Pure Storage (NYSE:PSTG) Stock Price Down 0.7%

Pure Storage, Inc. (NYSE:PSTG) dropped 0.7% during trading on Wednesday . The stock traded as low as $46.36 and last traded at $46.39. Approximately 180,302 shares changed hands during mid-day trading, a decline of 95% from the average daily volume of 3,906,171 shares. The stock had previously closed at $46.71.

Wall Street Analyst Weigh In

PSTG has been the subject of several recent research reports. Lake Street Capital lowered their price target on Pure Storage from $70.00 to $68.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Susquehanna reissued a “positive” rating and issued a $80.00 price target on shares of Pure Storage in a research note on Monday, August 26th. JPMorgan Chase & Co. boosted their price target on Pure Storage from $50.00 to $75.00 and gave the company an “overweight” rating in a research note on Thursday, May 30th. Northland Capmk cut Pure Storage from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 30th. Finally, Bank of America boosted their price target on Pure Storage from $57.00 to $68.00 and gave the company a “neutral” rating in a research note on Thursday, May 30th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Pure Storage presently has an average rating of “Moderate Buy” and a consensus price target of $66.95.

Pure Storage Trading Up 1.1 %

The company has a market capitalization of $15.69 billion, a price-to-earnings ratio of 172.32, a price-to-earnings-growth ratio of 7.40 and a beta of 1.11. The business has a fifty day moving average price of $57.57 and a 200 day moving average price of $56.94. 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 Transactions at Pure Storage

In other news, CFO P. Kevan Krysler sold 14,296 shares of the company’s 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 completion of the transaction, the chief financial officer now directly owns 518,623 shares in the company, valued at $33,082,961.17. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $61.76, for a total value of $6,176,000.00. Following the completion of the transaction, the insider now directly owns 700,000 shares in the company, valued at $43,232,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO P. Kevan Krysler sold 14,296 shares of the company’s stock in a transaction 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 $33,082,961.17. The disclosure for this sale can be found here. Insiders sold a total of 324,177 shares of company stock worth $18,863,083 over the last three months. 6.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Heritage Wealth Management Inc. bought a new stake in Pure Storage in the second quarter valued at $721,000. Sanctuary Advisors LLC bought a new stake in Pure Storage in the second quarter valued at $988,000. Sycomore Asset Management bought a new stake in Pure Storage in the second quarter valued at $2,259,000. Cetera Investment Advisers grew its position in Pure Storage by 8.0% in the second quarter. Cetera Investment Advisers now owns 60,275 shares of the technology company’s stock valued at $3,870,000 after acquiring an additional 4,474 shares during the period. Finally, Truist Financial Corp grew its position in Pure Storage by 19.3% in the second quarter. Truist Financial Corp now owns 12,561 shares of the technology company’s stock valued at $807,000 after acquiring an additional 2,028 shares during the period. 83.42% of the stock is currently owned by institutional investors and hedge funds.

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.