Pure Storage (NYSE:PSTG) released its earnings results on Tuesday, May 21st. The technology company reported ($0.37) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.08), Morningstar.com reports. The firm had revenue of $326.70 million during the quarter, compared to analyst estimates of $333.83 million. Pure Storage had a negative return on equity of 26.00% and a negative net margin of 14.99%. Pure Storage updated its FY 2020 guidance to EPS and its Q2 2020 guidance to EPS.
Shares of PSTG traded down $0.02 during mid-day trading on Wednesday, reaching $15.89. The company’s stock had a trading volume of 139,813 shares, compared to its average volume of 4,177,109. The firm has a market capitalization of $3.90 billion, a P/E ratio of -22.74 and a beta of 1.71. Pure Storage has a 1 year low of $13.99 and a 1 year high of $29.14. The company has a quick ratio of 3.25, a current ratio of 3.34 and a debt-to-equity ratio of 0.61.
A number of research firms have weighed in on PSTG. Credit Suisse Group began coverage on Pure Storage in a research report on Thursday, April 11th. They issued a “neutral” rating and a $23.00 target price for the company. Cowen upgraded Pure Storage from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $20.00 to $30.00 in a research report on Monday, April 8th. Wells Fargo & Co cut their target price on Pure Storage from $30.00 to $26.00 and set an “outperform” rating for the company in a research report on Wednesday, May 22nd. Raymond James downgraded Pure Storage from an “outperform” rating to a “market perform” rating and set a $18.81 price objective for the company. in a research report on Wednesday, February 20th. Finally, Zacks Investment Research downgraded Pure Storage from a “buy” rating to a “hold” rating in a research report on Wednesday, March 6th. Eight investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Pure Storage currently has a consensus rating of “Buy” and an average price target of $24.83.In other news, Director Scott Dietzen sold 33,000 shares of the stock in a transaction on Friday, April 26th. The stock was sold at an average price of $22.43, for a total value of $740,190.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Timothy Riitters sold 5,210 shares of the stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $20.46, for a total value of $106,596.60. The disclosure for this sale can be found here. Insiders sold 564,260 shares of company stock valued at $11,880,961 in the last 90 days. Corporate insiders own 10.00% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Diversified Trust Co increased its position in Pure Storage by 9.8% during the first quarter. Diversified Trust Co now owns 29,920 shares of the technology company’s stock worth $652,000 after buying an additional 2,675 shares during the last quarter. FMR LLC grew its position in shares of Pure Storage by 15.4% in the first quarter. FMR LLC now owns 18,219,508 shares of the technology company’s stock valued at $397,003,000 after purchasing an additional 2,428,068 shares during the last quarter. BlueMountain Capital Management LLC grew its position in shares of Pure Storage by 38.6% in the first quarter. BlueMountain Capital Management LLC now owns 898,977 shares of the technology company’s stock valued at $19,589,000 after purchasing an additional 250,529 shares during the last quarter. Schonfeld Strategic Advisors LLC grew its position in shares of Pure Storage by 83.4% in the first quarter. Schonfeld Strategic Advisors LLC now owns 18,457 shares of the technology company’s stock valued at $402,000 after purchasing an additional 8,393 shares during the last quarter. Finally, Eminence Capital LP acquired a new stake in shares of Pure Storage in the first quarter valued at about $113,599,000. Institutional investors own 81.79% of the company’s stock.
About Pure Storage
Pure Storage, Inc engages in building a data platform that enables businesses to enhance performance and reduce complexity and costs worldwide. The company delivers its data platform through Purity Operating Environment, an optimized software for solid-state memory that offers enterprise-class storage and protocol services; FlashArray and FlashBlade optimized hardware products for solid-state memory to enhance the performance and density of flash, optimize its advanced software services, and reduce solution cost for customers; Pure1, a cloud-based management and support software; and FlashStack and Artificial Intelligence Ready Infrastructure converged infrastructure solutions.
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