Pure Storage (NYSE:PSTG) Trading 1.1% Higher

Pure Storage, Inc. (NYSE:PSTG)’s share price traded up 1.1% during mid-day trading on Tuesday . The company traded as high as $50.30 and last traded at $50.15. 323,535 shares traded hands during trading, a decline of 92% from the average session volume of 3,876,826 shares. The stock had previously closed at $49.58.

Analyst Ratings Changes

A number of equities analysts recently weighed in on PSTG shares. Guggenheim reiterated a “buy” rating and issued a $72.00 price target on shares of Pure Storage in a research report on Tuesday, June 25th. Lake Street Capital dropped their target price on shares of Pure Storage from $70.00 to $68.00 and set a “buy” rating on the stock in a research 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 research report on Thursday, August 29th. JPMorgan Chase & Co. lifted their price objective on shares of Pure Storage from $50.00 to $75.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. Finally, Raymond James reduced their target price on Pure Storage from $73.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, August 29th. One equities 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 company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $66.95.

Pure Storage Price Performance

The company has a 50-day moving average of $56.95 and a 200 day moving average of $57.18. The firm has a market cap of $16.17 billion, a P/E ratio of 179.11, a P/E/G ratio of 7.49 and a beta of 1.11. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.96 and a current ratio of 1.99.

Insider Buying and Selling at Pure Storage

In other news, CFO P. Kevan Krysler sold 14,296 shares of the company’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $63.79, for a total value of $911,941.84. Following the sale, 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 legal filing with the SEC, which can be accessed through the SEC website. In related news, CFO P. Kevan Krysler sold 14,296 shares of the stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $63.79, for a total transaction of $911,941.84. Following the sale, the chief financial officer now directly owns 518,623 shares in the company, valued at approximately $33,082,961.17. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $59.50, for a total value of $5,950,000.00. Following the sale, the insider now directly owns 900,000 shares of the company’s stock, valued at $53,550,000. The disclosure for this sale can be found here. Over the last three months, insiders sold 324,177 shares of company stock valued at $18,863,083. 6.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Banque Cantonale Vaudoise acquired a new stake in Pure Storage in the 1st quarter valued at about $25,000. Fidelis Capital Partners LLC bought a new position in Pure Storage in the 1st quarter worth approximately $27,000. Massmutual Trust Co. FSB ADV increased its stake in shares of Pure Storage by 61.2% in 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 period. Larson Financial Group LLC raised its position in shares of Pure Storage by 242.9% during the second quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock worth $28,000 after acquiring an additional 306 shares during the last quarter. Finally, Principal Securities Inc. acquired a new position in shares of Pure Storage during the fourth quarter valued at $31,000. Institutional investors and hedge funds own 83.42% of the company’s stock.

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.