Pure Storage Inc. (PSTG) experienced a significant stock price decline of 13.56% on Thursday, February 27th, 2025, following the company's release of its fiscal fourth-quarter earnings results and guidance for the current quarter and fiscal year.
While Pure Storage surpassed Wall Street's expectations for both earnings per share and revenue in the fiscal fourth quarter, the company's guidance for the current quarter fell short of analyst estimates, weighing heavily on investor sentiment.
According to the company's earnings call transcript, Pure Storage projected revenue of $770 million for the first quarter of fiscal 2026, representing an 11% year-over-year increase. However, this guidance and the company's outlook for the full fiscal year failed to meet analysts' expectations, sparking concerns among investors.
In response to the disappointing guidance, several analysts lowered their price targets for Pure Storage. Citi reduced its target to $77 from $80, while Morgan Stanley trimmed its target to $69 from $72, maintaining an "Equalweight" rating on the stock.
Despite the company's efforts to highlight its ongoing transformation and surpassing $3 billion in total revenue for the first time, investors appeared to be primarily focused on the company's outlook, leading to the sharp decline in the stock's price during the trading session.
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