Pure Storage (NYSE:PSTG) Stock Price Up 1.1%

Pure Storage, Inc. (NYSE:PSTG)’s stock price was up 1.1% on Tuesday . The company traded as high as $50.30 and last traded at $50.15. Approximately 323,535 shares traded hands during trading, a decline of 92% from the average daily volume of 3,876,826 shares. The stock had previously closed at $49.58.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Wedbush reiterated an “outperform” rating and issued a $80.00 price target on shares of Pure Storage in a report on Monday, August 26th. Barclays upped their price target on Pure Storage from $51.00 to $56.00 and gave the stock an “equal weight” rating in a report on Thursday, May 30th. Piper Sandler reduced their price objective on Pure Storage from $60.00 to $56.00 and set a “neutral” rating for the company in a report on Thursday, August 29th. Guggenheim reaffirmed a “buy” rating and set a $72.00 price target on shares of Pure Storage in a research note on Tuesday, June 25th. Finally, Bank of America increased their price objective on shares of Pure Storage from $57.00 to $68.00 and gave the company a “neutral” rating in a research note on Thursday, May 30th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.95.

Pure Storage Stock Performance

The stock has a 50-day moving average price of $56.26 and a 200 day moving average price of $57.09. The firm has a market cap of $16.18 billion, a PE ratio of 180.25, a P/E/G ratio of 7.49 and a beta of 1.11. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.99 and a quick ratio of 1.96.

Insider Activity

In related news, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $59.50, for a total value of $5,950,000.00. Following the sale, the insider now directly owns 900,000 shares of the company’s stock, valued at $53,550,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Pure Storage news, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $59.50, for a total transaction of $5,950,000.00. Following the completion of the sale, the insider now owns 900,000 shares of the company’s stock, valued at $53,550,000. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CRO Dan Fitzsimons sold 9,881 shares of the firm’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $59.32, for a total value of $586,140.92. Following the completion of the transaction, the executive now owns 115,601 shares in the company, valued at $6,857,451.32. The disclosure for this sale can be found here. Insiders sold a total of 324,177 shares of company stock valued at $18,863,083 in the last 90 days. 6.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Pure Storage

Institutional investors have recently bought and sold shares of the business. Banque Cantonale Vaudoise purchased a new stake in shares of Pure Storage in the first quarter worth about $25,000. Fidelis Capital Partners LLC acquired a new position in Pure Storage during the 1st quarter worth approximately $27,000. Massmutual Trust Co. FSB ADV boosted its holdings in Pure Storage by 61.2% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock worth $27,000 after acquiring an additional 161 shares during the period. Larson Financial Group LLC boosted its holdings in Pure Storage by 242.9% in 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 period. Finally, Principal Securities Inc. acquired a new stake in Pure Storage in the fourth quarter valued at approximately $31,000. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

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.