Pure Storage (NYSE:PSTG) Shares Down 0.2%

Shares of Pure Storage, Inc. (NYSE:PSTG) traded down 0.2% during mid-day trading on Monday . The company traded as low as $48.20 and last traded at $48.82. 338,708 shares traded hands during trading, a decline of 91% from the average session volume of 3,881,061 shares. The stock had previously closed at $48.90.

Wall Street Analyst Weigh In

A number of analysts have weighed in on PSTG shares. Northland Capmk lowered shares of Pure Storage from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 30th. Needham & Company LLC reduced their price objective on Pure Storage from $80.00 to $62.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. Wedbush reiterated an “outperform” rating and issued a $80.00 target price on shares of Pure Storage in a research report on Monday, August 26th. Citigroup reduced their target price on shares of Pure Storage from $75.00 to $67.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Finally, Piper Sandler lowered their target price on Pure Storage from $60.00 to $56.00 and set a “neutral” rating for the company in a research 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 given a buy rating to the company’s stock. According to MarketBeat.com, Pure Storage has a consensus rating of “Moderate Buy” and a consensus price target of $66.95.

Pure Storage Stock Performance

The company’s 50-day moving average is $57.26 and its two-hundred day moving average is $57.21. The company has a quick ratio of 1.96, a current ratio of 1.99 and a debt-to-equity ratio of 0.07. The company has a market cap of $15.98 billion, a P/E ratio of 174.36, a price-to-earnings-growth ratio of 7.49 and a beta of 1.11.

Insider Buying and Selling

In other Pure Storage news, CFO P. Kevan Krysler sold 14,296 shares of the business’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $63.79, for a total value of $911,941.84. Following the sale, 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 is accessible through this link. In other news, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $61.76, for a total value of $6,176,000.00. Following the transaction, the insider now owns 700,000 shares of the company’s stock, valued at $43,232,000. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO P. Kevan Krysler sold 14,296 shares of Pure Storage 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 sale, the chief financial officer now directly owns 518,623 shares of the company’s stock, valued at approximately $33,082,961.17. The disclosure for this sale can be found here. In the last quarter, insiders have sold 324,177 shares of company stock valued at $18,863,083. 6.00% of the stock is owned by company insiders.

Institutional Trading of Pure Storage

Institutional investors and hedge funds have recently modified their holdings of the business. Banque Cantonale Vaudoise purchased a new position in shares of Pure Storage during the first quarter worth about $25,000. Fidelis Capital Partners LLC bought a new position in Pure Storage in the first quarter valued at $27,000. Massmutual Trust Co. FSB ADV raised its position in Pure Storage by 61.2% during the second quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock valued at $27,000 after purchasing an additional 161 shares in the last quarter. Larson Financial Group LLC lifted its stake in 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 purchasing an additional 306 shares during the last quarter. Finally, Principal Securities Inc. purchased a new position in shares of Pure Storage in the 4th quarter worth about $31,000. Hedge funds and other institutional investors 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.