Pure Storage, Inc. (NYSE:PSTG) Insider Sells $1,253,225.45 in Stock

Pure Storage, Inc. (NYSE:PSTG - Get Free Report) insider Ajay Singh sold 22,601 shares of the business's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $55.45, for a total transaction of $1,253,225.45. Following the sale, the insider directly owned 261,465 shares in the company, valued at approximately $14,498,234.25. This represents a 7.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Pure Storage Price Performance

PSTG stock traded down $0.59 on Thursday, hitting $57.63. 2,578,692 shares of the company were exchanged, compared to its average volume of 2,919,808. Pure Storage, Inc. has a twelve month low of $34.51 and a twelve month high of $73.67. The business's fifty day moving average is $53.97 and its two-hundred day moving average is $55.45. The stock has a market capitalization of $18.83 billion, a price-to-earnings ratio of 155.75, a price-to-earnings-growth ratio of 5.31 and a beta of 1.06.

Pure Storage (NYSE:PSTG - Get Free Report) last issued 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 during the quarter, compared to analyst estimates of $770.03 million. During the same quarter in the prior year, the business posted $0.32 earnings per share. Pure Storage's revenue for the quarter was up 12.3% compared to the same quarter last year. Equities research analysts expect that Pure Storage, Inc. will post 0.44 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Bank Pictet & Cie Europe AG lifted its position in shares of Pure Storage by 23.3% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 9,201 shares of the technology company's stock worth $565,000 after buying an additional 1,740 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in Pure Storage by 180.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 740 shares of the technology company's stock worth $46,000 after purchasing an additional 476 shares in the last quarter. Jones Financial Companies Lllp lifted its position in Pure Storage by 27.9% in the fourth quarter. Jones Financial Companies Lllp now owns 1,676 shares of the technology company's stock worth $103,000 after purchasing an additional 366 shares during the period. Steward Partners Investment Advisory LLC boosted its stake in Pure Storage by 20.8% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 5,414 shares of the technology company's stock valued at $333,000 after purchasing an additional 932 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Pure Storage by 6.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,375,649 shares of the technology company's stock valued at $84,506,000 after purchasing an additional 81,907 shares during the period. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PSTG. Wall Street Zen raised shares of Pure Storage from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Wedbush reissued an "outperform" rating and set a $70.00 price objective on shares of Pure Storage in a report on Thursday, May 29th. Evercore ISI boosted their price objective 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. Needham & Company LLC reaffirmed a "buy" rating and issued a $75.00 price target on shares of Pure Storage in a report on Friday, June 20th. Finally, Barclays reduced their price target on shares of Pure Storage from $61.00 to $57.00 and set an "equal weight" rating on the stock in a report on Thursday, May 29th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $69.95.

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.