Q1 2023 EPS Estimates for Pure Storage, Inc. (NYSE:PSTG) Decreased by Analyst

Pure Storage, Inc. (NYSE:PSTG) – Research analysts at Wedbush dropped their Q1 2023 earnings per share (EPS) estimates for Pure Storage in a research report issued on Wednesday, January 12th. Wedbush analyst M. Bryson now expects that the technology company will post earnings per share of ($0.21) for the quarter, down from their prior forecast of ($0.19). Wedbush has a “Neutral” rating and a $33.00 price objective on the stock. Wedbush also issued estimates for Pure Storage’s Q2 2023 earnings at ($0.11) EPS, Q3 2023 earnings at ($0.05) EPS, Q4 2023 earnings at $0.02 EPS and FY2023 earnings at ($0.38) EPS.

Other equities research analysts have also recently issued reports about the stock. Raymond James raised their target price on shares of Pure Storage from $35.00 to $38.00 and gave the stock a “strong-buy” rating in a research report on Monday, January 10th. Northland Securities raised their target price on shares of Pure Storage from $36.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 24th. Susquehanna Bancshares raised their target price on shares of Pure Storage from $33.00 to $36.00 and gave the stock a “positive” rating in a research report on Wednesday, December 1st. Telsey Advisory Group lifted their price target on shares of Pure Storage from $30.00 to $36.00 and gave the company an “outperform” rating in a research report on Wednesday, November 24th. Finally, Lake Street Capital lifted their price target on shares of Pure Storage from $31.00 to $34.00 and gave the company a “buy” rating in a research report on Wednesday, November 24th. Three analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $33.26.

NYSE:PSTG opened at $27.59 on Friday. The company has a 50-day moving average price of $30.78 and a 200-day moving average price of $25.78. Pure Storage has a 12 month low of $16.79 and a 12 month high of $35.09. The company has a quick ratio of 2.41, a current ratio of 2.47 and a debt-to-equity ratio of 1.07.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings results on Tuesday, November 23rd. The technology company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.10. The business had revenue of $562.74 million for the quarter, compared to analyst estimates of $530.66 million. Pure Storage had a negative net margin of 10.66% and a negative return on equity of 15.40%. The company’s revenue was up 37.1% on a year-over-year basis. During the same quarter last year, the firm earned ($0.22) EPS.

A number of large investors have recently modified their holdings of PSTG. Berman Capital Advisors LLC lifted its holdings in Pure Storage by 91.0% during the third quarter. Berman Capital Advisors LLC now owns 1,662 shares of the technology company’s stock valued at $41,000 after purchasing an additional 792 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its holdings in shares of Pure Storage by 178.0% in the second quarter. Steward Partners Investment Advisory LLC now owns 2,780 shares of the technology company’s stock worth $54,000 after buying an additional 1,780 shares in the last quarter. Carroll Financial Associates Inc. lifted its holdings in shares of Pure Storage by 374.2% in the third quarter. Carroll Financial Associates Inc. now owns 2,371 shares of the technology company’s stock worth $59,000 after buying an additional 1,871 shares in the last quarter. Rockefeller Capital Management L.P. lifted its holdings in shares of Pure Storage by 108.0% in the third quarter. Rockefeller Capital Management L.P. now owns 4,731 shares of the technology company’s stock worth $119,000 after buying an additional 2,457 shares in the last quarter. Finally, Adalta Capital Management LLC purchased a new position in shares of Pure Storage in the third quarter worth $201,000. 80.54% of the stock is currently owned by institutional investors and hedge funds.

In other Pure Storage news, CFO P. Kevan Krysler sold 26,444 shares of Pure Storage stock in a transaction that occurred on Thursday, December 9th. The shares were sold at an average price of $32.80, for a total transaction of $867,363.20. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Gregory Tomb sold 29,311 shares of Pure Storage stock in a transaction that occurred on Thursday, December 2nd. The shares were sold at an average price of $31.45, for a total transaction of $921,830.95. The disclosure for this sale can be found here. Insiders own 6.80% of the company’s stock.

Pure Storage Company Profile

Pure Storage, Inc engages in the provision of flash-based storage solutions. Its technology replaces storage systems designed for mechanical disk with all-flash systems optimized end-to-end for solid-state memory. The company was founded by John Hayes and John Colgrove in October 2009 and is headquartered in Mountain View, CA.

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Earnings History and Estimates for Pure Storage (NYSE:PSTG)

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