Pure Storage (NYSE:PSTG) Posts Earnings Results, Beats Estimates By $0.04 EPS

Pure Storage (NYSE:PSTG) issued its earnings results on Wednesday. The technology company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.04, FiscalAI reports. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.03 billion. Pure Storage had a return on equity of 10.60% and a net margin of 3.74%.

Pure Storage Stock Performance

Pure Storage stock traded up $5.80 during mid-day trading on Wednesday, reaching $73.52. 5,953,242 shares of the company were exchanged, compared to its average volume of 3,642,126. The firm’s 50-day simple moving average is $70.33 and its two-hundred day simple moving average is $77.55. Pure Storage has a twelve month low of $34.51 and a twelve month high of $100.59. The firm has a market cap of $24.27 billion, a PE ratio of 193.48, a price-to-earnings-growth ratio of 5.28 and a beta of 1.27.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Lake Street Capital raised their price objective on shares of Pure Storage from $80.00 to $92.00 and gave the stock a “buy” rating in a report on Wednesday, December 3rd. TD Cowen reiterated a “buy” rating on shares of Pure Storage in a research note on Wednesday, December 3rd. Weiss Ratings restated a “hold (c)” rating on shares of Pure Storage in a research note on Thursday, January 22nd. Evercore reaffirmed an “outperform” rating on shares of Pure Storage in a report on Wednesday, December 3rd. Finally, Wall Street Zen raised Pure Storage from a “hold” rating to a “buy” rating in a report on Saturday. Twelve investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $94.47.

Insider Buying and Selling

In other Pure Storage news, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction on Monday, December 8th. The shares were sold at an average price of $71.31, for a total transaction of $7,131,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ajay Singh sold 7,178 shares of Pure Storage stock in a transaction dated Tuesday, December 23rd. The shares were sold at an average price of $67.14, for a total transaction of $481,930.92. Following the completion of the sale, the insider directly owned 215,091 shares in the company, valued at approximately $14,441,209.74. The trade was a 3.23% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Pure Storage

A number of hedge funds have recently added to or reduced their stakes in the company. Sunbelt Securities Inc. boosted its holdings in Pure Storage by 287.1% in the 3rd quarter. Sunbelt Securities Inc. now owns 329 shares of the technology company’s stock valued at $28,000 after purchasing an additional 244 shares in the last quarter. Banque Transatlantique SA acquired a new stake in shares of Pure Storage in the 3rd quarter valued at approximately $29,000. Greenline Wealth Management LLC purchased a new stake in shares of Pure Storage in the fourth quarter valued at approximately $32,000. Transamerica Financial Advisors LLC grew its holdings in Pure Storage by 50.3% during the fourth quarter. Transamerica Financial Advisors LLC now owns 508 shares of the technology company’s stock worth $34,000 after acquiring an additional 170 shares during the period. Finally, Strive Financial Group LLC purchased a new position in Pure Storage in the fourth quarter worth $36,000. Institutional investors and hedge funds own 83.42% of the company’s stock.

About Pure Storage

Pure Storage, Inc (NYSE: PSTG) is a technology company that designs and sells data storage hardware and software for enterprise and cloud environments. The company is best known for its all-flash storage arrays that are engineered to deliver high performance, low latency and simplified management compared with traditional disk-based systems. Its product portfolio includes purpose-built arrays and software aimed at transactional databases, virtualized infrastructures, analytics and large-scale file/object workloads.

Key product and software offerings include the FlashArray family for block storage and FlashBlade for file and object workloads, together with Purity, the company’s storage operating environment.