Pure Storage, Inc. (NYSE:PSTG – Get Free Report)’s share price shot up 0.3% during mid-day trading on Wednesday . The stock traded as high as $50.43 and last traded at $49.95. 324,872 shares were traded during trading, a decline of 92% from the average session volume of 3,867,037 shares. The stock had previously closed at $49.80.
Analyst Ratings Changes
A number of equities analysts have recently weighed in on the company. Morgan Stanley downgraded Pure Storage from an “overweight” rating to an “equal weight” rating and set a $60.00 target price on the stock. in a research note on Wednesday, June 12th. Susquehanna reaffirmed a “positive” rating and issued a $80.00 price target on shares of Pure Storage in a report on Monday, August 26th. Northland Securities reissued a “market perform” rating and set a $59.00 price objective (down from $68.00) on shares of Pure Storage in a report on Thursday, August 29th. KeyCorp boosted their target price 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, JPMorgan Chase & Co. increased their price target on Pure Storage from $50.00 to $75.00 and gave the stock an “overweight” rating in a research note on Thursday, May 30th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $66.95.
Pure Storage Trading Up 0.3 %
The stock has a fifty day moving average of $56.62 and a two-hundred day moving average of $57.15. The company has a market capitalization of $16.24 billion, a PE ratio of 178.39, a PEG ratio of 7.49 and a beta of 1.11. The company has a current ratio of 1.99, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07.
Insiders Place Their Bets
In other news, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $61.76, for a total transaction of $6,176,000.00. Following the transaction, the insider now directly owns 700,000 shares of the company’s stock, valued at $43,232,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Pure Storage news, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $61.76, for a total transaction of $6,176,000.00. Following the completion of the transaction, the insider now owns 700,000 shares of the company’s stock, valued at $43,232,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO P. Kevan Krysler sold 14,296 shares of the firm’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $63.79, for a total transaction of $911,941.84. Following the sale, the chief financial officer now owns 518,623 shares of the company’s stock, valued at $33,082,961.17. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 324,177 shares of company stock valued at $18,863,083. 6.00% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently modified their holdings of PSTG. Massmutual Trust Co. FSB ADV boosted its holdings in Pure Storage by 61.2% in the second quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock worth $27,000 after purchasing an additional 161 shares during the last quarter. Larson Financial Group LLC boosted its stake in shares of Pure Storage by 242.9% during the 2nd quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock worth $28,000 after acquiring an additional 306 shares during the last quarter. Banque Cantonale Vaudoise purchased a new stake in shares of Pure Storage in the 1st quarter worth $25,000. FSC Wealth Advisors LLC bought a new position in Pure Storage in the 2nd quarter worth $33,000. Finally, Fidelis Capital Partners LLC purchased a new position in Pure Storage during the first quarter valued at $27,000. 83.42% of the stock is owned by institutional investors.
Pure Storage Company Profile
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.