Why Pure Storage Shares Are Trading Lower Today – Pure Storage (NYSE:PSTG)

Pure Storage PSTG shares are trading lower on Thursday after the company reported mixed Q4 financial results and issued guidance.

Pure Storage reported quarterly earnings of $0.53 per share which beat the analyst consensus estimate of $0.39 per share. The company reported quarterly sales of $810.21 million which missed the analyst consensus estimate of $811.13 million. For FY2023, the company expects revenue growth in the mid to high single-digit range.

“Pure continued to grow faster than the market this year with the industry’s most advanced, reliable, and energy-efficient products and services. Despite current macro conditions, we remain confident in our ability to execute, manage costs, and maintain a strong innovation cycle,” said Charles Giancarlo, chairman and CEO of Pure Storage.

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Several analyst changes below:

JPMorgan analyst Pinjalim Bora maintained Pure Storage With an Overweight and lowered the price target from $40 to $35.
Raymond James analyst Simon Leopold maintained Pure Storage with a Strong Buy and raised the price target from $40 to $43.
Morgan Stanley analyst Meta Marshall maintained Pure Storage with an Overweight and lowered the price target from $37 to $34.

PSTG Price Action: Pure Storage has a 52-week high of $36.71 and a 52-week low of $21.90.

Pure Storage shares are down 16.7% after hours at $24.02 at the time of writing, according to Benzinga Pro.

Photo: courtesy of Pure Storage.