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 company's stock in a transaction dated Wednesday, July 2nd. The shares were 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 of the company's stock, valued at $14,498,234.25. The trade was a 7.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Pure Storage Stock Performance

Shares of PSTG stock traded up $1.05 during trading hours on Tuesday, hitting $57.18. The company had a trading volume of 2,162,076 shares, compared to its average volume of 2,919,353. The firm has a market capitalization of $18.69 billion, a price-to-earnings ratio of 154.54, a PEG ratio of 5.39 and a beta of 1.06. The firm's fifty day moving average is $53.48 and its 200 day moving average is $55.42. 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 released its earnings results on Wednesday, May 28th. The technology company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.25 by $0.04. The company 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 business's revenue for the quarter was up 12.3% on a year-over-year basis. During the same period last year, the firm earned $0.32 EPS. On average, sell-side analysts expect that Pure Storage, Inc. will post 0.44 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Pure Storage by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 33,443,732 shares of the technology company's stock valued at $2,054,448,000 after buying an additional 615,931 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its position in shares of Pure Storage by 25.9% during the first quarter. T. Rowe Price Investment Management Inc. now owns 9,075,944 shares of the technology company's stock worth $401,793,000 after purchasing an additional 1,868,782 shares during the period. Geode Capital Management LLC raised its holdings in shares of Pure Storage by 25.4% in the 4th quarter. Geode Capital Management LLC now owns 6,748,553 shares of the technology company's stock worth $413,982,000 after acquiring an additional 1,366,458 shares during the last quarter. Champlain Investment Partners LLC grew its stake in shares of Pure Storage by 3.0% in the 4th quarter. Champlain Investment Partners LLC now owns 5,921,392 shares of the technology company's stock worth $363,751,000 after acquiring an additional 174,449 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in Pure Storage by 18.8% during the fourth quarter. Invesco Ltd. now owns 4,162,081 shares of the technology company's stock worth $255,677,000 after buying an additional 657,175 shares during the last quarter. Institutional investors own 83.42% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Piper Sandler reiterated an "overweight" rating and set a $66.00 price objective (up previously from $53.00) on shares of Pure Storage in a report on Thursday, May 29th. Morgan Stanley boosted their price target on Pure Storage from $40.00 to $62.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 20th. Barclays lowered their target price on Pure Storage from $61.00 to $57.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 29th. Wall Street Zen raised Pure Storage from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Finally, Wedbush reissued an "outperform" rating and issued a $70.00 price target on shares of Pure Storage in a research note on Thursday, May 29th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, Pure Storage presently has a consensus rating of "Moderate Buy" and a consensus target price 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.