Pure Storage Inc (NYSE:PSTG) – Oppenheimer cut their Q2 2019 earnings estimates for shares of Pure Storage in a research report issued on Monday. Oppenheimer analyst I. Kidron now expects that the technology company will earn ($0.32) per share for the quarter, down from their prior forecast of ($0.29). Oppenheimer has a “Buy” rating and a $21.00 price target on the stock. Oppenheimer also issued estimates for Pure Storage’s Q3 2019 earnings at ($0.19) EPS, Q4 2019 earnings at ($0.07) EPS, FY2019 earnings at ($0.86) EPS and FY2020 earnings at ($0.83) EPS.
Pure Storage (NYSE:PSTG) last issued its quarterly earnings results on Thursday, March 1st. The technology company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.07 by $0.06. Pure Storage had a negative net margin of 17.36% and a negative return on equity of 38.70%. The firm had revenue of $338.30 million for the quarter, compared to analysts’ expectations of $331.80 million. During the same period in the previous year, the firm posted ($0.02) EPS. The company’s revenue for the quarter was up 48.4% on a year-over-year basis.
Shares of PSTG stock traded down $0.09 during trading hours on Wednesday, reaching $19.92. 1,460,735 shares of the company’s stock traded hands, compared to its average volume of 2,852,067. Pure Storage has a 52-week low of $9.61 and a 52-week high of $22.60. The company has a market cap of $4,355.15, a PE ratio of -23.57 and a beta of 1.23.
A number of institutional investors and hedge funds have recently made changes to their positions in PSTG. Fortaleza Asset Management Inc. acquired a new position in Pure Storage in the 4th quarter valued at about $154,000. Ardsley Advisory Partners acquired a new position in Pure Storage in the 4th quarter valued at about $159,000. SG Americas Securities LLC acquired a new position in Pure Storage in the 4th quarter valued at about $162,000. Great West Life Assurance Co. Can boosted its holdings in Pure Storage by 151.3% in the 3rd quarter. Great West Life Assurance Co. Can now owns 11,310 shares of the technology company’s stock valued at $180,000 after purchasing an additional 6,810 shares during the period. Finally, Invictus RG bought a new stake in Pure Storage in the 3rd quarter valued at about $187,000. Institutional investors and hedge funds own 45.48% of the company’s stock.
In related news, President David Hatfield sold 2,169 shares of the company’s stock in a transaction dated Monday, January 8th. The shares were sold at an average price of $16.49, for a total value of $35,766.81. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider John Colgrove sold 2,167 shares of the company’s stock in a transaction dated Monday, January 8th. The shares were sold at an average price of $16.50, for a total transaction of $35,755.50. The disclosure for this sale can be found here. Insiders have sold a total of 765,206 shares of company stock worth $14,651,246 over the last 90 days. 41.47% of the stock is owned by company insiders.
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About Pure Storage
Pure Storage, Inc provides a data platform. The Company is focused on delivering software-defined all-flash solutions that are fast and cloud-capable for customers, enabling customers to put data to work for their businesses. Its data platform replaces storage systems designed for mechanical disk with all-flash systems optimized end-to-end for solid-state memory.
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