Pure Storage, Inc. (NYSE:PSTG) Insider Sells $1,229,875.76 in Stock

Pure Storage, Inc. (NYSE:PSTG) insider Ajay Singh sold 19,972 shares of the business’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $61.58, for a total transaction of $1,229,875.76. Following the sale, the insider now directly owns 262,144 shares of the company’s stock, valued at approximately $16,142,827.52. This trade represents a 7.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Pure Storage Stock Up 2.8 %

Shares of NYSE:PSTG traded up $1.74 during midday trading on Friday, hitting $64.23. The stock had a trading volume of 1,817,199 shares, compared to its average volume of 1,898,019. The company has a market cap of $20.95 billion, a P/E ratio of 169.03, a PEG ratio of 7.69 and a beta of 1.13. Pure Storage, Inc. has a 12 month low of $35.35 and a 12 month high of $70.41. The business’s 50-day simple moving average is $57.07 and its 200-day simple moving average is $56.89. The company has a quick ratio of 1.74, a current ratio of 1.77 and a debt-to-equity ratio of 0.07.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of PSTG. Allspring Global Investments Holdings LLC boosted its stake in shares of Pure Storage by 71.8% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,359 shares of the technology company’s stock worth $87,000 after acquiring an additional 568 shares during the period. Commonwealth Equity Services LLC increased its holdings in shares of Pure Storage by 102.5% in the second quarter. Commonwealth Equity Services LLC now owns 31,671 shares of the technology company’s stock valued at $2,034,000 after purchasing an additional 16,032 shares during the last quarter. Natixis Advisors LLC raised its position in shares of Pure Storage by 363.4% in the second quarter. Natixis Advisors LLC now owns 117,017 shares of the technology company’s stock valued at $7,514,000 after purchasing an additional 91,766 shares during the period. CIBC Asset Management Inc lifted its stake in shares of Pure Storage by 9.6% during the 2nd quarter. CIBC Asset Management Inc now owns 8,867 shares of the technology company’s stock worth $569,000 after buying an additional 773 shares during the last quarter. Finally, Rhumbline Advisers boosted its holdings in shares of Pure Storage by 12.1% during the 2nd quarter. Rhumbline Advisers now owns 934,752 shares of the technology company’s stock worth $60,020,000 after buying an additional 101,062 shares during the period. Institutional investors own 83.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PSTG. Stifel Nicolaus upped their price objective on Pure Storage from $60.00 to $65.00 and gave the company a “hold” rating in a report on Wednesday, December 4th. Oppenheimer started coverage on shares of Pure Storage in a research report on Wednesday, November 13th. They issued an “outperform” rating and a $70.00 price target on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Pure Storage from $60.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Northland Securities reiterated a “market perform” rating and issued a $63.00 target price (up from $59.00) on shares of Pure Storage in a report on Wednesday, December 4th. Finally, Morgan Stanley upped their price objective on shares of Pure Storage from $62.00 to $72.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, Pure Storage presently has a consensus rating of “Moderate Buy” and an average target price of $72.70.

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.