Pure Storage (NYSE:PSTG) Announces Quarterly Earnings Results

Pure Storage (NYSE:PSTG) posted its earnings results on Tuesday. The technology company reported $0.58 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.58, FiscalAI reports. The firm had revenue of $964.45 million for the quarter, compared to the consensus estimate of $955.60 million. Pure Storage had a return on equity of 11.34% and a net margin of 4.15%.The business’s revenue for the quarter was up 16.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.50 EPS.

Pure Storage Price Performance

Shares of Pure Storage stock opened at $95.10 on Wednesday. Pure Storage has a 1 year low of $34.51 and a 1 year high of $100.59. The firm’s 50-day moving average is $89.22 and its 200 day moving average is $71.31. The stock has a market cap of $31.25 billion, a price-to-earnings ratio of 231.96, a PEG ratio of 8.99 and a beta of 1.24.

Wall Street Analyst Weigh In

PSTG has been the topic of several research reports. Guggenheim lifted their price target on Pure Storage from $93.00 to $105.00 and gave the company a “buy” rating in a research report on Friday, September 26th. Susquehanna cut shares of Pure Storage from a “positive” rating to a “neutral” rating in a report on Wednesday. Raymond James Financial upped their target price on shares of Pure Storage from $88.00 to $99.00 and gave the stock an “outperform” rating in a research report on Friday, October 17th. Wall Street Zen raised shares of Pure Storage from a “hold” rating to a “buy” rating in a research report on Saturday, August 30th. Finally, Northland Securities boosted their price objective on shares of Pure Storage from $63.00 to $71.00 and gave the stock a “market perform” rating in a research note on Thursday, August 28th. Thirteen analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $93.00.

Insider Buying and Selling at Pure Storage

In other news, CRO Dan Fitzsimons sold 6,051 shares of the stock in a transaction that occurred on Tuesday, September 23rd. The shares were sold at an average price of $87.42, for a total transaction of $528,978.42. Following the sale, the executive owned 62,759 shares in the company, valued at $5,486,391.78. This represents a 8.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Mona Chu sold 9,091 shares of the firm’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $84.91, for a total transaction of $771,916.81. Following the sale, the chief accounting officer directly owned 107,353 shares of the company’s stock, valued at $9,115,343.23. This trade represents a 7.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 330,311 shares of company stock worth $29,728,890 in the last 90 days. Insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. State Street Corp boosted its position in shares of Pure Storage by 1.9% during the third quarter. State Street Corp now owns 10,864,918 shares of the technology company’s stock valued at $910,589,000 after buying an additional 199,831 shares during the last quarter. Atreides Management LP bought a new position in Pure Storage during the 2nd quarter valued at about $204,552,000. Polar Capital Holdings Plc boosted its holdings in shares of Pure Storage by 90.5% during the 3rd quarter. Polar Capital Holdings Plc now owns 2,831,141 shares of the technology company’s stock valued at $237,278,000 after acquiring an additional 1,345,207 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Pure Storage by 8.3% in the third quarter. AQR Capital Management LLC now owns 2,099,364 shares of the technology company’s stock worth $175,948,000 after acquiring an additional 161,239 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Pure Storage by 109.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,137,939 shares of the technology company’s stock valued at $50,377,000 after purchasing an additional 595,307 shares during the last quarter. 83.42% of the stock is owned by institutional investors.

About Pure Storage

Pure Storage, Inc engages in the provision of data storage and management technologies, products, and services in the United States and internationally. Its Purity software is shared across its products and provides enterprise-class data services, such as always-on data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object.