Pure Storage, Inc. (NYSE:PSTG) Short Interest Update

Pure Storage, Inc. (NYSE:PSTG) was the target of a significant decrease in short interest in the month of February. As of February 28th, there was short interest totalling 9,160,000 shares, a decrease of 22.4% from the February 13th total of 11,810,000 shares. Currently, 3.0% of the shares of the stock are sold short. Based on an average trading volume of 3,120,000 shares, the short-interest ratio is presently 2.9 days.

Insiders Place Their Bets

In related news, insider Ajay Singh sold 19,972 shares of the company’s stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $61.58, for a total transaction of $1,229,875.76. Following the completion of the transaction, the insider now owns 262,144 shares in the company, valued at $16,142,827.52. This represents a 7.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Dan Fitzsimons sold 8,895 shares of the company’s stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $64.11, for a total transaction of $570,258.45. Following the transaction, the executive now owns 72,927 shares of the company’s stock, valued at approximately $4,675,349.97. This trade represents a 10.87 % decrease in their position. The disclosure for this sale can be found here. Insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Pure Storage

Hedge funds have recently made changes to their positions in the stock. Citigroup Inc. boosted its position in shares of Pure Storage by 11.3% during the 3rd quarter. Citigroup Inc. now owns 144,005 shares of the technology company’s stock worth $7,235,000 after purchasing an additional 14,659 shares during the period. TT International Asset Management LTD boosted its position in shares of Pure Storage by 1,160.1% during the 3rd quarter. TT International Asset Management LTD now owns 73,085 shares of the technology company’s stock worth $3,671,000 after purchasing an additional 67,285 shares during the period. FMR LLC boosted its position in shares of Pure Storage by 0.8% during the 3rd quarter. FMR LLC now owns 49,153,797 shares of the technology company’s stock worth $2,469,487,000 after purchasing an additional 368,643 shares during the period. Sycomore Asset Management lifted its holdings in Pure Storage by 57.8% during the 4th quarter. Sycomore Asset Management now owns 187,874 shares of the technology company’s stock worth $11,541,000 after buying an additional 68,840 shares in the last quarter. Finally, Asio Capital LLC acquired a new stake in Pure Storage during the 4th quarter worth approximately $264,000. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PSTG. Evercore ISI upped their price target on shares of Pure Storage from $70.00 to $75.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Bank of America reduced their price target on shares of Pure Storage from $77.00 to $73.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. Northland Securities restated a “market perform” rating and set a $63.00 price target (up previously from $59.00) on shares of Pure Storage in a research report on Wednesday, December 4th. Piper Sandler raised shares of Pure Storage from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $56.00 to $76.00 in a research note on Wednesday, December 4th. Finally, TD Cowen upped their price objective on shares of Pure Storage from $70.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $73.20.

Pure Storage Price Performance

Shares of NYSE:PSTG traded down $0.84 during mid-day trading on Tuesday, reaching $49.86. 2,380,722 shares of the company were exchanged, compared to its average volume of 3,031,935. The firm has a market cap of $16.26 billion, a price-to-earnings ratio of 131.20, a P/E/G ratio of 5.12 and a beta of 1.09. The firm’s 50-day simple moving average is $62.32 and its 200 day simple moving average is $57.33. Pure Storage has a 1 year low of $44.76 and a 1 year high of $73.67.

Pure Storage Company Profile

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.