PSTG Stock Recent News

The specialty tech stock is moving to a new S&P index. It will soon become a component of the S&P MidCap 400 index.

Pure Storage (PSTG) reported earnings 30 days ago. What's next for the stock?

Pure Storage's business growth is accelerating despite a guide down in revenue projections for the current quarter. The company's subscription-based Evergreen revenues are expected to double year over year, contributing to overall growth. Pure's new products, such as FlashArray E and FlashBlade E, are driving significant market share gains and offer strong price/performance advantages.

Pure Storage's stock has soared over 30% YTD and offers both downside protection and upside potential. The company's subscription products are driving growth and transitioning towards a recurring revenue stream. The company also continues to pick up its pace of business with AI clients.

Pure Storage is facing down a near-flat year for revenue growth, but the company is doing just fine. An accounting effect from subscription revenue is distorting the picture right now.

Enterprise flash data storage solutions provider Pure Storage Inc. NYSE: PSTG stock took a rare sell-off when it guided down its Q4 2023 revenue guidance, causing shares to collapse 15%. This comes as a shock, especially in light of competitor Network Appliances Inc. NASDAQ: NTAP 's EPS beat and raised estimates, resulting in a 16% stock price spike towards 20-year highs.

Third-quarter results were decent, but guidance was lower than expected. When growth expectations aren't reached, it can cause a stock to drop quickly.

Pure Storage Inc.'s stock PSTG, +5.74% was down 16% to $31.79 in premarket trading Thursday, after the company issued fourth-quarter and 2024 revenue forecasts that missed Wall Street estimates. Wedbush analyst Matt Bryson cut his 12-month price target to $40 from $45 a share for Pure Storage.

Pure Storage, Inc. (NYSE:PSTG ) Q3 2024 Earnings Conference Call November 29, 2023 5:00 PM ET Company Participants Paul Ziots - VP, IR Charlie Giancarlo - CEO Kevan Krysler - CFO Rob Lee - Chief Technology Officer Conference Call Participants Amit Daryanani - Evercore Aaron Rakers - Wells Fargo Meta Marshall - Morgan Stanley Tim Long - Barclays Krish Sankar - TD Cowen Sidney Ho - Deutsche Bank Mehdi Hosseini - Susquehanna Simon Leopold - Raymond James Nehal Chokshi - Northland Capital Market Wamsi Mohan - Bank of America Matt Sheerin - Stifel Eric Martinuzzi - Lake Street Operator Good day, and welcome to the Pure Storage Third Quarter Fiscal Year 2024 Earnings Conference Call. Today's conference is being recorded.

While the top- and bottom-line numbers for Pure Storage (PSTG) give a sense of how the business performed in the quarter ended October 2023, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.