Why Pure Storage Shares Are Trading Lower Today

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.