Pure Storage Inc. (PSTG) Issues Earnings Results
Pure Storage Inc. (NYSE:PSTG) posted its quarterly earnings data on Wednesday. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.05. Pure Storage had a negative return on equity of 38.48% and a negative net margin of 38.27%. The firm had revenue of $197 million for the quarter, compared to the consensus estimate of $192.36 million. During the same quarter last year, the company earned ($0.18) earnings per share. The business’s revenue for the quarter was up 49.9% compared to the same quarter last year.
Shares of Pure Storage (NYSE:PSTG) traded down 2.17% during midday trading on Wednesday, hitting $13.95. The company had a trading volume of 2,082,649 shares. Pure Storage has a 12 month low of $9.62 and a 12 month high of $18.39. The company’s market capitalization is $2.74 billion. The company has a 50-day moving average of $13.21 and a 200-day moving average of $12.59.
Several research firms have recently commented on PSTG. Wells Fargo & Co. began coverage on Pure Storage in a research note on Tuesday, August 2nd. They issued a “market perform” rating on the stock. Vetr raised Pure Storage from a “buy” rating to a “strong-buy” rating and set a $13.48 price objective on the stock in a research note on Thursday, September 1st. Barclays PLC reaffirmed an “equal weight” rating on shares of Pure Storage in a research note on Tuesday, November 8th. William Blair reaffirmed an “outperform” rating on shares of Pure Storage in a research note on Friday, August 26th. Finally, BMO Capital Markets raised their price objective on Pure Storage from $13.00 to $14.00 and gave the stock a “market perform” rating in a research note on Friday, August 26th. Ten equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $16.26.
In related news, CFO Timothy Riitters sold 3,231 shares of the company’s stock in a transaction dated Wednesday, September 21st. The stock was sold at an average price of $13.50, for a total value of $43,618.50. Following the completion of the transaction, the chief financial officer now owns 31,769 shares of the company’s stock, valued at approximately $428,881.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 46.58% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in PSTG. Barclays PLC boosted its position in Pure Storage by 26.9% in the second quarter. Barclays PLC now owns 18,150 shares of the company’s stock worth $198,000 after buying an additional 3,850 shares during the last quarter. TIAA CREF Investment Management LLC boosted its position in Pure Storage by 4.4% in the third quarter. TIAA CREF Investment Management LLC now owns 199,605 shares of the company’s stock worth $2,705,000 after buying an additional 8,391 shares during the last quarter. Credit Suisse AG boosted its position in Pure Storage by 29.3% in the third quarter. Credit Suisse AG now owns 41,084 shares of the company’s stock worth $557,000 after buying an additional 9,300 shares during the last quarter. Raymond James & Associates purchased a new stake in Pure Storage during the second quarter valued at approximately $133,000. Finally, Rhumbline Advisers raised its stake in Pure Storage by 25.6% in the third quarter. Rhumbline Advisers now owns 64,634 shares of the company’s stock valued at $876,000 after buying an additional 13,190 shares during the period. 49.91% of the stock is owned by institutional investors.
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Pure Storage Company Profile
Pure Storage, Inc provides an enterprise data storage platform. The Company’s storage platform consists of approximately three integrated components, including the Purity Operating Environment, which is its flash-optimized software; FlashArray, which is its modular and scalable all-flash array hardware, and Pure1, which is its cloud-based management and support.
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