Pure Storage, Inc. (NYSE:PSTG) Insider Ajay Singh Sells 22,601 Shares

Pure Storage, Inc. (NYSE:PSTG - Get Free Report) insider Ajay Singh sold 22,601 shares of Pure Storage stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $55.45, for a total value of $1,253,225.45. Following the completion of the sale, the insider owned 261,465 shares in the company, valued at approximately $14,498,234.25. This represents a 7.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Pure Storage Trading Up 2.2%

Pure Storage stock traded up $1.27 during mid-day trading on Wednesday, hitting $58.35. The company had a trading volume of 2,864,796 shares, compared to its average volume of 2,921,174. The stock's 50 day moving average price is $53.97 and its two-hundred day moving average price is $55.45. Pure Storage, Inc. has a 12 month low of $34.51 and a 12 month high of $73.67. The company has a market capitalization of $19.07 billion, a PE ratio of 157.71, a price-to-earnings-growth ratio of 5.31 and a beta of 1.06.

Pure Storage (NYSE:PSTG - Get Free Report) last announced its quarterly earnings results 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 firm had revenue of $778.49 million for the quarter, compared to the consensus estimate of $770.03 million. Pure Storage had a return on equity of 13.98% and a net margin of 3.93%. The company's quarterly revenue was up 12.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.32 earnings per share. Equities research analysts anticipate that Pure Storage, Inc. will post 0.44 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PSTG. Wedbush reiterated an "outperform" rating and issued a $70.00 price objective on shares of Pure Storage in a research report on Thursday, May 29th. Wall Street Zen upgraded Pure Storage from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Piper Sandler restated an "overweight" rating and set a $66.00 price target (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 company an "equal weight" rating in a research report on Tuesday, May 20th. Finally, Barclays dropped their price target on Pure Storage from $61.00 to $57.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 29th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $69.95.

Institutional Trading of Pure Storage

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Radnor Capital Management LLC boosted its stake in Pure Storage by 14.9% during the second quarter. Radnor Capital Management LLC now owns 35,145 shares of the technology company's stock valued at $2,024,000 after buying an additional 4,555 shares during the last quarter. Procyon Advisors LLC purchased a new position in Pure Storage during the 2nd quarter worth $509,000. Pallas Capital Advisors LLC purchased a new position in shares of Pure Storage in the 2nd quarter valued at $557,000. Fiduciary Alliance LLC purchased a new position in shares of Pure Storage in the 2nd quarter valued at $615,000. Finally, MassMutual Private Wealth & Trust FSB boosted its position in shares of Pure Storage by 468.0% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 3,692 shares of the technology company's stock worth $213,000 after purchasing an additional 3,042 shares in the last quarter. Hedge funds and other institutional investors own 83.42% of the company's stock.

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.