Wall Street analysts expect Pure Storage, Inc. (NYSE:PSTG) to post ($0.07) earnings per share for the current quarter, according to Zacks. Eight analysts have made estimates for Pure Storage’s earnings. The highest EPS estimate is ($0.05) and the lowest is ($0.09). Pure Storage posted earnings of ($0.02) per share during the same quarter last year, which would suggest a negative year-over-year growth rate of 250%. The firm is scheduled to issue its next earnings report on Thursday, May 27th.
According to Zacks, analysts expect that Pure Storage will report full year earnings of $0.28 per share for the current fiscal year, with EPS estimates ranging from $0.18 to $0.35. For the next financial year, analysts expect that the firm will post earnings of $0.51 per share, with EPS estimates ranging from $0.34 to $0.65. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research firms that cover Pure Storage.
Pure Storage (NYSE:PSTG) last released its quarterly earnings data on Wednesday, February 24th. The technology company reported $0.13 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.12) by $0.25. Pure Storage had a negative net margin of 14.01% and a negative return on equity of 19.09%.
A number of equities research analysts have recently weighed in on the company. Cowen lifted their target price on Pure Storage from $22.00 to $30.00 and gave the stock an “outperform” rating in a report on Thursday, February 25th. Northland Securities downgraded Pure Storage from an “outperform” rating to a “market perform” rating in a research note on Thursday, February 25th. JPMorgan Chase & Co. boosted their price target on Pure Storage from $22.00 to $32.00 in a research note on Thursday, February 18th. Lake Street Capital boosted their price target on Pure Storage from $22.00 to $29.00 and gave the company a “buy” rating in a research note on Thursday, February 25th. Finally, JMP Securities boosted their price target on Pure Storage from $26.00 to $35.00 and gave the company an “outperform” rating in a research note on Monday, February 22nd. Four equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $26.41.
In related news, Director Scott Dietzen sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, January 21st. The stock was sold at an average price of $22.88, for a total value of $572,000.00. Following the sale, the director now directly owns 75,100 shares in the company, valued at $1,718,288. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 10.00% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. Sowell Financial Services LLC lifted its stake in Pure Storage by 72.3% in the fourth quarter. Sowell Financial Services LLC now owns 1,099 shares of the technology company’s stock valued at $25,000 after buying an additional 461 shares during the period. Catalyst Private Wealth LLC acquired a new position in shares of Pure Storage during the third quarter worth approximately $31,000. Baillie Gifford & Co. acquired a new position in shares of Pure Storage during the fourth quarter worth approximately $32,000. International Assets Investment Management LLC acquired a new position in shares of Pure Storage during the fourth quarter worth approximately $37,000. Finally, Great West Life Assurance Co. Can raised its position in shares of Pure Storage by 260.4% during the third quarter. Great West Life Assurance Co. Can now owns 55,830 shares of the technology company’s stock worth $73,000 after purchasing an additional 40,337 shares during the period. 85.50% of the stock is currently owned by hedge funds and other institutional investors.
Shares of PSTG traded down $0.01 during midday trading on Friday, reaching $21.64. 2,371,696 shares of the stock were exchanged, compared to its average volume of 5,259,603. Pure Storage has a twelve month low of $11.96 and a twelve month high of $29.53. The company has a quick ratio of 2.58, a current ratio of 2.64 and a debt-to-equity ratio of 1.02. The company has a market cap of $6.07 billion, a P/E ratio of -24.31 and a beta of 1.47. The stock’s 50 day simple moving average is $22.71 and its 200 day simple moving average is $21.20.
Pure Storage Company Profile
Pure Storage, Inc provides technology and data storage solutions in the United States and internationally. It delivers solutions based on proprietary Purity Operating Environment Software that implements enterprise-class storage services, such as data reduction, encryption, and protection, as well as protocol services, including block, file, and object.
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7 Semiconductor Stocks Set to Gain From the Chip Shortage
Who knew that something so tiny could create such a big problem? However, that’s the case with the semiconductor industry. Chip manufacturers are facing supply chain disruptions due to the Covid-19 pandemic.
Semiconductors are in high demand for the big tech companies who need the chips to power the servers for their data centers. But they are also needed for much of the technology we take for granted including laptops, tablets, mobile phones, gaming consoles, and automobiles – a sector that seems to be at the root of the current crisis.
Any weekend mechanic knows that even traditional internal combustion cars are heavily reliant on electronics. In fact, electronic parts and components account for 40% of a new, internal combustion vehicle. That’s more than doubled since 2000.
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Part of the problem is that U.S. businesses are heavily reliant on countries like China and Taiwan for their semiconductors. In fact, only about 12.5% of semiconductor manufacturing is done in the United States.
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View the “7 Semiconductor Stocks Set to Gain From the Chip Shortage”.