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Pure Storage Inc. (PSTG) Is A Buy According To Analysts

Pure Storage Inc. (NYSE:PSTG) has a beta value of 1.22 and has seen 5.55 million shares traded in the last trading session. The company, currently valued at $8.33B, closed the last trade at $27.66 per share which meant it gained $0.61 on the day or 2.26% during that session. The PSTG stock price is -32.72% off its 52-week high price of $36.71 and 20.82% above the 52-week low of $21.90. If we look at the company’s 10-day average daily trading volume, we find that it stood at 4.45 million shares traded. The 3-month trading volume is 3.94 million shares.

The consensus among analysts is that Pure Storage Inc. (PSTG) is a Buy stock at the moment, with a recommendation rating of 2.00. 0 analysts rate the stock as a Sell, while 2 rate it as Overweight. 4 out of 22 have rated it as a Hold, with 16 advising it as a Buy. 0 have rated the stock as Underweight. The expected earnings per share for the stock is $0.25.

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Pure Storage Inc. (NYSE:PSTG) trade information

Sporting 2.26% in the green in last session, the stock has traded in the green over the last five days, with the highest price hit on Tuesday, 01/24/23 when the PSTG stock price touched $27.66 or saw a rise of 0.18%. Year-to-date, Pure Storage Inc. shares have moved 3.36%, while the 5-day performance has seen it change 1.92%. Over the past 30 days, the shares of Pure Storage Inc. (NYSE:PSTG) have changed -0.22%. Short interest in the company has seen 22.03 million shares shorted with days to cover at 6.43.

Wall Street analysts have a consensus price target for the stock at $38.82, which means that the shares’ value could jump 28.75% from current levels. The projected low price target is $32.30 while the price target rests at a high of $47.00. In that case, then, we find that the current price level is -69.92% off the targeted high while a plunge would see the stock gain -16.78% from current levels.

Pure Storage Inc. (PSTG) estimates and forecasts

Figures show that Pure Storage Inc. shares have outperformed across the wider relevant industry. The company’s shares have gained 2.52% over the past 6 months, with this year growth rate of 77.78%, compared to 18.30% for the industry. Other than that, the company has, however, increased its growth outlook for the 2023 fiscal year revenue. Growth estimates for the current quarter are 13.60% and -5.60% for the next quarter. Revenue growth from the last financial year stood is estimated to be 26.20%.

17 analysts offering their estimates for the company have set an average revenue estimate of $665.02 million for the current quarter. 16 have an estimated revenue figure of $806.77 million for the next quarter concluding in Jan 2023.

If we evaluate the company’s growth over the last 5-year and for the next 5-year period, we find that annual earnings growth was 15.10% over the past 5 years. Earnings growth for 2023 is a modest 52.40% while over the next 5 years, the company’s earnings are expected to increase by 32.36%.

PSTG Dividends

Pure Storage Inc. is expected to release its next earnings report between February 28 and March 06 this year, and investors are excited at the prospect of better dividends despite the company’s debt issue.

Pure Storage Inc. (NYSE:PSTG)’s Major holders

Insiders own 5.97% of the company shares, while shares held by institutions stand at 84.89% with a share float percentage of 90.28%. Investors are also buoyed by the number of investors in a company, with Pure Storage Inc. having a total of 551 institutions that hold shares in the company. The top two institutional holders are FMR, LLC with over 36.32 million shares worth more than $933.7 million. As of Jun 29, 2022, FMR, LLC held 12.15% of shares outstanding.

The other major institutional holder is Vanguard Group, Inc. (The), with the holding of over 27.72 million shares as of Jun 29, 2022. The firm’s total holdings are worth over $712.58 million and represent 9.27% of shares outstanding.

Also the top two Mutual Funds that are holding company’s shares are Fidelity Growth Company Fund and Price (T.Rowe) Science & Technology Fund. As of Jul 30, 2022, the former fund manager holds about 3.82% shares in the company for having 11.42 million shares of worth $323.62 million while later fund manager owns 10.23 million shares of worth $263.11 million as of Jun 29, 2022, which makes it owner of about 3.42% of company’s outstanding stock.

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