During the recent session, Pure Storage Inc. (NYSE:PSTG)’s traded shares were 1.92 million, with the beta value of the company hitting 1.20. At the last check today, the stock’s price was $25.44, reflecting an intraday gain of 3.71% or $0.91. The 52-week high for the PSTG share is $32.45, that puts it down -27.56 from that peak though still a striking 12.97% gain since the share price plummeted to a 52-week low of $22.14. The company’s market capitalization is $7.72B, and the average intraday trading volume over the past 10 days was 3.71 million shares, and the average trade volume was 5.09 million shares over the past three months.
Pure Storage Inc. (PSTG) received a consensus recommendation of a Buy from analysts. That translates to a mean rating of 2.00. PSTG has a Sell rating from 0 analyst(s) out of 20 analysts who have looked at this stock. 2 analyst(s) recommend to Hold the stock while 2 suggest Overweight, and 16 recommend a Buy rating for it. 0 analyst(s) has rated the stock Underweight. Company’s earnings per share (EPS) for the current quarter are expected to be $0.04.
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Pure Storage Inc. (NYSE:PSTG) trade information
Pure Storage Inc. (PSTG) registered a 3.71% upside in the last session and has traded in the green over the past 5 sessions. The stock spiked 3.71% in intraday trading to $25.44 this Wednesday, 05/24/23, hitting a weekly high. The stock’s 5-day price performance is 2.50%, and it has moved by 12.32% in 30 days. Based on these gigs, the overall price performance for the year is 13.93%. The short interest in Pure Storage Inc. (NYSE:PSTG) is 9.13 million shares and it means that shorts have 2.05 day(s) to cover.
The consensus price target of analysts on Wall Street is $35.33, which implies an increase of 27.99% to the stock’s current value. The extremes of the forecast give a target low and a target high price of $30.00 and $47.00 respectively. As a result, PSTG is trading at a discount of -84.75% off the target high and -17.92% off the low.
Pure Storage Inc. (PSTG) estimates and forecasts
Statistics show that Pure Storage Inc. has underperformed its competitors in share price, compared to the industry in which it operates. Pure Storage Inc. (PSTG) shares have gone down -16.54% during the last six months, with a year-to-date growth rate less than the industry average at 0.76% against 3.50. Yet analysts are ramping up their growth forecast for the fiscal year 2023. Revenue is predicted to shrink -84.00% this quarter and then drop -25.00% in the quarter after that. In the rating firms’ projections, revenue will increase 6.40% compared to the previous financial year.
Revenue for the current quarter is expected to be $559.34 million as predicted by 16 analyst(s). Meanwhile, a consensus of 16 analyst(s) estimates revenue growth to $661.45 million by the end of Jul 2023. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $620.4 million and $646.77 million respectively. In this case, analysts expect current quarter sales to shrink by -9.80% and then jump by 2.30% in the coming quarter.
An analysis of the company’s performance over the past 5 years shows that the company’s earnings grew an estimated 22.20%. While earnings are projected to return 143.00% in 2023, the next five years will return 32.23% per annum.
Pure Storage Inc. is due to release its next quarterly earnings on May 31. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance.
Pure Storage Inc. (NYSE:PSTG)’s Major holders
Pure Storage Inc. insiders own 6.03% of total outstanding shares while institutional holders control 89.24%, with the float percentage being 94.96%. FMR, LLC is the largest shareholder of the company, while 608 institutions own stock in it. As of Mar 30, 2023, the company held over 45.39 million shares (or 14.73% of all shares), a total value of $1.16 billion in shares.
The next largest institutional holding, with 29.02 million shares, is of Vanguard Group, Inc. (The)’s that is approximately 9.42% of outstanding shares. At the market price on Mar 30, 2023, these shares were valued at $743.45 million.
Also, the Mutual Funds coming in first place with the largest holdings of Pure Storage Inc. (PSTG) shares are Fidelity Growth Company Fund and Vanguard Total Stock Market Index Fund. Data provided on Feb 27, 2023 indicates that Fidelity Growth Company Fund owns about 12.64 million shares. This amounts to just over 4.10 percent of the company’s overall shares, with a $323.83 million market value. The same data shows that the other fund manager holds slightly less at 8.62 million, or about 2.80% of the stock, which is worth about $220.93 million.