Pure Storage (NYSE:PSTG) Announces Earnings Results

Pure Storage (NYSE:PSTG) released its earnings results on Tuesday. The technology company reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.10, MarketWatch Earnings reports. Pure Storage had a negative net margin of 14.04% and a negative return on equity of 22.19%. The firm had revenue of $562.74 million during the quarter, compared to analyst estimates of $530.66 million. During the same quarter in the previous year, the business earned ($0.22) EPS. The business’s quarterly revenue was up 37.1% compared to the same quarter last year. Pure Storage updated its Q4 2022 guidance to EPS and its FY 2022 guidance to EPS.

Shares of Pure Storage stock traded up $3.67 on Thursday, reaching $30.95. 14,694,681 shares of the stock were exchanged, compared to its average volume of 4,367,120. The firm’s 50 day moving average is $26.79 and its 200-day moving average is $22.57. Pure Storage has a one year low of $16.79 and a one year high of $31.88. The company has a debt-to-equity ratio of 1.10, a quick ratio of 2.40 and a current ratio of 2.46. The firm has a market cap of $8.82 billion, a PE ratio of -33.28 and a beta of 1.39.

In related news, Director Anita M. Sands sold 74,157 shares of the stock in a transaction that occurred on Friday, September 10th. The shares were sold at an average price of $26.79, for a total value of $1,986,666.03. Following the completion of the transaction, the director now owns 100,976 shares of the company’s stock, valued at approximately $2,705,147.04. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 6.80% of the company’s stock.

Several equities research analysts recently commented on the stock. TheStreet raised shares of Pure Storage from a “d+” rating to a “c-” rating in a research report on Wednesday, August 25th. UBS Group upped their target price on shares of Pure Storage from $28.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, September 29th. Lake Street Capital upped their price target on shares of Pure Storage from $31.00 to $34.00 and gave the company a “buy” rating in a research note on Wednesday. Stifel Europe upped their price target on shares of Pure Storage from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, September 29th. Finally, Wedbush upped their price target on shares of Pure Storage from $25.00 to $33.00 and gave the company a “neutral” rating in a research note on Wednesday. Three research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Pure Storage currently has a consensus rating of “Buy” and an average price target of $31.76.

About Pure Storage

Pure Storage, Inc engages in the provision of flash-based storage solutions. Its technology replaces storage systems designed for mechanical disk with all-flash systems optimized end-to-end for solid-state memory. The company was founded by John Hayes and John Colgrove in October 2009 and is headquartered in Mountain View, CA.

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Earnings History for Pure Storage (NYSE:PSTG)

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