Pure Storage (NYSE:PSTG) Shares Up 1.1%

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

Analysts Set New Price Targets

A number of research firms have weighed in on PSTG. Evercore ISI decreased their price objective on shares of Pure Storage from $75.00 to $70.00 and set an “outperform” rating for the company in a research report on Thursday, August 29th. Citigroup reduced their price target on Pure Storage from $75.00 to $67.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Guggenheim restated a “buy” rating and set a $72.00 price objective on shares of Pure Storage in a report on Tuesday, June 25th. Bank of America upped their target price on Pure Storage from $57.00 to $68.00 and gave the company a “neutral” rating in a research report on Thursday, May 30th. Finally, Lake Street Capital decreased their price target on shares of Pure Storage from $70.00 to $68.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. One investment 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. According to MarketBeat, Pure Storage presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.95.

Pure Storage Stock Up 1.0 %

The firm has a market cap of $16.18 billion, a price-to-earnings ratio of 180.25, a price-to-earnings-growth ratio of 7.49 and a beta of 1.11. The stock has a 50-day moving average of $56.26 and a 200-day moving average of $57.09. The company has a current ratio of 1.99, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07.

Insider Buying and Selling at Pure Storage

In other Pure Storage news, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, the insider now owns 700,000 shares in the company, valued at approximately $43,232,000. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CRO Dan Fitzsimons sold 9,881 shares of the company’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $59.32, for a total value of $586,140.92. Following the completion of the sale, the executive now owns 115,601 shares of the company’s stock, valued at $6,857,451.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $61.76, for a total transaction of $6,176,000.00. Following the transaction, the insider now directly owns 700,000 shares in the company, valued at approximately $43,232,000. The disclosure for this sale can be found here. Over the last three months, insiders have sold 324,177 shares of company stock worth $18,863,083. 6.00% of the stock is owned by insiders.

Institutional Trading of Pure Storage

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

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.