Pure Storage, Inc. (NYSE:PSTG) Insider Sells $11,268,154.80 in Stock

Key Points

• John Colgrove, an insider at Pure Storage, sold 187,740 shares of stock for $11,268,154.80, reducing his ownership by 22.04%.
• Pure Storage's stock price recently traded at $59.57, with a market cap of $19.47 billion and a price-to-earnings ratio of 161.00.
• Analysts maintain a positive outlook on Pure Storage, with the consensus target price set at $69.95 and multiple firms issuing "outperform" ratings.

Pure Storage, Inc. (NYSE:PSTG - Get Free Report) insider John Colgrove sold 187,740 shares of the business's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $60.02, for a total value of $11,268,154.80. Following the transaction, the insider directly owned 663,925 shares of the company's stock, valued at approximately $39,848,778.50. This represents a 22.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

John Colgrove also recently made the following trade(s):

• On Thursday, July 31st, John Colgrove sold 198,749 shares of Pure Storage stock. The stock was sold at an average price of $60.32, for a total transaction of $11,988,539.68.
• On Tuesday, July 29th, John Colgrove sold 13,511 shares of Pure Storage stock. The stock was sold at an average price of $60.09, for a total transaction of $811,875.99.
• On Monday, May 12th, John Colgrove sold 100,000 shares of Pure Storage stock. The stock was sold at an average price of $52.01, for a total value of $5,201,000.00.

Pure Storage Price Performance

Shares of NYSE PSTG traded up $0.34 during trading hours 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 business's fifty day moving average is $55.50 and its two-hundred day moving average is $54.77. Pure Storage, Inc. has a twelve month low of $34.51 and a twelve month high of $73.67. The company has a market cap of $19.47 billion, a price-to-earnings ratio of 161.00, a PEG ratio of 5.65 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 earnings per share for the quarter, beating analysts' consensus estimates of $0.25 by $0.04. Pure Storage had a net margin of 3.93% and a return on equity of 13.98%. The business had revenue of $778.49 million during the quarter, compared to analyst estimates of $770.03 million. During the same quarter last 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. Sell-side analysts forecast that Pure Storage, Inc. will post 0.44 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently commented on PSTG shares. 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 increased their price target on shares of Pure Storage from $60.00 to $70.00 and gave the company an "outperform" rating in a research report on Friday, May 23rd. Piper Sandler reissued an "overweight" rating and set a $66.00 price target (up previously from $53.00) on shares of Pure Storage in a research report on Thursday, May 29th. JPMorgan Chase & Co. cut their target price on shares of Pure Storage from $75.00 to $70.00 and set an "overweight" rating for the company in a research note on Thursday, May 29th. Finally, Morgan Stanley lifted their price target on shares of Pure Storage from $40.00 to $62.00 and gave the stock an "equal weight" rating in a report on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat.com, Pure Storage presently has an average rating of "Moderate Buy" and a consensus target price of $69.95.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Brighton Jones LLC bought a new position in Pure Storage during the second quarter worth $359,000. MQS Management LLC acquired a new position in shares of Pure Storage during the second quarter worth approximately $397,000. Linden Thomas Advisory Services LLC lifted its holdings in shares of Pure Storage by 2.7% in the 2nd quarter. Linden Thomas Advisory Services LLC now owns 23,459 shares of the technology company's stock worth $1,351,000 after purchasing an additional 626 shares in the last quarter. City State Bank grew its position in Pure Storage by 80.8% in the 2nd quarter. City State Bank now owns 1,175 shares of the technology company's stock valued at $68,000 after purchasing an additional 525 shares during the period. Finally, Focus Partners Advisor Solutions LLC bought a new position in shares of Pure Storage in the second quarter valued at $316,000. 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.

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