Pure Storage, Inc. (NYSE:PSTG) – KeyCorp equity analysts released their fiscal year 2022 EPS estimates for Pure Storage shares in a research note published Wednesday, January 19. KeyCorp analyst T. Blakey expects the technology company to earn ($0.36) per share for the year. KeyCorp has an “overweight” rating and a price target of $36.00 on the stock. KeyCorp also released estimates for Pure Storage Q4 2022 earnings at ($0.01) EPS, Q1 2023 earnings at ($0.22) EPS, Q2 2023 earnings at ($0.08) EPS, Q3 2023 profit at ($0.02) EPS, Q4 2023 profit at $0.06 EPS and Full year 2023 profit at ($0.25) EPS. Pure Storage Inc (NYSE:PSTG) last released its quarterly results on Tuesday, November 23. The technology company reported EPS of $0.22 for the quarter, beating Thomson Reuters consensus estimate of $0.12 by $0.10. The company posted revenue of $562.74 million in the quarter, versus a consensus estimate of $530.66 million. Pure Storage had a negative net margin of 10.66% and a negative return on equity of 15.40%. The company’s quarterly revenue increased by 37.1% compared to the same quarter last year. During the same quarter of the previous year, the firm had posted ($0.22) earnings per share.
PSTG has been the subject of a number of other reports. UBS Group raised its price target on Pure Storage shares from $28.00 to $32.00 and gave the company a “buy” rating in a Wednesday, September 29 report. Lake Street Capital raised its price target on Pure Storage shares from $31.00 to $34.00 and gave the company a “buy” rating in a Wednesday, Nov. 24 research note. Wedbush raised its price target on Pure Storage shares from $25.00 to $33.00 and gave the stock a “neutral” rating in a Wednesday, November 24 research note. Telsey Advisory Group raised its price target on Pure Storage shares from $30.00 to $36.00 and gave the company an “outperform” rating in a Wednesday, November 24 research note. Finally, Raymond James raised his price target on Pure Storage shares from $35.00 to $38.00 and gave the company a “Strong Buy” rating in a Monday, Jan. 10, report. Three investment analysts gave the stock a hold rating, fifteen issued a buy rating and one issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $33.37.
Shares of PSTG opened at $25.65 on Friday. Pure Storage has a 1-year minimum of $16.79 and a 1-year maximum of $35.09. The stock has a market capitalization of $7.44 billion, a PE ratio of -34.20 and a beta of 1.35. The company has a debt ratio of 1.07, a current ratio of 2.47 and a quick ratio of 2.41. The company has a fifty-day moving average price of $30.61 and a 200-day moving average price of $26.03.
In other Pure Storage news, CFO P. Kevan Krysler sold 26,444 shares of the company in a trade on Thursday, December 9. The stock was sold at an average price of $32.80, for a total transaction of $867,363.20. The sale was disclosed in a filing with the Securities & Exchange Commission, available at this link. Also, director Tomb of Gregory sold 29,311 shares of the company in a trade on Thursday, December 2. The shares were sold at an average price of $31.45, for a total value of $921,830.95. Disclosure of this sale can be found here. Company insiders hold 6.80% of the company’s stock.
A number of institutional investors have recently changed their positions in the company. Sciencast Management LP increased its equity stake in Pure Storage by 486.9% during the fourth quarter. Sciencast Management LP now owns 104,555 shares of the technology company worth $3,280,000 after buying an additional 86,741 shares last quarter. Sumitomo Mitsui DS Asset Management Company Ltd acquired a new equity stake in Pure Storage during the fourth quarter worth $250,000. Brio Consultants LLC acquired a new stake in shares of Pure Storage during the fourth quarter at a value of $245,000. CHICAGO TRUST Co NA increased its equity stake in Pure Storage by 7.8% during the fourth quarter. CHICAGO TRUST Co NA now owns 43,980 shares of the technology company worth $1,432,000 after buying 3,190 additional shares last quarter. Finally, Scout Investments Inc. increased its equity stake in Pure Storage by 1.5% during the fourth quarter. Scout Investments Inc. now owns 1,240,921 shares of the technology company worth $40,392,000 after buying an additional 18,532 shares last quarter. 80.54% of the shares are held by institutional investors and hedge funds.
Pure Storage Company Profile
Pure Storage, Inc is committed to providing flash storage solutions. Its technology replaces storage systems designed for mechanical drives 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 based in Mountain View, California.
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