Pure Storage (NYSE:PSTG) Issues Quarterly Earnings Results

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

Pure Storage Stock Up 8.6%

Pure Storage stock traded up $5.80 during mid-day trading on Wednesday, hitting $73.52. 6,344,871 shares of the company were exchanged, compared to its average volume of 3,680,923. The company has a market capitalization 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. The business has a fifty day moving average of $70.33 and a 200 day moving average of $77.55. Pure Storage has a 1-year low of $34.51 and a 1-year high of $100.59.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on PSTG shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Pure Storage in a research note on Thursday, January 22nd. Wedbush restated an “outperform” rating and set a $100.00 price objective on shares of Pure Storage in a report on Monday. Susquehanna set a $105.00 target price on shares of Pure Storage in a research note on Wednesday, December 3rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $100.00 price target on shares of Pure Storage in a report on Wednesday, December 3rd. Finally, Evercore reiterated an “outperform” rating on shares of Pure Storage in a research report on Wednesday, December 3rd. Twelve analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $94.47.

Insider Activity

In related news, insider John Colgrove sold 100,000 shares of the stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction, the insider directly owned 215,091 shares of the company’s stock, valued at $14,441,209.74. This represents a 3.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 5.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Pure Storage

A number of large investors have recently bought and sold shares of PSTG. Sunbelt Securities Inc. raised its position 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 during the last quarter. Banque Transatlantique SA bought a new position in shares of Pure Storage in the third quarter valued at about $29,000. Greenline Wealth Management LLC acquired a new position in Pure Storage during the 4th quarter worth about $32,000. Transamerica Financial Advisors LLC grew its holdings in Pure Storage by 50.3% during the 4th 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 last quarter. Finally, Strive Financial Group LLC acquired a new stake in Pure Storage in the 4th quarter valued at about $36,000. 83.42% of the stock is currently owned by institutional investors.

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.