John Colgrove Sells 187,740 Shares of Pure Storage, Inc. (NYSE:PSTG) 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 Pure Storage stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $60.02, for a total value of $11,268,154.80. Following the transaction, the insider owned 663,925 shares of the company's stock, valued at $39,848,778.50. The trade was a 22.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

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

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

Pure Storage Stock Up 2.5%

NYSE:PSTG traded up $1.38 during mid-day trading on Monday, hitting $55.89. 380,943 shares of the company traded hands, compared to its average volume of 2,748,909. The stock's fifty day moving average price is $55.55 and its 200-day moving average price is $54.54. Pure Storage, Inc. has a one year low of $34.51 and a one year high of $73.67. The firm has a market cap of $18.27 billion, a price-to-earnings ratio of 151.30, a price-to-earnings-growth ratio of 5.19 and a beta of 1.07.

Pure Storage (NYSE:PSTG - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The technology company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.25 by $0.04. Pure Storage had a return on equity of 13.98% and a net margin of 3.93%. The business had revenue of $778.49 million for the quarter, compared to the consensus estimate of $770.03 million. During the same period in the previous year, the business earned $0.32 earnings per share. The business's revenue was up 12.3% on a year-over-year basis. Equities analysts predict that Pure Storage, Inc. will post 0.44 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PSTG. Citigroup lifted their price objective on Pure Storage from $55.00 to $65.00 and gave the company a "buy" rating in a research note on Friday, May 16th. Wedbush restated an "outperform" rating and issued a $70.00 price target on shares of Pure Storage in a research note on Thursday, May 29th. Evercore ISI boosted their price target on Pure Storage from $60.00 to $70.00 and gave the stock an "outperform" rating in a research note on Friday, May 23rd. Morgan Stanley boosted their price target on Pure Storage from $40.00 to $62.00 and gave the stock an "equal weight" rating in a research note on Tuesday, May 20th. Finally, Needham & Company LLC restated a "buy" rating and issued a $75.00 price target on shares of Pure Storage in a research note on Friday, June 20th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $69.95.

Institutional Investors Weigh In On Pure Storage

A number of hedge funds have recently made changes to their positions in the company. World Investment Advisors lifted its position in shares of Pure Storage by 1.6% in the fourth quarter. World Investment Advisors now owns 9,635 shares of the technology company's stock worth $592,000 after buying an additional 150 shares in the last quarter. Peapack Gladstone Financial Corp lifted its position in shares of Pure Storage by 2.7% in the fourth quarter. Peapack Gladstone Financial Corp now owns 5,775 shares of the technology company's stock worth $355,000 after buying an additional 150 shares in the last quarter. HighPoint Advisor Group LLC lifted its position in shares of Pure Storage by 2.7% in the fourth quarter. HighPoint Advisor Group LLC now owns 5,885 shares of the technology company's stock worth $396,000 after buying an additional 157 shares in the last quarter. Empowered Funds LLC lifted its position in shares of Pure Storage by 4.2% in the first quarter. Empowered Funds LLC now owns 4,790 shares of the technology company's stock worth $212,000 after buying an additional 194 shares in the last quarter. Finally, Ramirez Asset Management Inc. lifted its position in shares of Pure Storage by 40.0% in the second quarter. Ramirez Asset Management Inc. now owns 700 shares of the technology company's stock worth $40,000 after buying an additional 200 shares in the last quarter. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

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.