Pure Storage (NYSE:PSTG) Trading Up 0.5%

Pure Storage, Inc. (NYSE:PSTG) shares were up 0.5% on Thursday . The stock traded as high as $48.16 and last traded at $47.94. Approximately 695,796 shares were traded during trading, a decline of 82% from the average daily volume of 3,901,570 shares. The stock had previously closed at $47.71.

Wall Street Analyst Weigh In

PSTG has been the subject of a number of research reports. Morgan Stanley cut shares of Pure Storage from an “overweight” rating to an “equal weight” rating and set a $60.00 price target for the company. in a report on Wednesday, June 12th. Lake Street Capital reduced their price target on shares of Pure Storage from $70.00 to $68.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Piper Sandler reduced their price target on shares of Pure Storage from $60.00 to $56.00 and set a “neutral” rating for the company in a report on Thursday, August 29th. Needham & Company LLC reduced their price target on shares of Pure Storage from $80.00 to $62.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Finally, Susquehanna reiterated a “positive” rating and set a $80.00 price objective on shares of Pure Storage in a report on Monday, August 26th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.95.

Pure Storage Trading Up 1.3 %

The firm’s 50 day moving average is $57.26 and its 200 day moving average is $56.99. The company has a market cap of $15.90 billion, a PE ratio of 174.71, a PEG ratio of 7.40 and a beta of 1.11. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.99 and a quick ratio of 1.96.

Insider Activity at Pure Storage

In other Pure Storage news, CFO P. Kevan Krysler sold 14,296 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $63.79, for a total value of $911,941.84. Following the completion of the transaction, the chief financial officer now owns 518,623 shares of the company’s stock, valued at approximately $33,082,961.17. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Pure Storage news, CFO P. Kevan Krysler sold 14,296 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $63.79, for a total value of $911,941.84. Following the completion of the transaction, the chief financial officer now owns 518,623 shares of the company’s stock, valued at approximately $33,082,961.17. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $52.39, for a total transaction of $5,239,000.00. Following the completion of the sale, the insider now owns 800,000 shares of the company’s stock, valued at $41,912,000. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 324,177 shares of company stock valued at $18,863,083. Corporate insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On Pure Storage

A number of hedge funds have recently made changes to their positions in the business. Banque Cantonale Vaudoise bought a new stake in Pure Storage during the 1st quarter valued at $25,000. Fidelis Capital Partners LLC bought a new stake in Pure Storage during the 1st quarter valued at $27,000. Massmutual Trust Co. FSB ADV raised its holdings in Pure Storage by 61.2% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock valued at $27,000 after buying an additional 161 shares during the last quarter. Larson Financial Group LLC raised its holdings in Pure Storage by 242.9% during the 2nd quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock valued at $28,000 after buying an additional 306 shares during the last quarter. Finally, Principal Securities Inc. bought a new stake in Pure Storage during the 4th quarter valued at $31,000. 83.42% of the stock is currently owned by institutional investors.

About Pure Storage

Pure Storage, Inc engages in the provision of data storage and management technologies, products, and services in the United States and internationally. Its Purity software is shared across its products and provides enterprise-class data services, such as always-on data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object.