892,000 after purchasing an additional 1,933,591 shares in the last quarter. Deutsche Bank AG increased its holdings in Pure Storage by 32.9% in the fourth quarter. Deutsche Bank AG now owns 6,071,763 shares of the technology company’s stock worth $97,627,000 after purchasing an additional 1,503,341 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Pure Storage by 1,367.9% in the fourth quarter. Victory Capital Management Inc. now owns 1,506,970 shares of the technology company’s stock worth $24,232,000 after purchasing an additional 1,404,310 shares in the last quarter. Finally, Norges Bank bought a new stake in Pure Storage in the fourth quarter worth approximately $18,708,000. Institutional investors own 73.75% of the company’s stock.

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 and Artificial Intelligence Ready Infrastructure converged infrastructure solutions.

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

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