PSTG - Pure Storage Inc Stock Price, Fair Value and News

50.64USD-1.16 (-2.24%)Market Closed

Market Summary

USD50.64-1.16

Market Closed

-2.24%

PSTG Alerts

8 major insider sales recently.

PSTG Stock Price

View Fullscreen

PSTG RSI Chart

PSTG Valuation

Market Cap

16.5B

Price/Earnings (Trailing)

268.36

Price/Sales (Trailing)

5.81

EV/EBITDA

71.73

Price/Free Cashflow

34.1

PSTG Price/Sales (Trailing)

PSTG Profitability

EBT Margin

3.20%

Return on Equity

4.83%

Return on Assets

1.68%

Free Cashflow Yield

2.93%

PSTG Fundamentals

PSTG Revenue

Revenue (TTM)

2.8B

Rev. Growth (Yr)

-2.52%

Rev. Growth (Qtr)

3.54%

PSTG Earnings

Earnings (TTM)

61.3M

Earnings Growth (Yr)

-12.13%

Earnings Growth (Qtr)

-7.03%

Breaking Down PSTG Revenue

Last 7 days

-3.2%

Last 30 days

-3.9%

Last 90 days

22.7%

Trailing 12 Months

127.3%

How does PSTG drawdown profile look like?

PSTG Financial Health

Current Ratio

1.83

Debt/Equity

0.08

Debt/Cashflow

6.78

PSTG Investor Care

Shares Dilution (1Y)

5.47%

Diluted EPS (TTM)

0.18

Historical Charts for Stock Metrics

Get all data in R, Python etc through our Historical Stock Data APIs

Net sales

Year	Q1	Q2	Q3	Q4
2024	2.8B	0	0	0
2023	2.8B	2.7B	2.8B	2.9B
2022	2.2B	2.4B	2.5B	2.7B
2021	1.7B	1.7B	1.8B	2.0B
2020	1.6B	1.7B	1.7B	1.7B
2019	1.4B	1.4B	1.5B	1.6B
2018	1.0B	1.1B	1.2B	1.3B
2017	728.0M	770.7M	832.1M	912.8M
2016	440.3M	506.2M	584.8M	650.3M
2015	174.5M	240.9M	307.4M	373.9M
2014	42.7M	0	0	108.6M

Get all data in R, Python etc through our Historical Stock Data APIs

GRUFITY'S FAIR VALUE MODEL

Stocks Marked 'Very Cheap' by Grufity's Fair Value Model Have Outperformed Russell 2000 Index

Small Caps and Mid Caps are mostly overlooked by investors as all the focus goes to Magnificent 7. These stocks that are not part of the beauty contest require a deeper look. However, all large cap stocks were once small caps. Grufity's Fair Value model opens up this unverse as it separates high-performing, rewarding stocks from low-performing risky stocks. <b>Russell 2000 stocks that were marked 'Very Cheap' by the model doubled in three years while the index was flat.</b>

Returns of $10,000 invested in:

Very Cheap Stocks: $21,859
Russell 2000 Index: $10,334
Very Expensive Stocks: $8,224

Russell 2000 stocks considered 'Very Cheap' by the model greatly outperformed Russell 2000 index and the 'Very Expensive' bucket over past three years.

Russell 2000 Index

Very Expensive Stocks

Very Cheap Stocks

Try For Just $1.99

Tracking the Latest Insider Buys and Sells of Pure Storage Inc

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
Apr 17, 2024	colgrove john	gifted	-	-	-1,000,000	chief visionary officer
Apr 17, 2024	colgrove john	gifted	-	-	1,000,000	chief visionary officer
Apr 17, 2024	krysler p. kevan	sold	-807,101	52.8	-15,286	chief financial officer
Apr 16, 2024	fitzsimons dan	sold	-1,526,820	52.14	-29,283	chief revenue officer
Apr 15, 2024	brown andrew william fraser	sold	-1,075,700	52.31	-20,564	-
Apr 12, 2024	dietzen scott	sold	-3,931,520	53.49	-73,500	-
Apr 05, 2024	murphy john francis	sold	-396,000	52.8	-7,500	-
Apr 05, 2024	singh ajay	sold	-2,012,460	53.54	-37,588	chief product officer
Apr 05, 2024	pure storage, inc.	sold	-396,000	52.8	-7,500	-
Apr 04, 2024	taylor roxanne	sold	-1,981,590	53.76	-36,860	-

