Pure Storage Inc (NYSE:PSTG) Expected to Post Quarterly Sales of $489.18 Million

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Equities analysts expect Pure Storage Inc (NYSE:PSTG) to report $489.18 million in sales for the current fiscal quarter, Zacks reports. Six analysts have issued estimates for Pure Storage’s earnings. The lowest sales estimate is $484.75 million and the highest is $493.50 million. Pure Storage posted sales of $422.22 million during the same quarter last year, which suggests a positive year-over-year growth rate of 15.9%. The company is expected to issue its next quarterly earnings report after the market closes on Thursday, February 27th.

On average, analysts expect that Pure Storage will report full-year sales of $1.64 billion for the current year. For the next fiscal year, analysts anticipate that the company will report sales of $1.95 billion, with estimates ranging from $1.90 billion to $2.01 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Pure Storage.

Pure Storage (NYSE:PSTG) last issued its earnings results on Thursday, November 21st. The technology company reported $0.13 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.14) by $0.27. The company had revenue of $428.40 million during the quarter, compared to the consensus estimate of $440.39 million. Pure Storage had a negative return on equity of 24.66% and a negative net margin of 14.11%. The firm’s revenue for the quarter was up 14.9% compared to the same quarter last year. During the same period last year, the business posted $0.13 EPS.

Several analysts have recently commented on PSTG shares. Susquehanna Bancshares restated a “buy” rating and issued a $25.00 target price on shares of Pure Storage in a research note on Friday, November 22nd. Wells Fargo & Co reiterated a “buy” rating on shares of Pure Storage in a research note on Monday, December 9th. ValuEngine downgraded Pure Storage from a “buy” rating to a “hold” rating in a research note on Tuesday, November 19th. Cowen reiterated an “outperform” rating and set a $19.00 price target (down previously from $23.00) on shares of Pure Storage in a research note on Friday, November 22nd. Finally, KeyCorp cut their price target on Pure Storage from $22.00 to $20.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. Five investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $20.74.

Institutional investors have recently bought and sold shares of the business. TRUE Private Wealth Advisors bought a new position in shares of Pure Storage during the 4th quarter worth approximately $25,000. Quadrant Capital Group LLC lifted its position in shares of Pure Storage by 1,848.9% during the 3rd quarter. Quadrant Capital Group LLC now owns 2,592 shares of the technology company’s stock worth $43,000 after buying an additional 2,459 shares in the last quarter. Lighthouse Financial Advisors Inc. bought a new position in shares of Pure Storage during the 4th quarter worth approximately $47,000. Penserra Capital Management LLC bought a new position in shares of Pure Storage during the 3rd quarter worth approximately $129,000. Finally, Emerald Mutual Fund Advisers Trust bought a new position in shares of Pure Storage during the 4th quarter worth approximately $131,000. 85.38% of the stock is currently owned by hedge funds and other institutional investors.

Shares of PSTG traded down $0.59 during trading hours on Friday, hitting $17.88. The stock had a trading volume of 4,401,248 shares, compared to its average volume of 2,985,543. The company has a debt-to-equity ratio of 0.73, a current ratio of 3.31 and a quick ratio of 3.23. The firm has a 50 day simple moving average of $18.52 and a 200-day simple moving average of $17.30. The firm has a market capitalization of $4.69 billion, a P/E ratio of -19.87 and a beta of 1.66. Pure Storage has a 1-year low of $12.68 and a 1-year high of $23.53.

About Pure Storage

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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