Pure Storage shares slump after rev forecast miss

Everpure

30/11/2023 17:39

** Shares of Pure Storage Inc  PSTG.N  slump as much as
18.3% to $31.00 on Thurs after data storage co's quarterly rev
forecast missed consensus
    ** Stock last down 13.0% at $32.99 and on track for biggest
daily percent decline since Mar 2; trading volume of about 12.3
mln shares is 3.5x stock's 10-DMA, per LSEG data
    ** PSTG's fiscal Q3 rev rose 12.8% to $762.8 mln vs avg
analyst estimate of $763.4 mln, while adj earnings of 50 cents
beat estimate of 40 cents, the company said after the closing
bell on Weds
    ** But PSTG forecasts Q4 rev of $782 mln, lower than
analysts' avg estimate of $919.4 mln - LSEG
    ** At least 8 analysts, including JPMorgan, Morgan Stanley,
and Wedbush, slash PTs following report
    ** Now, current median PT of 18 analysts covering stock is
$40, down from $44 a month ago, with avg "buy" recommendation
    ** Despite move on the session, PSTG's shares still up ~23%
YTD

 (Reporting by Chibuike Oguh in New York)
 ((Chibuike.Oguh@thomsonreuters.com; +332-219-1834; Reuters
Messaging: chibuike.oguh.thomsonreuters.com@reuters.net))