Which funds bought or sold PSTG recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
Apr 23, 2024	WETZEL INVESTMENT ADVISORS, INC.	new	-	4,405	4,405	-%
Apr 23, 2024	Louisiana State Employees Retirement System	new	-	4,445,140	4,445,140	0.09%
Apr 23, 2024	Venturi Wealth Management, LLC	added	96.3	3,586	5,512	-%
Apr 23, 2024	Cherry Creek Investment Advisors, Inc.	added	2.27	1,060,040	3,218,540	1.74%
Apr 23, 2024	Global Retirement Partners, LLC	added	127	72,330	104,188	-%
Apr 23, 2024	AMALGAMATED BANK	added	121	5,884,000	8,531,000	0.07%
Apr 23, 2024	REGIONS FINANCIAL CORP	added	0.56	664,209	2,089,220	0.02%
Apr 23, 2024	FIFTH THIRD BANCORP	added	67.98	115,080	194,495	-%
Apr 23, 2024	NEW MEXICO EDUCATIONAL RETIREMENT BOARD	new	-	3,088,000	3,088,000	0.11%
Apr 23, 2024	ARCADIA INVESTMENT MANAGEMENT CORP/MI	added	1,191	1,926,840	2,034,890	0.36%

Are Funds Buying or Selling PSTG?

Are funds buying PSTG calls or puts?

Calls

Puts

No. of funds holding Calls - Puts

Net Call Options

No. of funds that own PSTG

No. of Funds

PSTG Alerts

8 major insider sales recently.

Unveiling Pure Storage Inc's Major ShareHolders

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 12, 2024	vanguard group inc	10.06%	31,782,078	SC 13G/A
Feb 12, 2024	vanguard group inc	9.90%	31,294,297	SC 13G/A
Feb 09, 2024	fmr llc	-	0	SC 13G/A
Jan 31, 2024	blackrock inc.	5.5%	17,513,392	SC 13G
Jul 07, 2023	blackrock inc.	4.99%	15,361,134	SC 13G/A
Jun 09, 2023	vanguard group inc	10.04%	30,937,974	SC 13G/A
Feb 14, 2023	price t rowe associates inc /md/	3.5%	10,484,215	SC 13G/A
Feb 13, 2023	champlain investment partners, llc	4.57%	13,838,808	SC 13G/A
Feb 09, 2023	william blair investment management, llc	1.6%	4,726,730	SC 13G/A
Feb 09, 2023	fmr llc	-	0	SC 13G/A

Recent SEC filings of Pure Storage Inc

View All Filings

Date Filed	Form Type	Document
Apr 19, 2024	4	Insider Trading
Apr 19, 2024	4	Insider Trading
Apr 18, 2024	4	Insider Trading
Apr 17, 2024	144	Notice of Insider Sale Intent
Apr 17, 2024	4	Insider Trading
Apr 16, 2024	144	Notice of Insider Sale Intent
Apr 16, 2024	4	Insider Trading
Apr 15, 2024	144	Notice of Insider Sale Intent
Apr 12, 2024	144	Notice of Insider Sale Intent
Apr 12, 2024	144	Notice of Insider Sale Intent

Peers (Alternatives to Pure Storage Inc)

