Wall Street analysts expect Pure Storage Inc (NYSE:PSTG) to announce sales of $394.03 million for the current quarter, Zacks reports. Eight analysts have provided estimates for Pure Storage’s earnings. The highest sales estimate is $395.80 million and the lowest is $390.10 million. Pure Storage posted sales of $308.88 million during the same quarter last year, which suggests a positive year-over-year growth rate of 27.6%. The firm is expected to report its next earnings report on Tuesday, August 20th.

On average, analysts expect that Pure Storage will report full-year sales of $1.73 billion for the current fiscal year, with estimates ranging from $1.72 billion to $1.74 billion. For the next fiscal year, analysts anticipate that the business will post sales of $2.12 billion, with estimates ranging from $2.03 billion to $2.15 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that follow Pure Storage.

Pure Storage (NYSE:PSTG) last posted its quarterly earnings results on Tuesday, May 21st. The technology company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.08). The company 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 25.55% and a negative net margin of 14.99%.

A number of equities analysts have recently commented on PSTG shares. KeyCorp reduced their price objective on shares of Pure Storage from $30.00 to $25.00 and set an “overweight” rating for the company in a report on Thursday, May 23rd. ValuEngine downgraded shares of Pure Storage from a “buy” rating to a “hold” rating in a report on Wednesday, May 8th. Cowen reaffirmed an “outperform” rating and set a $28.00 price objective (down from $30.00) on shares of Pure Storage in a report on Wednesday, May 22nd. Stifel Nicolaus reduced their price objective on shares of Pure Storage from $22.00 to $20.00 and set a “hold” rating for the company in a report on Wednesday, May 22nd. Finally, Morgan Stanley reduced their price objective on shares of Pure Storage from $22.00 to $21.00 and set an “equal weight” rating for the company in a report on Wednesday, May 22nd. Eight research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $24.83.

In related news, Director Scott Dietzen sold 100,000 shares of Pure Storage stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $23.05, for a total transaction of $2,305,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Timothy Riitters sold 10,420 shares of Pure Storage stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $16.03, for a total transaction of $167,032.60. The disclosure for this sale can be found here. Insiders have sold a total of 164,260 shares of company stock valued at $3,537,743 over the last three months. 10.00% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in PSTG. Sageworth Trust Co acquired a new stake in shares of Pure Storage during the 1st quarter worth approximately $37,000. Sonora Investment Management LLC grew its position in shares of Pure Storage by 68.1% during the 1st quarter. Sonora Investment Management LLC now owns 3,210 shares of the technology company’s stock worth $70,000 after buying an additional 1,300 shares during the period. WealthTrust Fairport LLC grew its position in shares of Pure Storage by 19.6% during the 4th quarter. WealthTrust Fairport LLC now owns 7,278 shares of the technology company’s stock worth $117,000 after buying an additional 1,192 shares during the period. Quantamental Technologies LLC acquired a new stake in shares of Pure Storage during the 1st quarter worth approximately $158,000. Finally, Cortina Asset Management LLC grew its position in shares of Pure Storage by 12.5% during the 2nd quarter. Cortina Asset Management LLC now owns 10,455 shares of the technology company’s stock worth $160,000 after buying an additional 1,162 shares during the period. 79.10% of the stock is owned by institutional investors.

Shares of NYSE:PSTG traded up $0.42 during midday trading on Wednesday, reaching $15.73. 161,527 shares of the company’s stock were exchanged, compared to its average volume of 3,538,959. The business has a 50 day moving average price of $15.82. The stock has a market cap of $3.82 billion, a price-to-earnings ratio of -22.37 and a beta of 1.81. Pure Storage has a 12 month low of $13.99 and a 12 month high of $29.14. The company has a debt-to-equity ratio of 0.75, a current ratio of 3.35 and a quick ratio of 3.25.

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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