Pure Storage (NYSE:PSTG) Issues Earnings Results

Pure Storage (NYSE:PSTG) released its quarterly earnings results on Tuesday. The technology company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.10, MarketWatch Earnings reports. Pure Storage had a negative return on equity of 22.19% and a negative net margin of 14.04%. The company had revenue of $562.74 million during the quarter, compared to analysts’ expectations of $530.66 million. During the same period last year, the business posted ($0.22) earnings per share. The firm’s 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 NYSE PSTG traded up $3.67 during trading on Thursday, reaching $30.95. The stock had a trading volume of 14,694,681 shares, compared to its average volume of 4,367,120. Pure Storage has a fifty-two week low of $16.79 and a fifty-two week 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 business’s 50-day moving average price is $26.79 and its 200-day moving average price is $22.57. The company has a market cap of $8.82 billion, a P/E ratio of -33.28 and a beta of 1.39.

PSTG has been the topic of a number of research reports. Raymond James increased their price objective on Pure Storage from $31.00 to $35.00 and gave the company a “strong-buy” rating in a report on Wednesday, September 29th. UBS Group increased their price objective on Pure Storage from $28.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, September 29th. Credit Suisse Group increased their price objective on Pure Storage from $21.00 to $23.00 and gave the company a “neutral” rating in a report on Thursday, August 26th. Wedbush raised their target price on Pure Storage from $25.00 to $33.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Morgan Stanley raised their target price on Pure Storage from $27.00 to $33.00 and gave the stock an “equal weight” rating in a report 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, the stock currently has an average rating of “Buy” and a consensus target price of $31.76.

In related news, Director Anita M. Sands sold 74,157 shares of Pure Storage stock in a transaction on Friday, September 10th. The stock was 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 directly owns 100,976 shares in the company, valued at $2,705,147.04. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 6.80% of the company’s stock.

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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