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
CSCO	195.8B	57.2B	-2.68%	2.68%	14.57	3.42	7.66%	18.93%
ANET	79.7B	5.9B	-16.60%	65.90%	38.16	13.59	33.75%	54.34%
HPQ	27.5B	53.1B	-5.92%	-3.93%	8.06	0.52	-11.04%	34.01%
HPE	22.0B	29.1B	-2.81%	19.73%	10.87	0.76	2.24%	133.29%
LOGI	12.5B	4.2B	-12.85%	42.59%	25.74	2.95	-11.68%	12.69%
JNPR	11.4B	5.6B	-4.67%	14.07%	36.67	2.04	4.97%	-34.14%
MID-CAP
UI	6.6B	1.9B	-3.98%	-53.58%	17.67	3.5	4.69%	6.86%
BDC	3.4B	2.5B	-9.54%	8.10%	14.1	1.36	-3.62%	-4.73%
LITE	2.8B	1.4B	-17.64%	-11.47%	-10.64	1.97	-21.40%	-1031.82%
SMALL-CAP
EXTR	1.4B	1.3B	-4.46%	-29.16%	17.89	1.07	14.09%	64.56%
AAOI	416.6M	217.6M	-25.17%	439.80%	-7.43	1.91	-2.32%	15.59%
ADTN	375.8M	1.1B	-10.55%	-47.80%	-1.4	0.33	12.05%	-13041.29%
ALOT	134.3M	148.1M	-2.86%	23.15%	28.6	0.91	3.90%	76.40%
AIRG	58.2M	56.0M	1.28%	-3.32%	-4.68	1.04	-26.16%	-43.53%
AKTS	55.2M	29.7M	-1.75%	-80.49%	-0.8	1.86	39.86%	-13.06%

Pure Storage Inc News

Latest updates

Pure Storage Inc Earnings Report: Key Takeaways & Analysis

Income Statement (Last 12 Months)

(In Thousands)

(*) denotes actual numbers (not divided by Thousands)
Income Statement (Quarterly)																					(In Thousands)
Description	(%) Q/Q	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1
Revenue	3.5%	790	763	689	589	810	676	647	620	709	563	497	413	503	411	404	367	492	428	396	327	422
Gross Profit	2.9%	569	553	487	413	561	466	444	426	476	375	340	282	341	277	275	257	348	301	268	216	281
Operating Expenses	6.8%	511	479	493	485	497	457	429	431	446	393	374	358	388	342	339	342	349	329	333	314	306
S&GA Expenses	7.1%	248	232	233	232	246	212	207	218	232	193	190	183	199	172	171	173	190	185	186	167	171
R&D Expenses	2.6%	187	182	182	185	186	180	166	161	163	148	140	131	130	123	115	112	115	107	107	105	97.00
EBITDA Margin	-1.1%	0.08*	0.08*	0.05*	0.06*	0.07*	0.05*	0.04*	0.01*	-0.02*	-0.06*	-0.09*	-0.11*	-	-	-	-	-	-	-	-	-
Interest Expenses	-0.3%	2.00	2.00	2.00	0.00	0.00	0.00	0.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	-	0.00	-	0.00	-	0.00	-
Income Taxes	-40.5%	5.00	9.00	8.00	7.00	7.00	7.00	4.00	1.00	5.00	3.00	4.00	3.00	3.00	4.00	2.00	2.00	3.00	2.00	0.00	1.00	1.00
Earnings Before Taxes	-10.8%	71.00	79.00	0.00	-60.06	81.00	6.00	15.00	-10.75	20.00	-26.03	-41.34	-80.88	-49.25	-70.10	-62.52	-88.30	-1.62	-28.25	-65.56	-99.24	-25.06
EBT Margin	-9.7%	0.03*	0.04*	0.01*	0.02*	0.03*	0.01*	0.00*	-0.02*	-0.06*	-0.10*	-0.13*	-0.15*	-	-	-	-	-	-	-	-	-
Net Income	-7.0%	65.00	70.00	-7.11	-67.40	74.00	-0.79	11.00	-11.53	15.00	-28.73	-45.26	-84.21	-52.29	-74.22	-64.97	-90.59	-4.65	-29.98	-66.02	-100	-25.75
Net Income Margin	-12.2%	0.02*	0.02*	0.00*	0.01*	0.03*	0.01*	-0.01*	-0.03*	-0.07*	-0.11*	-0.14*	-0.16*	-	-	-	-	-	-	-	-	-
Free Cashflow	77.2%	201	113	47.00	122	173	115	134	187	117	101	96.00	-6.38	-	-	-	-	-	-	-	-	-

