Technology
How Analysts View Pure Storage After Its Quiet Period
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Pure Storage Inc. (NYSE: PSTG) quietly entered the market in its early October initial public offering (IPO). The company priced 25 million shares at $17, within the expected range of $16 to $18. There was an overallotment option for an additional 3.75 million shares, which closed on October 22. The quiet period has now ended, and underwriters and analysts alike can now issue calls on Pure Storage.
24/7Â Wall St. has addressed some of Monday’s other top analysts calls as well.
The company’s innovative technology replaces storage systems designed for mechanical disk with all-flash systems optimized end-to-end for solid-state memory. At the same time, its innovative business model replaces the traditional forklift upgrade cycle with an evergreen storage model of hardware and software upgrades and maintenance.
The next-generation storage platform and business model are the result of the team’s substantial experience in enterprise storage and Web-scale infrastructure, as well as frustration with the industry’s status quo. This deep industry understanding led to the development of its three-part integrated platform: the Purity Operating Environment, its flash-optimized software, FlashArray, its modular and scalable all-flash array hardware, and Pure1, its cloud-based management and support.
The platform can deliver a 10X acceleration in business applications over legacy disk-based storage. It is also designed to be compatible with existing infrastructure, substantially more reliable and power and space efficient.
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Pure Storage delivers data storage with an increase in performance and with lower complexity and lower costs. Revenue growth and financial disclosures were as follows:
With the quiet period coming to an end, analysts are now weighing in on Pure Storage:
Shares of Pure Storage were trading up 09% at $17.79 Monday morning, with a consensus analyst price target of $21.33. The stock has a post-IPO trading range of $15.50 to $20.60.
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