Pure Storage - PSTG Stock Forecast, Price & News

Pure Storage, Inc. provides data storage technologies, products, and services in the United States and internationally. The company's Purity software is shared across its products and provides enterprise-class data services, such as data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object. Its products portfolio includes FlashArray for block-oriented storage, addressing databases, applications, virtual machines, and other traditional workloads; FlashArray//XL; and FlashArray//C, an all-QLC flash array. The company also provides FlashBlade, a solution for unstructured data workloads of various types; FlashStack that combines compute, network, and storage to provide an infrastructure platform; FlashRecover, an all-flash modern data-protection solution; and AIRI, a full-stack AI-ready infrastructure. In addition, it offers evergreen storage subscription, Pure as-a-Service, and Cloud Block Store, as well as Portworx a cloud-native Kubernetes data management solution It also offers technical and professional, training and education, and certification services. The company sells its products and subscription services through direct sales force and channel partners. The company was formerly known as OS76, Inc. and changed its name to Pure Storage, Inc. in January 2010. Pure Storage, Inc. was incorporated in 2009 and is headquartered in Mountain View, California.

Pure Storage Stock Performance

Shares of NYSE:PSTG traded up $0.34 during trading on Monday, hitting $29.97. The company's stock had a trading volume of 2,103 shares, compared to its average volume of 3,726,378. The business has a 50 day moving average price of $26.44 and a two-hundred day moving average price of $28.03. Pure Storage has a fifty-two week low of $18.75 and a fifty-two week high of $36.71.

Pure Storage (NYSE:PSTG - Get Rating) last released its quarterly earnings data on Wednesday, June 1st. The technology company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.23) by $0.24. The business had revenue of $620.41 million during the quarter, compared to analysts' expectations of $521.81 million. Pure Storage had a negative net margin of 2.96% and a positive return on equity of 4.26%. The company's revenue for the quarter was up 50.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.22) EPS. As a group, equities analysts anticipate that Pure Storage will post -0.14 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms recently weighed in on PSTG. Cowen lowered their target price on Pure Storage to $30.00 in a research report on Friday, May 27th. Evercore ISI reduced their price objective on Pure Storage from $40.00 to $33.00 and set an "outperform" rating on the stock in a research note on Tuesday, June 28th. UBS Group cut their target price on Pure Storage from $36.00 to $32.00 and set a "neutral" rating on the stock in a research note on Tuesday, August 2nd. StockNews.com raised Pure Storage from a "hold" rating to a "buy" rating in a research note on Wednesday, August 3rd. Finally, Northland Securities increased their price objective on Pure Storage from $42.00 to $44.00 and gave the stock an "outperform" rating in a research note on Thursday, June 2nd. Five analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Pure Storage presently has a consensus rating of "Moderate Buy" and an average price target of $35.71.