Pure Storage (NYSE:PSTG) Trading 2.4% Higher

Pure Storage, Inc. (NYSE:PSTG) rose 2.4% during mid-day trading on Thursday . The company traded as high as $51.14 and last traded at $50.47. Approximately 499,148 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 3,859,637 shares. The stock had previously closed at $49.28.

Analyst Ratings Changes

Several research firms have recently weighed in on PSTG. Northland Capmk lowered Pure Storage from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 30th. JPMorgan Chase & Co. boosted their price target on Pure Storage from $50.00 to $75.00 and gave the company an “overweight” rating in a research note on Thursday, May 30th. Raymond James reduced their price objective on shares of Pure Storage from $73.00 to $70.00 and set an “outperform” rating for the company in a research report on Thursday, August 29th. Guggenheim reiterated a “buy” rating and set a $72.00 target price on shares of Pure Storage in a research report on Tuesday, June 25th. Finally, Bank of America raised their price target on shares of Pure Storage from $57.00 to $68.00 and gave the stock a “neutral” rating in a report on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $66.95.

Pure Storage Trading Up 0.9 %

The firm’s 50-day simple moving average is $56.26 and its 200 day simple moving average is $57.09. The firm has a market cap of $16.18 billion, a P/E ratio of 180.25, a price-to-earnings-growth ratio of 7.49 and a beta of 1.11. The company has a quick ratio of 1.96, a current ratio of 1.99 and a debt-to-equity ratio of 0.07.

Insider Activity

In other news, CFO P. Kevan Krysler sold 14,296 shares of Pure Storage stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $63.79, for a total value of $911,941.84. Following the completion of the transaction, the chief financial officer now owns 518,623 shares in the company, valued at $33,082,961.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider John Colgrove sold 100,000 shares of the stock in a transaction dated 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 sale, the insider now owns 700,000 shares of the company’s stock, valued at approximately $43,232,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 stock was sold at an average price of $63.79, for a total value of $911,941.84. Following the completion of the transaction, the chief financial officer now owns 518,623 shares of the company’s stock, valued at approximately $33,082,961.17. The disclosure for this sale can be found here. Insiders have sold 324,177 shares of company stock valued at $18,863,083 in the last 90 days. Insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Banque Cantonale Vaudoise bought a new position in shares of Pure Storage in the first quarter worth approximately $25,000. Fidelis Capital Partners LLC bought a new position in shares of Pure Storage in the 1st quarter worth $27,000. Massmutual Trust Co. FSB ADV raised its position in shares of Pure Storage by 61.2% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock valued at $27,000 after buying an additional 161 shares in the last quarter. Larson Financial Group LLC lifted its holdings 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. Finally, Principal Securities Inc. purchased a new position in Pure Storage in the fourth quarter worth $31,000. 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.