Insider Selling: Pure Storage, Inc. (NYSE:PSTG) Insider Sells 13,511 Shares of Stock

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 dated Tuesday, July 29th. The stock was sold at an average price of $60.09, for a total value of $811,875.99. Following the sale, the insider directly owned 790,993 shares in the company, valued at $47,530,769.37. This trade represents a 1.68% decrease in their position. The sale was disclosed in a filing 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 shares were 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 shares were sold at an average price of $60.02, for a total value of $11,268,154.80.
• On Monday, May 12th, John Colgrove sold 100,000 shares of Pure Storage stock. The shares were sold at an average price of $52.01, for a total value of $5,201,000.00.

Pure Storage Stock Performance

Shares of PSTG traded up $0.34 on Thursday, reaching $59.57. The stock had a trading volume of 2,662,792 shares, compared to its average volume of 2,764,406. The firm has a market capitalization of $19.47 billion, a price-to-earnings ratio of 161.00, a price-to-earnings-growth ratio of 5.65 and a beta of 1.06. The company has a 50-day simple moving average of $55.50 and a 200-day simple moving average of $54.77. Pure Storage, Inc. has a 12-month low of $34.51 and a 12-month high of $73.67.

Pure Storage (NYSE:PSTG - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The technology company reported $0.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.25 by $0.04. The business had revenue of $778.49 million during the quarter, compared to analysts' expectations of $770.03 million. Pure Storage had a return on equity of 13.98% and a net margin of 3.93%. The firm's quarterly revenue was up 12.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.32 earnings per share. On average, analysts expect that Pure Storage, Inc. will post 0.44 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on PSTG shares. Needham & Company LLC reiterated a "buy" rating and set a $75.00 price objective on shares of Pure Storage in a research report on Friday, June 20th. Piper Sandler reiterated an "overweight" rating and set a $66.00 price objective (up from $53.00) on shares of Pure Storage in a research report on Thursday, May 29th. Morgan Stanley lifted their price target on Pure Storage from $40.00 to $62.00 and gave the stock an "equal weight" rating in a research note on Tuesday, May 20th. Citigroup lifted their price target on Pure Storage from $55.00 to $65.00 and gave the stock a "buy" rating in a research note on Friday, May 16th. Finally, Wedbush reaffirmed an "outperform" rating and issued a $70.00 price target on shares of Pure Storage in a research note on Thursday, May 29th. One research analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $69.95.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PSTG. Bank Pictet & Cie Europe AG raised its stake in shares of Pure Storage by 23.3% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 9,201 shares of the technology company's stock worth $565,000 after purchasing an additional 1,740 shares during the last quarter. LPL Financial LLC increased its position in Pure Storage by 23.4% during the fourth quarter. LPL Financial LLC now owns 96,556 shares of the technology company's stock valued at $5,931,000 after acquiring an additional 18,306 shares during the last quarter. Allstate Corp purchased a new stake in Pure Storage during the fourth quarter valued at $546,000. CIBC Private Wealth Group LLC increased its position in Pure Storage by 13.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 4,696 shares of the technology company's stock valued at $302,000 after acquiring an additional 550 shares during the last quarter. Finally, Clearbridge Investments LLC increased its position in Pure Storage by 27.8% during the fourth quarter. Clearbridge Investments LLC now owns 434,479 shares of the technology company's stock valued at $26,690,000 after acquiring an additional 94,417 shares during the last quarter. Hedge funds and other institutional investors own 83.42% of the company's stock.

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.

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