Pure Storage, Inc. (NYSE:PSTG) Expected to Announce Quarterly Sales of $530.43 Million

Equities analysts expect Pure Storage, Inc. (NYSE:PSTG) to post $530.43 million in sales for the current fiscal quarter, according to Zacks Investment Research. Nine analysts have made estimates for Pure Storage’s earnings, with the highest sales estimate coming in at $532.10 million and the lowest estimate coming in at $529.61 million. Pure Storage posted sales of $410.62 million in the same quarter last year, which suggests a positive year-over-year growth rate of 29.2%. The business is expected to report its next quarterly earnings results on Tuesday, November 23rd.

According to Zacks, analysts expect that Pure Storage will report full-year sales of $2.04 billion for the current year, with estimates ranging from $2.04 billion to $2.05 billion. For the next fiscal year, analysts forecast that the company will report sales of $2.41 billion, with estimates ranging from $2.34 billion to $2.55 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Pure Storage.

Pure Storage (NYSE:PSTG) last announced its earnings results on Tuesday, August 24th. The technology company reported $0.14 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.05 by $0.09. The firm had revenue of $496.80 million for the quarter, compared to the consensus estimate of $471.56 million. Pure Storage had a negative return on equity of 21.92% and a negative net margin of 14.04%. The firm’s revenue for the quarter was up 23.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.06 EPS.

PSTG has been the subject of several analyst reports. Raymond James increased their price objective on Pure Storage from $30.00 to $31.00 and gave the stock a “strong-buy” rating in a research report on Thursday, May 27th. Deutsche Bank Aktiengesellschaft increased their price objective on Pure Storage from $27.00 to $29.00 and gave the company a “buy” rating in a research note on Thursday, August 26th. Northland Securities upgraded Pure Storage from a “market perform” rating to an “outperform” rating in a research note on Wednesday, September 8th. Stifel Nicolaus raised Pure Storage from a “hold” rating to a “buy” rating and set a $25.00 target price on the stock in a report on Friday, May 21st. Finally, Morgan Stanley increased their target price on Pure Storage from $22.00 to $27.00 and gave the company an “equal weight” rating in a report on Thursday, August 26th. Three analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $28.67.

In related news, Director Anita M. Sands sold 74,157 shares of the firm’s stock in a transaction dated Friday, September 10th. The stock was sold at an average price of $26.79, for a total transaction of $1,986,666.03. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 6.80% of the company’s stock.

Large investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP lifted its position in shares of Pure Storage by 5.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,211,043 shares of the technology company’s stock valued at $27,384,000 after acquiring an additional 66,048 shares during the period. CWM LLC grew its stake in Pure Storage by 181.3% in the 1st quarter. CWM LLC now owns 1,381 shares of the technology company’s stock worth $30,000 after acquiring an additional 890 shares during the period. Janney Montgomery Scott LLC grew its stake in Pure Storage by 21.7% in the 1st quarter. Janney Montgomery Scott LLC now owns 17,956 shares of the technology company’s stock worth $387,000 after acquiring an additional 3,197 shares during the period. DekaBank Deutsche Girozentrale acquired a new position in shares of Pure Storage during the 1st quarter valued at $126,000. Finally, US Bancorp DE lifted its holdings in shares of Pure Storage by 31.1% during the 1st quarter. US Bancorp DE now owns 34,703 shares of the technology company’s stock valued at $748,000 after acquiring an additional 8,225 shares in the last quarter. Hedge funds and other institutional investors own 82.16% of the company’s stock.

NYSE PSTG traded up $0.26 during trading hours on Friday, reaching $26.74. The company’s stock had a trading volume of 47,115 shares, compared to its average volume of 4,620,247. Pure Storage has a 1-year low of $13.91 and a 1-year high of $29.53. The company’s 50-day moving average is $21.32 and its two-hundred day moving average is $20.63. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.66 and a quick ratio of 2.59. The firm has a market capitalization of $7.57 billion, a price-to-earnings ratio of -28.43 and a beta of 1.42.

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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