Pure Storage Inc Stock Price, News & Analysis

Pure Storage (NYSE: PSTG) has appointed Ajay Singh as Chief Product Officer, effective immediately. Singh, with over 25 years of experience, will oversee all business units and Global Alliances, enhancing the company's product portfolio and customer experience. CEO Charles Giancarlo emphasized that Singh's leadership will further Pure’s innovation and industry leadership in storage management. Previously at VMware, Singh is expected to bring significant expertise to the role, driving growth and maintaining customer satisfaction.

Pure Storage (NYSE: PSTG) announced its participation in two upcoming virtual conferences. The first is the 23rd Annual Needham Virtual Growth Conference on January 11, 2021, featuring CFO Kevan Krysler and VP Rob Lee. The second event is the Goldman Sachs 2021 Virtual Tech and Internet Conference on January 12, 2021, with presentations from CEO Charles Giancarlo and CFO Kevan Krysler. Both events will be webcast live and can be accessed on their investor relations website. Pure Storage, recognized as a leader in the 2020 Gartner Magic Quadrant, continues to innovate in storage solutions.

On December 15, 2020, Pure Storage (NYSE: PSTG) announced it is launching Pure as-a-Service in AWS Marketplace and introducing a Cloud Block Store Efficiency Guarantee program. These offerings aim to enhance hybrid architecture mobility for enterprises, enabling them to utilize cloud economics and a flexible 'pay as you go' model. The Cloud Block Store program promises operational cost savings without compromising features. Pure's FlashBlade and FlashArray have achieved AWS Outposts Ready designations, affirming their capabilities in hybrid cloud solutions.

Pure Storage (NYSE: PSTG) has been named a Leader in the 2020 Gartner Magic Quadrant for Primary Storage Arrays, marking its seventh consecutive year in this category. The recognition highlights Pure's strategic approach to providing real-time, hybrid cloud data storage solutions. The company has introduced innovative products such as the third-generation all-NVMe FlashArray//X and capacity-optimized all-QLC FlashArray//C. Additionally, Pure Storage has shown increased adoption of its service models, affirming its position as a top choice among enterprise IT firms.

Portworx by Pure Storage has achieved the AWS Outposts Ready designation, confirming its successful integration with AWS Outposts. This recognition positions Portworx as an AWS Partner with fully tested products like Portworx Enterprise, available in AWS Marketplace. The AWS Outposts Ready Program aims to help customers identify integrated products for efficient deployment. Portworx offers solutions for Kubernetes data management, data protection, and capacity management, serving prominent companies like Comcast and T-Mobile.

Pure Storage (NYSE: PSTG) reported Q3 2020 financials with revenue of $410.6 million, a 4% decline year-over-year. Subscription services revenue rose 29% to $136.1 million. Notably, GAAP gross margin was 67.3%, with a non-GAAP operating income of $3.4 million. The company announced the acquisition of Portworx to enhance its Kubernetes offerings. Although Q4 expectations indicate a decline to $480 million, ongoing strong demand in its Subscription Services and product sales reflects positive momentum in the hybrid cloud space.

Pure Storage (NYSE: PSTG) has announced an expansion of its Pure as-a-Service offerings, introducing a new Service Catalog for on-premises and hybrid cloud storage. This initiative aims to provide increased transparency in pricing and service options, allowing customers to select storage levels tailored to their workloads. Additionally, Pure as-a-Service now features lower cost tiers and a fully integrated storage and compute solution. Research from IDC highlights a growing demand for flexible consumption models, driven by the pandemic, indicating significant market evolution.

On November 18, 2020, Pure Storage (NYSE: PSTG) launched the Pure Validated Design (PVD) program to enhance deployment and integration of partner solutions. PVDs are fully tested to deliver consistent business outcomes, reducing costs and deployment risks for customers. This program aims to simplify implementation for solutions like Commvault and Vertica. The program is expected to improve time-to-value by streamlining technology integration.

Portworx by Pure Storage has announced updates to its PX-Backup product, now compatible with any storage array or software-defined storage that supports the Kubernetes CSI spec. The new version, PX-Backup 1.2, features a usage-based pricing model at 20 cents per node per hour, targeting growing businesses. The product offers end-to-end backup solutions for Kubernetes applications, ensuring multi-cloud availability and supporting major block storage systems. Portworx was recognized as a leader in the GigaOm Radar Report for Kubernetes Data Protection, reflecting its robust market position.