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 estimates for shares of Pure Storage in a research note issued to investors on Wednesday, January 12th. Wedbush analyst M. Bryson now forecasts that the technology company will earn ($0.21) per share for the quarter, down from their previous estimate of ($0.19). Wedbush has a “Neutral” rating and a $33.00 price target 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.

Pure Storage (NYSE:PSTG) last released its earnings results on Tuesday, November 23rd. The technology company reported $0.22 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.10. Pure Storage had a negative net margin of 10.66% and a negative return on equity of 15.40%. The firm had revenue of $562.74 million during the quarter, compared to the consensus estimate of $530.66 million. During the same period in the prior year, the firm earned ($0.22) EPS. The company’s revenue was up 37.1% compared to the same quarter last year.

A number of other research analysts also recently weighed in on the stock. Deutsche Bank Aktiengesellschaft increased their target price on shares of Pure Storage from $32.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, November 24th. Northland Securities upped their price target on shares of Pure Storage from $36.00 to $40.00 and gave the company an “outperform” rating in a research note on Wednesday, November 24th. Telsey Advisory Group upped their price target on shares of Pure Storage from $30.00 to $36.00 and gave the company an “outperform” rating in a research note on Wednesday, November 24th. Morgan Stanley increased their target price on shares of Pure Storage from $27.00 to $33.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 24th. Finally, UBS Group increased their target price on shares of Pure Storage from $28.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, September 29th. Three analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $33.26.

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

In other Pure Storage news, CFO P. Kevan Krysler sold 26,444 shares of the firm’s stock in a transaction on Thursday, December 9th. The shares were sold at an average price of $32.80, for a total value of $867,363.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Gregory Tomb sold 29,311 shares of the firm’s stock in a transaction on Thursday, December 2nd. The stock was 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. 6.80% of the stock is currently owned by company insiders.

Large investors have recently bought and sold shares of the company. Berman Capital Advisors LLC lifted its position in shares of Pure Storage by 91.0% in the 3rd quarter. Berman Capital Advisors LLC now owns 1,662 shares of the technology company’s stock worth $41,000 after purchasing an additional 792 shares during the period. Carroll Financial Associates Inc. lifted its position in shares of Pure Storage by 374.2% in the 3rd quarter. Carroll Financial Associates Inc. now owns 2,371 shares of the technology company’s stock worth $59,000 after purchasing an additional 1,871 shares during the period. Steward Partners Investment Advisory LLC lifted its position in shares of Pure Storage by 178.0% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 2,780 shares of the technology company’s stock worth $54,000 after purchasing an additional 1,780 shares during the period. Rockefeller Capital Management L.P. lifted its position in shares of Pure Storage by 108.0% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 4,731 shares of the technology company’s stock worth $119,000 after purchasing an additional 2,457 shares during the period. Finally, Epic Trust Investment Advisors LLC purchased a new position in Pure Storage during the 4th quarter valued at about $231,000. 80.54% of the stock is owned by hedge funds and other institutional investors.

About Pure Storage

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.

Read More: Neutral Rating

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

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