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 firm’s stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $61.58, for a total transaction of $1,229,875.76. Following the completion of the sale, the insider now owns 262,144 shares in the company, valued at $16,142,827.52. This represents a 7.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Pure Storage Stock Up 2.8 %

Shares of PSTG stock opened at $64.23 on Friday. Pure Storage, Inc. has a twelve month low of $35.35 and a twelve month high of $70.41. The stock has a market cap of $20.95 billion, a P/E ratio of 169.03, a P/E/G ratio of 7.69 and a beta of 1.13. The stock has a 50 day moving average of $57.27 and a 200 day moving average of $56.86. The company has a current ratio of 1.77, a quick ratio of 1.74 and a debt-to-equity ratio of 0.07.

Hedge Funds Weigh In On Pure Storage

Large investors have recently made changes to their positions in the company. Franklin Resources Inc. grew its position in Pure Storage by 210.2% during the third quarter. Franklin Resources Inc. now owns 2,553,402 shares of the technology company’s stock valued at $137,628,000 after buying an additional 1,730,123 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in shares of Pure Storage by 22.5% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 4,063,776 shares of the technology company’s stock valued at $204,163,000 after purchasing an additional 747,034 shares in the last quarter. State Street Corp boosted its position in Pure Storage by 6.5% during the third quarter. State Street Corp now owns 10,262,666 shares of the technology company’s stock worth $515,596,000 after purchasing an additional 626,427 shares in the last quarter. World Investment Advisors LLC purchased a new stake in shares of Pure Storage in the third quarter valued at approximately $20,470,000. Finally, FMR LLC raised its stake in shares of Pure Storage by 0.8% during the 3rd quarter. FMR LLC now owns 49,153,797 shares of the technology company’s stock worth $2,469,487,000 after buying an additional 368,643 shares during the period. 83.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on PSTG shares. UBS Group lifted their price target on shares of Pure Storage from $45.00 to $47.00 and gave the stock a “sell” rating in a report on Wednesday, December 4th. Lake Street Capital upped their target price on Pure Storage from $68.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Guggenheim raised their price target on Pure Storage from $72.00 to $93.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Piper Sandler upgraded Pure Storage from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $56.00 to $76.00 in a research note on Wednesday, December 4th. Finally, William Blair reaffirmed an “outperform” rating on shares of Pure Storage in a research report on Thursday, November 14th. One analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have issued a buy rating to the company’s 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.