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SANTA CLARA - Pure Storage (NYSE:PSTG), the $17.4 billion market cap data storage technology company, appointed Tarek Robbiati as its Chief Financial Officer, effective immediately, the company announced Tuesday. According to InvestingPro data, Pure Storage maintains a strong financial position with more cash than debt on its balance sheet.
Robbiati brings over 25 years of financial and leadership experience in the technology sector. He previously served as CEO of RingCentral and CFO of Hewlett Packard Enterprise Company, where he improved gross margins, operating profit margins, and free cash flow while transforming the company’s business model. His appointment comes as Pure Storage maintains impressive gross profit margins of 69% and generates substantial free cash flow.
Prior to HPE, Robbiati was CFO at Sprint Corporation, leading the company’s turnaround efforts. His career also includes leadership positions at Telstra Corporation, Orange Plc, Atradius, Lehman Brothers, and Andersen Consulting (now Accenture).
In his new role, Robbiati will report to Chairman and CEO Charles Giancarlo and oversee Pure Storage’s global finance organization, including finance, investor relations, procurement, and facilities.
"Tarek’s experience across compute, networking, and storage make him an ideal choice to help lead Pure Storage’s evolution as we help customers manage their ever expanding data environment," said Giancarlo in the press release.
Robbiati replaces Kevan Krysler, whose departure was announced last month after more than five years with the company.
Pure Storage provides data storage technology and services, offering a unified Storage as-a-Service platform across on-premises, cloud, and hosted environments. The company has demonstrated strong revenue growth of nearly 11% over the last twelve months. For deeper insights into Pure Storage’s financial health and growth prospects, including 12 additional ProTips and comprehensive valuation metrics, visit InvestingPro for the full research report.
In other recent news, Pure Storage announced several developments that could interest investors. The company reported financial performance that exceeded revenue and earnings per share expectations, although operating margins faced challenges, marking the lowest level in two years. Despite this, Pure Storage saw a quarter-over-quarter rebound in gross margins, with product gross margins improving by 110 basis points. Piper Sandler raised Pure Storage’s price target to $66, maintaining an Overweight rating, reflecting confidence in the company’s business trajectory and its ability to navigate economic uncertainties. Similarly, Citi reaffirmed its Buy rating with a $65 price target, highlighting a 12% year-over-year revenue growth and significant traction in its Storage-as-a-Service offering. BofA Securities also raised its price target to $76, noting the company’s financial performance, although it maintained a Neutral rating due to ongoing margin challenges. Additionally, Pure Storage introduced its Enterprise Data Cloud platform, aimed at simplifying data management across various environments, and unveiled next-generation storage products designed for high-performance workloads. These include the FlashArray//XL R5 and FlashBlade//S R2, which are positioned to meet increasing data demands.
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