Balance Sheet

(In Millions)

(*) denotes actual numbers (not divided by Millions)
Balance Sheet																					(In Millions)
Description	(%) Q/Q	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1
Assets	8.9%	3,656	3,356	3,134	2,959	3,543	3,253	3,050	2,828	3,135	2,856	2,784	2,698	2,819	2,653	2,322	2,255	2,364	2,193	2,116	2,069	1,973
Current Assets	11.2%	2,498	2,247	2,041	1,868	2,475	2,209	2,021	1,875	2,192	1,927	1,860	1,784	1,908	1,743	1,812	1,758	1,890	1,722	1,650	1,607	1,702
Cash Equivalents	34.6%	712	529	409	378	581	796	653	455	477	405	340	301	337	264	356	348	378	304	269	287	464
Inventory	-7.7%	43.00	46.00	47.00	52.00	50.00	60.00	52.00	41.00	39.00	44.00	47.00	49.00	47.00	43.00	36.00	39.00	39.00	40.00	36.00	46.00	45.00
Net PPE	-	-	-	-	-	-	-	-	-	-	-	-	172	163	158	145	136	123	130	131	129	125
Goodwill	0.0%	361	361	361	361	361	361	361	359	359	359	359	359	359	321	38.00	38.00	38.00	36.00	36.00	27.00	11.00
Liabilities	8.1%	2,386	2,207	2,148	2,053	2,602	2,412	2,289	2,101	2,381	2,131	2,086	1,982	2,069	1,918	1,576	1,498	1,534	1,415	1,378	1,325	1,235
Current Liabilities	10.3%	1,366	1,238	1,204	1,106	1,750	1,623	1,525	1,441	952	780	755	670	761	659	607	563	615	520	515	480	510
Long Term Debt	-100.0%	-	100	100	100	-	-	-	-	787	778	771	763	756	748	491	484	477	470	463	456	450
LT Debt, Current	-	-	-	-	-	575	574	573	573	-	-	-	-	-	-	-	-	-	-	-	-	-
LT Debt, Non Current	0%	100	100	100	100	-	-	-	-	787	778	771	763	756	748	491	484	477	470	463	456	450
Shareholder's Equity	10.6%	1,270	1,148	986	906	941	841	761	727	754	724	697	715	750	735	746	757	830	778	738	744	738
Retained Earnings	4.2%	-1,475	-1,541	-1,611	-1,604	-1,537	-1,611	-1,610	-1,621	-1,708	-1,723	-1,694	-1,649	-1,565	-1,512	-1,438	-1,373	-1,282	-1,278	-1,248	-1,182	-1,081
Additional Paid-In Capital	1.9%	2,750	2,700	2,610	2,521	2,494	2,476	2,392	2,368	2,471	2,448	2,388	2,360	2,308	2,239	2,172	2,120	2,108	2,051	1,982	1,925	1,820
Shares Outstanding	-100.0%	-	314	308	306	299	298	297	296	286	287	282	280	-	-	-	-	-	-	-	-	-
Float	-	-	-	-	-	-	-	8,300	-	-	-	5,200	-	-	-	4,400	-	-	-	3,600	-	-

Cashflow (Last 12 Months)

(In Millions)

