Pure Storage Inc (NYSE:PSTG) Expected to Announce Quarterly Sales of $440.59 Million

Equities analysts expect that Pure Storage Inc (NYSE:PSTG) will announce sales of $440.59 million for the current quarter, Zacks Investment Research reports. Six analysts have provided estimates for Pure Storage’s earnings. The lowest sales estimate is $435.62 million and the highest is $447.00 million. Pure Storage posted sales of $372.78 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 18.2%. The firm is expected to issue its next quarterly earnings results after the market closes on Thursday, November 21st.

According to Zacks, analysts expect that Pure Storage will report full year sales of $1.68 billion for the current fiscal year, with estimates ranging from $1.65 billion to $1.69 billion. For the next fiscal year, analysts anticipate that the company will report sales of $2.04 billion, with estimates ranging from $1.95 billion to $2.10 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Pure Storage.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings data on Wednesday, August 21st. The technology company reported ($0.23) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.05. The company had revenue of $396.30 million for the quarter, compared to analysts’ expectations of $392.34 million. Pure Storage had a negative net margin of 14.51% and a negative return on equity of 25.22%. Pure Storage’s revenue was up 28.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.01 EPS.

Several brokerages have issued reports on PSTG. Susquehanna Bancshares set a $25.00 price objective on shares of Pure Storage and gave the company a “buy” rating in a research note on Wednesday, September 18th. Bank of America set a $22.00 price objective on shares of Pure Storage and gave the company a “buy” rating in a research note on Thursday, August 22nd. Morgan Stanley boosted their price objective on shares of Pure Storage from $17.00 to $21.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 18th. Zacks Investment Research raised shares of Pure Storage from a “hold” rating to a “buy” rating and set a $22.00 price objective on the stock in a research note on Wednesday, October 30th. Finally, Oppenheimer set a $20.00 price target on shares of Pure Storage and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Three investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. Pure Storage presently has a consensus rating of “Buy” and an average price target of $21.26.

In related news, CFO Timothy Riitters sold 10,420 shares of the business’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $17.05, for a total value of $177,661.00. Over the last ninety days, insiders have sold 31,260 shares of company stock worth $527,460. Corporate insiders own 10.00% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the stock. Coastal Investment Advisors Inc. boosted its position in shares of Pure Storage by 25.0% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 4,000 shares of the technology company’s stock worth $61,000 after buying an additional 800 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its position in shares of Pure Storage by 0.5% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 177,735 shares of the technology company’s stock worth $2,714,000 after buying an additional 829 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its position in shares of Pure Storage by 9.5% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 10,246 shares of the technology company’s stock worth $157,000 after buying an additional 885 shares in the last quarter. Cortina Asset Management LLC boosted its position in shares of Pure Storage by 12.5% in the 2nd quarter. Cortina Asset Management LLC now owns 10,455 shares of the technology company’s stock worth $160,000 after buying an additional 1,162 shares in the last quarter. Finally, Bangor Savings Bank boosted its position in shares of Pure Storage by 4.4% in the 2nd quarter. Bangor Savings Bank now owns 36,959 shares of the technology company’s stock worth $564,000 after buying an additional 1,558 shares in the last quarter. Institutional investors and hedge funds own 76.57% of the company’s stock.

Shares of PSTG opened at $20.00 on Friday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 3.14 and a current ratio of 3.21. The stock has a market capitalization of $5.06 billion, a P/E ratio of -28.57 and a beta of 1.78. The company’s fifty day moving average is $18.10 and its two-hundred day moving average is $17.00. 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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