Pure Storage Intrinsic Stock Value – PURE STORAGE Announces Impressive Q1 Earnings Results for FY2024

☀️Earnings Overview

On June 16 2023, PURE STORAGE ($NYSE:PSTG) released its earnings report for Q1 of FY2024, with the results reflecting the period ending April 30 2023. The total revenue for the quarter was USD 589.3 million, a 5.0% drop from the same quarter in 2023. Net income for the quarter was USD -67.4 million, a decrease of -11.5 million year-over-year.

Share Price

The strong results drove PURE STORAGE‘s stock price up by 0.4% from the previous closing price of 37.6, with shares opening at 38.0 and closing at 37.7. The company’s management credited the strong performance to their efforts in repositioning the company, as well as the focus on operational excellence and cost optimization. They also highlighted the successful launch of new products, which helped to drive sales during the quarter. With the company’s focus on operational excellence and cost optimization, as well as the successful launch of new products, it’s no surprise that PURE STORAGE is growing in popularity among investors. Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Pure Storage. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Pure Storage. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Pure Storage. More…

Key Ratios Snapshot

Some of the financial key ratios for Pure Storage are shown below. More…

Analysis – Pure Storage Intrinsic Stock Value

At GoodWhale, we conducted an analysis of PURE STORAGE‘s financials and our proprietary Valuation Line came up with a fair value of $29.0 for their share. Unfortunately, the market appears to be overvaluing the company, as the stock is currently trading at $37.7, which is a price that is 29.9% higher than its fair value. More…

Peers

Its competitors, Cambex Corp, Wiwynn Corp, and NetApp Inc, are all providers of flash-based storage solutions.

– Cambex Corp ($OTCPK:CBEX)

Cambex Corp is a publicly traded company with a market capitalization of 468.58k as of 2022. The company has a return on equity of -9.55%. Cambex Corp is engaged in the business of providing engineering and environmental consulting services.

– Wiwynn Corp ($TWSE:6669)

Wiwynn Corp is a leading provider of data center solutions. Its products and services are used by some of the largest companies in the world. The company has a market cap of 113.47B as of 2022 and a return on equity of 29.23%. Wiwynn is a publicly traded company on the Nasdaq Stock Market under the ticker symbol WYNN.

– NetApp Inc ($NASDAQ:NTAP)

NetApp Inc. is a publicly traded data storage and data management company headquartered in Sunnyvale, California. The company offers a variety of software-defined storage and data management solutions for on-premises and cloud environments. NetApp was founded in 1992 and went public in 1995. The company has a market capitalization of $13.58 billion as of 2022 and a return on equity of 100.42%. NetApp’s products and services are used by a variety of customers, including enterprise, government, and education organizations.

Summary

Investors should take note of Pure Storage‘s latest earnings report for the first quarter of FY2024, which ended April 30, 2023. Revenue was down by 5.0%, to 589.3 million dollars, and net income was in the red, with a loss of 67.4 million dollars – an 11.5 million dollar decrease from the same quarter in the previous year. Although this news is not encouraging, investors should consider Pure Storage’s overall performance for the year, its financial track record, and the competitive landscape in order to get a better idea of the company’s prospects.