Wall Street brokerages expect that Pure Storage, Inc. (NYSE:PSTG - Get Rating) will announce sales of $522.74 million for the current fiscal quarter, according to Zacks. Nine analysts have provided estimates for Pure Storage's earnings. The lowest sales estimate is $519.67 million and the highest is $530.00 million. Pure Storage posted sales of $412.71 million during the same quarter last year, which suggests a positive year-over-year growth rate of 26.7%. The firm is scheduled to announce its next earnings results after the market closes on Monday, January 1st.
On average, analysts expect that Pure Storage will report full-year sales of $2.61 billion for the current financial year, with estimates ranging from $2.58 billion to $2.65 billion. For the next fiscal year, analysts expect that the company will post sales of $3.06 billion, with estimates ranging from $2.94 billion to $3.24 billion. Zacks Investment Research's sales averages are an average based on a survey of sell-side research analysts that cover Pure Storage.
Pure Storage (NYSE:PSTG - Get Rating) last posted its quarterly earnings data on Wednesday, March 2nd. The technology company reported $0.16 earnings per share for the quarter, beating analysts' consensus estimates of $0.01 by $0.15. The business had revenue of $708.57 million during the quarter, compared to the consensus estimate of $630.93 million. Pure Storage had a negative return on equity of 4.90% and a negative net margin of 6.57%. Pure Storage's quarterly revenue was up 40.9% on a year-over-year basis. During the same period in the prior year, the business posted ($0.09) earnings per share.
A number of equities research analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Pure Storage from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Thursday, March 3rd. Northland Securities boosted their price target on Pure Storage from $40.00 to $42.00 and gave the company an "outperform" rating in a research note on Thursday, March 3rd. The Goldman Sachs Group increased their price target on Pure Storage from $34.00 to $48.00 and gave the stock a "buy" rating in a report on Thursday, March 3rd. Susquehanna reiterated a "buy" rating and issued a $40.00 price objective on shares of Pure Storage in a research note on Thursday, March 3rd. Finally, Susquehanna Bancshares reaffirmed a "buy" rating and issued a $40.00 price target on shares of Pure Storage in a research note on Thursday, March 3rd. Six research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $36.40.
Shares of PSTG opened at $24.38 on Friday. The business has a 50-day moving average of $29.83 and a 200-day moving average of $29.49. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.30 and a quick ratio of 2.26. The company has a market capitalization of $7.28 billion, a price-to-earnings ratio of -47.80 and a beta of 1.51. Pure Storage has a 1 year low of $17.40 and a 1 year high of $36.71.
In related news, insider Ajay Singh sold 36,338 shares of the stock in a transaction dated Wednesday, March 23rd. The stock was sold at an average price of $34.39, for a total transaction of $1,249,663.82. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Andrew William Fraser Brown sold 11,564 shares of the business's stock in a transaction that occurred on Monday, March 21st. The shares were sold at an average price of $35.20, for a total transaction of $407,052.80. The disclosure for this sale can be found here. 6.80% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of PSTG. First Republic Investment Management Inc. boosted its position in shares of Pure Storage by 1.4% during the 3rd quarter. First Republic Investment Management Inc. now owns 30,676 shares of the technology company's stock valued at $772,000 after acquiring an additional 412 shares during the last quarter. CWM LLC grew its stake in Pure Storage by 31.9% in the 1st quarter. CWM LLC now owns 1,813 shares of the technology company's stock worth $64,000 after buying an additional 438 shares in the last quarter. Los Angeles Capital Management LLC raised its position in shares of Pure Storage by 5.7% during the 1st quarter. Los Angeles Capital Management LLC now owns 8,894 shares of the technology company's stock valued at $314,000 after buying an additional 477 shares in the last quarter. Comerica Bank lifted its holdings in shares of Pure Storage by 1.3% during the 4th quarter. Comerica Bank now owns 38,100 shares of the technology company's stock worth $949,000 after acquiring an additional 500 shares during the last quarter. Finally, Xponance Inc. grew its position in Pure Storage by 1.8% in the fourth quarter. Xponance Inc. now owns 28,604 shares of the technology company's stock worth $931,000 after acquiring an additional 505 shares in the last quarter. Institutional investors own 80.13% of the company's stock.
About Pure Storage (Get Rating)
Pure Storage, Inc provides data storage technologies, products, and services in the United States and internationally. The company's Purity software is shared across its products and provides enterprise-class data services, such as data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object.
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