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Pure Storage (NYSE:PSTG) Stock Price Down 2.3%

Pure Storage logo with Computer and Technology background

Pure Storage, Inc. (NYSE:PSTG - Get Free Report)'s stock price dropped 2.3% during trading on Friday . The stock traded as low as $63.01 and last traded at $64.42. Approximately 1,926,299 shares traded hands during mid-day trading, a decline of 55% from the average daily volume of 4,291,169 shares. The stock had previously closed at $65.96.

Analyst Ratings Changes

PSTG has been the topic of several recent analyst reports. UBS Group boosted their price target on Pure Storage from $38.00 to $44.00 and gave the stock a "neutral" rating in a research note on Thursday, February 29th. Bank of America boosted their price target on Pure Storage from $57.00 to $68.00 and gave the stock a "neutral" rating in a research note on Thursday, May 30th. Northland Capmk cut Pure Storage from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 30th. KeyCorp upped their price objective on Pure Storage from $64.00 to $79.00 and gave the company an "overweight" rating in a research note on Thursday, May 30th. Finally, Needham & Company LLC restated a "buy" rating and set a $80.00 price objective on shares of Pure Storage in a research note on Friday. Seven investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, Pure Storage presently has a consensus rating of "Moderate Buy" and an average price target of $67.68.

Read Our Latest Report on PSTG

Pure Storage Price Performance

The company has a current ratio of 2.00, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07. The business has a 50-day moving average price of $58.52 and a two-hundred day moving average price of $48.70. The firm has a market capitalization of $20.95 billion, a price-to-earnings ratio of 230.32, a PEG ratio of 6.89 and a beta of 1.06.


Insider Activity at Pure Storage

In related news, Director Mallun Yen sold 4,818 shares of the firm's stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $64.78, for a total value of $312,110.04. Following the sale, the director now directly owns 35,498 shares in the company, valued at approximately $2,299,560.44. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CRO Dan Fitzsimons sold 29,283 shares of the firm's stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $52.14, for a total value of $1,526,815.62. Following the sale, the executive now directly owns 138,105 shares in the company, valued at approximately $7,200,794.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Mallun Yen sold 4,818 shares of the firm's stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $64.78, for a total value of $312,110.04. Following the completion of the sale, the director now owns 35,498 shares in the company, valued at $2,299,560.44. The disclosure for this sale can be found here. Insiders have sold a total of 291,399 shares of company stock worth $15,578,814 in the last three months. 6.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Pure Storage

Hedge funds have recently modified their holdings of the company. Naples Money Management LLC acquired a new position in shares of Pure Storage during the 4th quarter valued at $25,000. Banque Cantonale Vaudoise acquired a new position in shares of Pure Storage during the 1st quarter valued at $25,000. Fidelis Capital Partners LLC acquired a new position in shares of Pure Storage during the 1st quarter valued at $27,000. Principal Securities Inc. acquired a new position in shares of Pure Storage during the 4th quarter valued at $31,000. Finally, Lindbrook Capital LLC increased its position in shares of Pure Storage by 295.6% during the 1st quarter. Lindbrook Capital LLC now owns 633 shares of the technology company's stock valued at $33,000 after purchasing an additional 473 shares during the period. 83.42% of the stock is currently owned by institutional investors and hedge funds.

Pure Storage Company Profile

(Get Free Report)

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.

Further Reading

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