Pure Storage stock plunges on doubts ahead of earnings
#PureStorage stock dropped 13 percent on Friday after an analyst raised doubts about what it will report when it posts its quarterly financial results next week. Shares of the Mountain View software-defined storage company (NASDAQ:PSTG) closed at $11.66, well below the $17 price they fetched when it went public last October.
Its market cap of $2.5 billion is now about 25 percent below where it started the year.
Market research firm OTR Global downgraded Pure Storage to a negative rating on Friday, citing increased competition and pricing pressures. Among the heavyweight companies it goes up against are #EMC, #NetApp, #HP, #IBM, #Dell and #Lenovo, along with startups that are offering new storage solutions.