Pure Storage (NYSE:PSTG) Announces Earnings Results

Pure Storage (NYSE:PSTGGet Rating) posted its quarterly earnings results on Wednesday. The technology company reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.21, MarketWatch Earnings reports. The company had revenue of $620.41 million for the quarter, compared to the consensus estimate of $521.81 million. Pure Storage had a negative return on equity of 4.90% and a negative net margin of 6.57%. The firm’s quarterly revenue was up 50.3% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.22) EPS. Pure Storage updated its Q2 2023 guidance to EPS and its FY 2023 guidance to EPS.

Shares of NYSE:PSTG opened at $24.01 on Thursday. The stock has a fifty day moving average of $29.18 and a 200-day moving average of $29.40. The company has a debt-to-equity ratio of 1.04, a quick ratio of 2.26 and a current ratio of 2.30. Pure Storage has a one year low of $17.40 and a one year high of $36.71. The company has a market capitalization of $7.17 billion, a PE ratio of -47.08 and a beta of 1.52.

In related news, insider Ajay Singh sold 36,338 shares of the stock in a transaction dated Wednesday, March 23rd. The shares were sold at an average price of $34.39, for a total value of $1,249,663.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Andrew William Fraser Brown sold 11,564 shares of the firm’s stock in a transaction that occurred on Monday, March 21st. The stock was 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. Corporate insiders own 6.80% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Comerica Bank boosted 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 buying an additional 500 shares during the period. Harbour Investments Inc. boosted its holdings in shares of Pure Storage by 9.3% during the 4th quarter. Harbour Investments Inc. now owns 6,715 shares of the technology company’s stock worth $219,000 after buying an additional 574 shares during the period. Virtu Financial LLC boosted its holdings in Pure Storage by 3.1% in the 4th quarter. Virtu Financial LLC now owns 20,543 shares of the technology company’s stock valued at $669,000 after purchasing an additional 618 shares during the period. Synovus Financial Corp boosted its holdings in Pure Storage by 1.7% in the 1st quarter. Synovus Financial Corp now owns 43,894 shares of the technology company’s stock valued at $1,547,000 after purchasing an additional 744 shares during the period. Finally, Parkside Financial Bank & Trust bought a new stake in Pure Storage in the 1st quarter valued at about $33,000. 80.13% of the stock is currently owned by institutional investors and hedge funds.

A number of equities analysts recently commented on PSTG shares. Deutsche Bank Aktiengesellschaft lifted their price target on Pure Storage from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, March 3rd. KeyCorp decreased their target price on shares of Pure Storage from $43.00 to $34.00 in a research note on Thursday. Wells Fargo & Company boosted their price objective on shares of Pure Storage from $37.00 to $40.00 and gave the stock an “overweight” rating in a research note on Thursday, March 3rd. Morgan Stanley upped their price objective on shares of Pure Storage from $33.00 to $35.00 and gave the company an “equal weight” rating in a report on Thursday, March 3rd. Finally, Barclays upped their price objective on shares of Pure Storage from $35.00 to $39.00 and gave the stock an “overweight” rating in a research report on Thursday, March 3rd. Six research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $35.95.

Pure Storage Company Profile (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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Earnings History for Pure Storage (NYSE:PSTG)

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