Traders Purchase Large Volume of Pure Storage Put Options (NYSE:PSTG)

Pure Storage Inc (NYSE:PSTG) was the recipient of some unusual options trading on Tuesday. Stock traders acquired 10,429 put options on the stock. This is an increase of 2,114% compared to the average daily volume of 471 put options.

Several equities analysts have weighed in on PSTG shares. Wells Fargo & Co dropped their price target on Pure Storage from $30.00 to $26.00 and set an “outperform” rating for the company in a research report on Wednesday, May 22nd. ValuEngine downgraded Pure Storage from a “buy” rating to a “hold” rating in a research report on Wednesday, May 8th. Maxim Group reissued a “hold” rating and set a $22.00 price target on shares of Pure Storage in a research report on Thursday, May 23rd. KeyCorp dropped their price target on Pure Storage from $30.00 to $25.00 and set an “overweight” rating for the company in a research report on Thursday, May 23rd. Finally, Lake Street Capital dropped their price target on Pure Storage to $26.00 and set a “buy” rating for the company in a research report on Friday, March 1st. Eight analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Pure Storage presently has a consensus rating of “Buy” and an average price target of $24.83.

In related news, Director Scott Dietzen sold 400,000 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $20.46, for a total value of $8,184,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Timothy Riitters sold 5,210 shares of the firm’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $21.04, for a total value of $109,618.40. The disclosure for this sale can be found here. Insiders sold a total of 569,470 shares of company stock valued at $11,944,210 over the last ninety days. 10.00% of the stock is currently owned by company insiders.



Several hedge funds have recently bought and sold shares of the company. MUFG Securities EMEA plc acquired a new position in Pure Storage in the fourth quarter valued at $1,253,000. Norges Bank acquired a new position in Pure Storage in the fourth quarter valued at $18,708,000. CWM LLC boosted its holdings in Pure Storage by 21.7% in the first quarter. CWM LLC now owns 140,907 shares of the technology company’s stock valued at $3,070,000 after acquiring an additional 25,081 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in Pure Storage in the fourth quarter valued at $5,306,000. Finally, UBS Oconnor LLC acquired a new position in Pure Storage in the fourth quarter valued at $3,216,000. Institutional investors and hedge funds own 81.77% of the company’s stock.

PSTG stock opened at $15.68 on Wednesday. Pure Storage has a 52-week low of $13.99 and a 52-week high of $29.14. The company has a debt-to-equity ratio of 0.61, a quick ratio of 3.25 and a current ratio of 3.34. The firm has a market cap of $3.80 billion, a PE ratio of -22.40 and a beta of 2.00.

Pure Storage (NYSE:PSTG) last posted its quarterly earnings data on Tuesday, May 21st. The technology company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.08). Pure Storage had a negative return on equity of 26.00% and a negative net margin of 14.99%. The business had revenue of $326.70 million for the quarter, compared to analyst estimates of $333.83 million. As a group, equities research analysts predict that Pure Storage will post -0.79 EPS for the current fiscal year.

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Pure Storage Company Profile

Pure Storage, Inc engages in building a data platform that enables businesses to enhance performance and reduce complexity and costs worldwide. The company delivers its data platform through Purity Operating Environment, an optimized software for solid-state memory that offers enterprise-class storage and protocol services; FlashArray and FlashBlade optimized hardware products for solid-state memory to enhance the performance and density of flash, optimize its advanced software services, and reduce solution cost for customers; Pure1, a cloud-based management and support software; and FlashStack and Artificial Intelligence Ready Infrastructure converged infrastructure solutions.

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