(*) denotes actual numbers (not divided by Millions)
Cashflow (Quarterly)																					(In Millions)
Description	(%) Q/Q	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1
Cashflow From Operations	54.3%	244	158	102	173	233	155	159	220	138	127	123	21.00	69.00	33.00	51.00	35.00	70.00	64.00	49.00	7.00	81.00
Share Based Compensation	-13.4%	76.00	88.00	89.00	78.00	83.00	87.00	84.00	75.00	79.00	76.00	70.00	61.00	63.00	60.00	61.00	59.00	52.00	54.00	58.00	62.00	55.00
Cashflow From Investing	-12.4%	-41.83	-37.23	-68.90	151	-381	-3.49	98.00	66.00	-19.12	-45.10	-40.95	-48.11	-2.26	-373	-33.58	-8.91	-12.06	-45.17	-68.93	-198	-43.24
Cashflow From Financing	-3139.9%	-29.61	-0.91	-2.11	-527	-66.42	-7.84	-59.69	-297	-57.61	-17.50	-43.00	-9.67	6.00	245	-9.11	-41.25	0.00	16.00	1.00	32.00	4.00
Buy Backs	-4.5%	21.00	22.00	22.00	70.00	68.00	25.00	61.00	66.00	70.00	56.00	44.00	30.00	24.00	21.00	20.00	70.00	15.00	-	-	-	-

PSTG Income Statement

2024-02-04

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Feb. 04, 2024	Feb. 05, 2023	Feb. 06, 2022
Revenue	$ 2,830,621	$ 2,753,434	$ 2,180,848
Cost of revenue	809,430	855,788	708,329
Gross profit	2,021,191	1,897,646	1,472,519
Operating expenses:
Research and development	736,764	692,528	581,935
Sales and marketing	945,021	883,609	799,001
General and administrative	252,243	237,996	189,981
Restructuring, impairment and other	33,612	0	0
Total operating expenses	1,967,640	1,814,133	1,570,917
Income (loss) from operations	53,551	83,513	(98,398)
Other income (expense), net	37,035	8,295	(30,098)
Income (loss) before provision for income taxes	90,586	91,808	(128,496)
Provision for income taxes	29,275	18,737	14,763
Net income (loss)	$ 61,311	$ 73,071	$ (143,259)
Net income (loss) per share attributable to common stockholders, basic (in dollars per share)	$ 0.20	$ 0.24	$ (0.50)
Net income (loss) per share attributable to common stockholders, diluted (in dollars per share)	$ 0.19	$ 0.23	$ (0.50)
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic (in shares)	311,831	299,478	285,882
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted (in shares)	332,568	339,184	285,882
Product
Revenue	$ 1,622,869	$ 1,792,153	$ 1,442,338
Cost of revenue	472,430	569,793	477,899
Subscription services
Revenue	1,207,752	961,281	738,510
Cost of revenue	$ 337,000	$ 285,995	$ 230,430

PSTG Balance Sheet

2024-02-04

Consolidated Balance Sheets - USD ($) $ in Thousands	Feb. 04, 2024	Feb. 05, 2023
Current assets:
Cash and cash equivalents	$ 702,536	$ 580,854
Marketable securities	828,557	1,001,352
Accounts receivable, net of allowance of $1,057 and $1,060	662,179	612,491
Inventory	42,663	50,152
Deferred commissions, current	88,712	68,617
Prepaid expenses and other current assets	173,407	161,391
Total current assets	2,498,054	2,474,857
Property and equipment, net	352,604	272,445
Operating lease right-of-use assets	129,942	158,912
Deferred commissions, non-current	215,620	177,239
Intangible assets, net	33,012	49,222
Goodwill	361,427	361,427
Restricted cash	9,595	10,544
Other assets, non-current	55,506	38,814
Total assets	3,655,760	3,543,460
Current liabilities:
Accounts payable	82,757	67,121
Accrued compensation and benefits	250,257	232,636
Accrued expenses and other liabilities	135,755	123,749
Operating lease liabilities, current	44,668	33,707
Deferred revenue, current	852,247	718,149
Debt, current	0	574,506
Total current liabilities	1,365,684	1,749,868
Long-term debt	100,000	0
Operating lease liabilities, non-current	123,201	142,473
Deferred revenue, non-current	742,275	667,501
Other liabilities, non-current	54,506	42,385
Total liabilities	2,385,666	2,602,227
Commitments and Contingencies
Stockholders’ equity:
Preferred stock, par value of $0.0001 per share— 20,000 shares authorized; no shares issued and outstanding	0	0
Class A and Class B common stock, par value of $0.0001 per share— 2,250,000 (Class A 2,000,000, Class B 250,000) shares authorized; 304,076 and 319,523 Class A shares issued and outstanding	32	30
Additional paid-in capital	2,749,595	2,493,769
Accumulated other comprehensive loss	(3,782)	(15,504)
Accumulated deficit	(1,475,751)	(1,537,062)
Total stockholders’ equity	1,270,094	941,233
Total liabilities and stockholders’ equity	$ 3,655,760	$ 3,543,460

