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Tuesday, September 26, 2023

Pure Storage Inc. (PSTG): A Case For Going Higher

After Hours

There is a slight risk associated with trading before and after the market open. Due to lower liquidity and higher volatility, extended-hours trading may result in wider spreads on particular security due to the release of critical financial information after regular trading hours. After-hours trades for Pure Storage Inc. (PSTG) shows that investor sentiment remained intact, with the stock’s consolidated last price rising by $0.24, or 0.63%, to $38.60. The Pure Storage Inc. has recorded 54,255 volume in the after hours trading session. Recently, Yahoo Finance discussed the stock, revealing that Pure Storage Announces Second Quarter Fiscal 2024 Financial Results.

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Stocks Info

This NYSE-listed company operates within the Computer Hardware industry segment, falling under the Technology sector. At the end of the last regular session, the stock closed at $38.36 and fluctuated between $39.15 as its day high and $37.35 as its day low. The current market capitalization of Pure Storage Inc. is $11.25B. A total of 5.21 million shares were traded on the day, compared to an average of 4.01M shares.

Insider Activity

Insider trades can also provide insight into a stock’s future direction. During the recent three months, PSTG has seen 9 BUY and 14 SELL insider trades, representing the acquisition of 93,344 and the disposition of 279,435 shares. Over the last 12 months, there were 14 BUYs and 39 SELLs from insiders. Insiders purchased 1,164,559 shares during that period but sold 922,476.

In the most recent transaction, Chu Mona sold 5,387 shares of PSTG for 38.49 per share on Jul 17. After the transaction, the Chief Accounting Officer now owns 147,188 company shares. In a previous transaction on Jul 11, Yen Mallun sold 12,495 shares at 37.95 per share. PSTG shares that Director owns now total 40,316.

Among the insiders who sold shares, Brown Andrew William Fraser disposed of 9,097 shares on Jun 26 at a per-share price of $35.83. This resulted in the Director holding 44,964 shares of PSTG after the transaction. In another insider transaction, Murphy John Francis sold 9,097 shares at $36.56 per share on Jun 22. Company shares held by the Director now total 36,396.

Even though price targets are rarely accurate, they do tend to exert some kind of influence from time to time and are often considered important by markets. According to analysts who have offered 12-month price targets for PSTG in the last 3 months, the mean price target is $43.45 with high estimates of $50.00 and low estimates of $38.00. In terms of 52-week highs and lows, PSTG has a high of $39.19 and a low of $22.14.

As of this writing, PSTG has an earnings estimate of $0.4 per share for the current quarter. EPS was calculated based on a consensus of 18 estimates, with a high estimate of $0.45 per share and a lower estimate of $0.35. The company reported an EPS of $0.08 in the last quarter, which was 100.00% higher than expectations of $0.04.

Balance Sheet Annually/Quarterly

In a balance sheet, you can see what assets and liabilities the company has, as well as how much equity investors have invested. These figures can be used to calculate a company’s financial ratios to give investors a better idea of its prospects. PSTG’s latest balance sheet shows that the firm has $1.41B in Cash & Short Term Investments as of fiscal 2022. There were $915.36M in debt and $952.32M in liabilities at the time. Its Book Value Per Share was $2.96, while its Total Shareholder’s Equity was $754.34M.

Analysts Opinion

The risks associated with pre-market and after-hours trading may be slightly higher than the regular market hours. The reason is that extended-hours trading may result in wider spreads for particular security due to lower liquidity and higher volatility as issuers often announce critical financial information outside regular trading hours. Currently, 0 analysts are providing their opinions on the stock. On a scale of 1 to 5, with 1 being Sell and 5 being Buy, the average analyst rating for PSTG is Buy with a score of 4.71.

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