Wedbush Has Pessimistic Outlook of Pure Storage Q3 Earnings

Pure Storage, Inc. (NYSE:PSTG - Free Report) - Stock analysts at Wedbush lowered their Q3 2027 earnings estimates for Pure Storage in a report issued on Thursday, May 29th. Wedbush analyst M. Bryson now anticipates that the technology company will earn $0.39 per share for the quarter, down from their prior forecast of $0.42. Wedbush currently has a "Outperform" rating and a $70.00 price objective on the stock. The consensus estimate for Pure Storage's current full-year earnings is $0.44 per share.

Pure Storage (NYSE:PSTG - Get Free Report) last released its quarterly earnings data on Wednesday, May 28th. The technology company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.04. The firm had revenue of $778.49 million for the quarter, compared to analysts' expectations of $770.03 million. Pure Storage had a net margin of 4.22% and a return on equity of 16.06%. The company's revenue for the quarter was up 12.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.32 earnings per share.

Several other equities analysts have also commented on PSTG. UBS Group lifted their price objective on shares of Pure Storage from $47.00 to $50.00 and gave the stock a "sell" rating in a research note on Thursday, February 27th. Piper Sandler reissued an "overweight" rating and set a $66.00 target price (up previously from $53.00) on shares of Pure Storage in a research report on Thursday, May 29th. Barclays decreased their price target on Pure Storage from $61.00 to $57.00 and set an "equal weight" rating on the stock in a report on Thursday, May 29th. Needham & Company LLC reaffirmed a "buy" rating and set a $75.00 price objective on shares of Pure Storage in a research note on Thursday, May 29th. Finally, Bank of America reduced their target price on shares of Pure Storage from $77.00 to $73.00 and set a "neutral" rating on the stock in a research note on Thursday, February 27th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the company's stock. According to MarketBeat, Pure Storage currently has an average rating of "Moderate Buy" and an average price target of $69.95.

Pure Storage Stock Up 2.5%

Pure Storage stock traded up $1.35 during midday trading on Monday, reaching $54.92. 2,705,112 shares of the stock traded hands, compared to its average volume of 3,007,381. The stock has a market cap of $17.90 billion, a P/E ratio of 144.52, a PEG ratio of 5.12 and a beta of 1.05. Pure Storage has a 12 month low of $34.51 and a 12 month high of $73.67. The stock's fifty day moving average is $47.45 and its 200-day moving average is $56.04.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Barclays PLC grew its stake in Pure Storage by 9.4% in the third quarter. Barclays PLC now owns 316,911 shares of the technology company's stock valued at $15,921,000 after purchasing an additional 27,345 shares during the last quarter. Blue Trust Inc. grew its position in shares of Pure Storage by 11.2% in the 4th quarter. Blue Trust Inc. now owns 4,634 shares of the technology company's stock worth $285,000 after buying an additional 468 shares during the last quarter. KBC Group NV raised its stake in shares of Pure Storage by 0.6% during the 4th quarter. KBC Group NV now owns 39,523 shares of the technology company's stock worth $2,428,000 after acquiring an additional 246 shares in the last quarter. Perigon Wealth Management LLC raised its stake in shares of Pure Storage by 32.6% during the 4th quarter. Perigon Wealth Management LLC now owns 5,918 shares of the technology company's stock worth $387,000 after acquiring an additional 1,455 shares in the last quarter. Finally, Swedbank AB lifted its position in Pure Storage by 6.7% during the fourth quarter. Swedbank AB now owns 44,950 shares of the technology company's stock valued at $2,761,000 after acquiring an additional 2,812 shares during the last quarter. 83.42% of the stock is owned by institutional investors.

Insider Activity at Pure Storage

In other Pure Storage news, CRO Dan Fitzsimons sold 872 shares of the company's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $51.51, for a total transaction of $44,916.72. Following the completion of the sale, the executive now owns 89,351 shares in the company, valued at $4,602,470.01. This represents a 0.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John Colgrove sold 100,000 shares of the stock in a transaction on Monday, May 12th. The shares were sold at an average price of $52.01, for a total value of $5,201,000.00. Following the sale, the insider now directly owns 801,959 shares in the company, valued at $41,709,887.59. This trade represents a 11.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold 107,849 shares of company stock worth $5,531,346 over the last three months. 5.60% of the stock is owned by corporate insiders.

Pure Storage Company Profile

Pure Storage, Inc engages in the provision of data storage and management technologies, products, and services in the United States and internationally. Its Purity software is shared across its products and provides enterprise-class data services, such as always-on data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object.