- The shares of Pure Storage Inc (NYSE: PSTG) have received a $31 price target from Evercore. These are the details,
The shares of Pure Storage Inc (NYSE: PSTG) have received a $31 price target from Evercore. And Evercore analyst Amit Daryanani assigned the company an “Outperform” rating on the shares.
Daryanani added Pure Storage to the “Tactical Outperform” list. And Daryanani cited his view that the company looks well-positioned heading into its October-end quarter and expects notable upside compared to the current Wall Street models.
Along with the enterprise recovery across large and commercial accounts, the hyperscale ramp, and continued tailwinds with their FlashArray//C product portfolio, Daryanani’s sense is also that Pure saw a pick-up in share gains on the high-end storage side.
Pure Storage reported its Q3 financial earnings last week. These are the financial highlights from the quarter:
— Revenue $562.7 million, up 37% year-over-year
— Subscription Services revenue $187.8 million, up 38% year-over-year
— Subscription Annual Recurring Revenue (ARR) $788.3 million, up 30% year-over-year
— Remaining Performance Obligations (RPO) $1.2 billion, up 27% year-over-year
— GAAP gross margin 66.6%; non-GAAP gross margin 68.5%
— GAAP operating loss $(18.1) million; non-GAAP operating income $69.5 million
— GAAP operating margin (3.2)%; non-GAAP operating margin 12.3%
— Operating cash flow $127.0 million; free cash flow $101.3 million
— Total cash and investments $1.4 billion
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