These Analysts Boost Their Forecasts On Pure Storage Following Strong Q4 Results

Author: Avi Kapoor | February 29, 2024 02:12pm

Pure Storage, Inc. (NYSE:PSTG) reported upbeat fourth-quarter results and issued strong first-quarter revenue guidance.

The company reported quarterly adjusted earnings of 50 cents, beating the consensus estimate of 44 cents. Quarterly sales clocked in at $789.8 million, above the analyst consensus estimate of $782.31 million, according to data from Benzinga Pro.

"Our data platform strategy is revolutionizing the storage industry. It helps enterprises and service providers unify fragmented data environments into a seamless, modern, and efficient system—a system performance-ready for artificial intelligence," said Charles Giancarlo, Chairman and CEO, Pure Storage. "And this can all be done now with Flash reliability, performance and economics, even at hard disk system price levels."

The company said it sees revenue of $680 million in the first quarter, versus the estimate of $667.299 million.

Pure Storage shares rose 22.3% to trade at $51.52 on Thursday.

These analysts made changes to their price targets on Pure Storage after the company reported quarterly results.

• UBS raised the price target on Pure Storage from $38 to $44. UBS analyst David Vogt maintained a Neutral rating.
• Barclays increased the price target on Pure Storage from $42 to $51. Barclays analyst Tim Long maintained an Overweight rating.
• B of A Securities boosted the price target on Pure Storage from $42 to $50. B of A Securities analyst Wamsi Mohan maintained a Neutral rating.
• JP Morgan raised the price target on Pure Storage from $45 to $50. JP Morgan analyst Pinjalim Bora maintained an Overweight rating.
• Morgan Stanley raised the price target on Pure Storage from $43 to $48. Morgan Stanley analyst Meta Marshall maintained an Overweight rating.
• Stifel raised the price target on Pure Storage from $41 to $46. Stifel analyst Matthew Sheerin maintained a Hold rating.

 

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Posted In: PSTG