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Pure Storage Inc. (NYSE: PSTG) Analysis: Is It The One You’re Looking For?

Pure Storage Inc. (NYSE:PSTG) traded at $27.13 at last check on Tuesday, 01/24/23, made a downward move of -1.92% on its previous day’s price.

Looking at the stock we see that its previous close was $27.66 and the beta (5Y monthly) reads 1.31 with the day’s price range being $26.90 – $27.71. The company has a trailing 12-month PE ratio of 614.67. In terms of its 52-week price range, PSTG has a high of $36.71 and a low of $21.90. The company’s stock has lost about -0.22% over that past 30 days.

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Pure Storage Inc. has a market cap of $8.33 billion and is expected to release its quarterly earnings report on Feb 28, 2023 – Mar 06, 2023. Estimates by analysts give the company expected earnings per share (EPS) of $0.25, with the EPS growth for the year raised at $1.17 for 2023 and $1.31 for next year. These figures represent 51.90% and 12.00% growth in EPS for the two years respectively.

Analysts tracking the company’s growth have also given it a consensus growth in revenue estimated at $665.02 million, with a low of $563 million and a high of $679 million. According to analyst consensus estimates figures, the company’s yearly revenue forecast for 2023 is expected to hit $2.75 billion, or 26.20% up from figures reported last year.

There have been no upward and no downward revisions for the stock’s EPS in last 7 days, something that reflects the nature of company’s price movement in short term. On the other hand, looking at the outlook for the PSTG stock, short term indicators assign the stock an average of 50% Sell, while medium term indicators assign it an average of Hold. Long term indicators on average place the stock in the category of 50% Sell.

Based on estimates by 22 analysts, where scores have ranged from 1.00 for a strong buy to 5.00 for a strong sell, 4 have rated the Pure Storage Inc. (PSTG) stock as a Hold, while 16 rate it as a Buy. 2 analyst(s) rate it as overweight while 0 of them rated it as underweight, whereas 0 suggest the stock as a Sell. The stock has an overall rating of Buy and investors could take advantage and scoop up stock of the company.

Looking further, we note that the PEG ratio for the PSTG stock currently stands at 19.00, and the most recent price level today is 1.84% off its SMA20 and -4.64% from its 50-day simple moving average. The RSI (14) is pointing at 49.32 while the volatility over the past week is 3.38% and jumps to 2.81% over the past one month. The beta value is 1.22, while the average true range (ATR) is currently pointing at 0.86. The average price target for the stock over the next 12 months is $38.82, with the estimates having a low of $32.30 and a high of $47.00. These price ends are -19.06% and -73.24% off the today’s price level respectively, although investors could be excited at the prospect of a -45.6% if the PSTG share price touches on the median price of $39.50.

Let’s briefly compare Pure Storage Inc. (PSTG) stock to its peers. We find that today’s price change of -1.92% and 11.85% over the past 12 months for PSTG. Another of its peers Seagate Technology Holdings plc (STX) has dropped -1.65% today, and was -34.85% down over the past year. In contrast to these companies, both the S&P 500 Index and the Dow Jones Industrial are today at -1.43% and -1.17%, respectively, in early deals.

Coming back to Pure Storage Inc. (NYSE:PSTG), we note that the average 3-month trading volume was 4.00 million, while that of the preceding 10-day period stands at 4.63 million. Current shares outstanding are 300.98 million.

The insiders hold 3.60% of the company’s shares while institutions hold 88.00%. The data shows that short shares as of Oct 13, 2022, stood at 22.03 million at a short ratio of 6.43. This represents a 7.37% short interest in shares outstanding on Oct 13, 2022. Shares short fall in October from the previous month at 23.03 million. Investors should be excited about this stock as its upside potential is great, with today’s price pushing the stock 3.36% up in year-to-date price movement.

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