Pure Storage, Inc. (NYSE:PSTG) Insider John Colgrove Sells 13,511 Shares

Key Points

• Insider John Colgrove of Pure Storage, Inc. recently sold a total of 13,511 shares on July 29th, valued at approximately $811,875, decreasing their ownership by 1.68%.
• The stock of Pure Storage (NYSE:PSTG) recently traded at $59.57, with a market capitalization of $19.47 billion and a price-to-earnings ratio of 161.00.
• Analysts have rated Pure Storage as a Moderate Buy, with an average price target of $69.95 and several firms suggesting targets between $66.00 and $75.00.

Pure Storage, Inc. (NYSE:PSTG - Get Free Report) insider John Colgrove sold 13,511 shares of the stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $60.09, for a total transaction of $811,875.99. Following the transaction, the insider directly owned 790,993 shares of the company's stock, valued at $47,530,769.37. The trade was a 1.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

John Colgrove also recently made the following trade(s):

• On Thursday, July 31st, John Colgrove sold 198,749 shares of Pure Storage stock. The stock was sold at an average price of $60.32, for a total transaction of $11,988,539.68.
• On Wednesday, July 30th, John Colgrove sold 187,740 shares of Pure Storage stock. The stock was sold at an average price of $60.02, for a total transaction of $11,268,154.80.
• On Monday, May 12th, John Colgrove sold 100,000 shares of Pure Storage stock. The stock was sold at an average price of $52.01, for a total transaction of $5,201,000.00.

Pure Storage Trading Up 2.5%

NYSE:PSTG traded up $1.38 during midday trading on Monday, hitting $55.89. 380,943 shares of the company were exchanged, compared to its average volume of 2,748,909. The company has a fifty day simple moving average of $55.55 and a 200 day simple moving average of $54.54. Pure Storage, Inc. has a fifty-two week low of $34.51 and a fifty-two week high of $73.67. The company has a market capitalization of $18.27 billion, a PE ratio of 151.30, a price-to-earnings-growth ratio of 5.19 and a beta of 1.07.

Pure Storage (NYSE:PSTG - Get Free Report) last announced its quarterly earnings results on Wednesday, May 28th. The technology company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.25 by $0.04. Pure Storage had a net margin of 3.93% and a return on equity of 13.98%. The firm had revenue of $778.49 million for the quarter, compared to analyst estimates of $770.03 million. During the same period last year, the business earned $0.32 EPS. Pure Storage's revenue for the quarter was up 12.3% compared to the same quarter last year. As a group, equities research analysts expect that Pure Storage, Inc. will post 0.44 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. McIlrath & Eck LLC purchased a new position in Pure Storage during the 4th quarter worth $25,000. Mechanics Financial Corp purchased a new position in Pure Storage during the 2nd quarter worth $25,000. MassMutual Private Wealth & Trust FSB grew its position in Pure Storage by 55.9% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 650 shares of the technology company's stock worth $29,000 after purchasing an additional 233 shares during the last quarter. FNY Investment Advisers LLC grew its position in Pure Storage by 5,233.3% during the 1st quarter. FNY Investment Advisers LLC now owns 800 shares of the technology company's stock worth $35,000 after purchasing an additional 785 shares during the last quarter. Finally, REAP Financial Group LLC grew its position in Pure Storage by 49.0% during the 2nd quarter. REAP Financial Group LLC now owns 611 shares of the technology company's stock worth $35,000 after purchasing an additional 201 shares during the last quarter. 83.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on PSTG shares. Citigroup increased their target price on shares of Pure Storage from $55.00 to $65.00 and gave the stock a "buy" rating in a report on Friday, May 16th. Needham & Company LLC reiterated a "buy" rating and set a $75.00 target price on shares of Pure Storage in a report on Friday, June 20th. Evercore ISI increased their target price on shares of Pure Storage from $60.00 to $70.00 and gave the stock an "outperform" rating in a report on Friday, May 23rd. Wall Street Zen lowered shares of Pure Storage from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Finally, Piper Sandler reiterated an "overweight" rating and set a $66.00 target price (up from $53.00) on shares of Pure Storage in a report on Thursday, May 29th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $69.95.

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.