About Pure Storage Inc

Pure Storage, Inc., together with its subsidiaries, provides data storage technologies, products, and services in the United States and internationally. The company's Purity software is shared across its products and provides enterprise-class data services, such as data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object. Its products portfolio includes FlashArray for block-oriented storage, addressing databases, applications, virtual machines, and other traditional workloads; FlashArray//XL; and FlashArray//C, an all-QLC flash array. The company also provides FlashBlade, a solution for unstructured data workloads of various types; FlashStack that combines compute, network, and storage to provide an infrastructure platform; FlashRecover, an all-flash modern data protection solution; and AIRI, a full-stack AI-ready infrastructure. In addition, it offers evergreen storage subscription and Cloud Block Store, as well as Portworx a cloud-native Kubernetes data management solution It also offers technical and professional, training and education, and certification services. The company sells its products and subscription services through direct sales force and channel partners. The company was formerly known as OS76, Inc. and changed its name to Pure Storage, Inc. in January 2010. Pure Storage, Inc. was incorporated in 2009 and is headquartered in Mountain View, California.

CEO	Mr. Charles H. Giancarlo
WEBSITE	purestorage.com
INDUSTRY	Computer Hardware
EMPLOYEES	5100

Pure Storage Inc Frequently Asked Questions

What is the ticker symbol for Pure Storage Inc? What does PSTG stand for in stocks?

PSTG is the stock ticker symbol of Pure Storage Inc. Every public company that trades on a stock exchange gets a ticker symbol.

What is the market capital of Pure Storage Inc (PSTG)?

As of Wed Apr 24 2024, market cap of Pure Storage Inc is 16.45 Billion. The market capitalization is calculated by multiplying the stock price with the number of shares outstanding.

What is the fair value of PSTG stock?

You can check PSTG's fair value in chart for subscribers.

What is the fair value of PSTG stock?

You can check PSTG's fair value in chart for subscribers. The fair value of Pure Storage Inc is provided for various growth and macro-economic scenarios from very pessimiatic to very optimistic assumptions. These fair values are estimates from Grufity's Fair Value model based on company's past performance. However, past performance of Pure Storage Inc is no guarantee of future performance. These fairvalue estimates should only be used as one of the inputs in your stock analysis. We provide model's historical fair value estimates for PSTG so that you know how good or bad the model has been in the past so you can discard it if needed. There are others that provide fair values of stocks such as wallmine, finbox, gurufocus and finviz. Most provide point in time estimates. We provide a history of our models fair value estimates so that you can get a sense of it's usefulness. Otherwise this data point is of little use.

Is Pure Storage Inc a good stock to buy?

The fair value guage provides a quick view whether PSTG is over valued or under valued. Whether Pure Storage Inc is cheap or expensive depends on the assumptions which impact Pure Storage Inc's fair value. We provide several scenarios of inflation and growth to encompass these range of assumptions for PSTG.

What is Pure Storage Inc's Price to Earnings (PE) and Price to sales (PS) ratio?

As of Wed Apr 24 2024, PSTG's PE ratio (Price to Earnings) is 268.36 and Price to Sales (PS) ratio is 5.81. The price to earnings and price to sales ratio are two most important valuation metrics for any company. PE ratio tell us the number of years of earnings investors are ready to pay for owning the company. Historically, S&P500 price to earnings ratio has fallen below 12 during periods of gloom and gone past 30 during periods of euphoria. PSTG PE ratio will change depending on the future growth rate expectations of investors.