I think PSTG today is closely analogous to where NTNX was about 1 year ago. PSTG is still valued as if it were a hardware company (like NTNX was). PSTG has a net promoter score of 86 (NTNX had/has 90). These two things tell me that the market is misunderstanding what PSTG should be worth and that PSTG is not losing customers and that many more will flock to them. I don’t think it’s unreasonable for PSTG’s stock price to be worth 3-4x what it is today within a year. I’m not saying that it’s going to happen but that I believe that IMO it’s likely and it should happen. I may be wrong, but that’s where I’m deciding to place my bets.
I have a significant position in PSTG, adding to it on the drop. After seeing another almost 10% drop today, I’m beginning to wonder what’s going on. It seems to be crashing even harder than the overall tech sector.
Does anybody have any new thoughts? Is it simply trading volatility or something more?
I guess it still hasn’t dropped as much as NTNX although that’s not saying much, lol.
Dave