Pure Storage (NYSE:PSTG) Trading Down 0.2%

Pure Storage, Inc. (NYSE:PSTG) shares fell 0.2% during mid-day trading on Monday . The stock traded as low as $48.20 and last traded at $48.82. 338,708 shares were traded during mid-day trading, a decline of 91% from the average session volume of 3,881,061 shares. The stock had previously closed at $48.90.

Analysts Set New Price Targets

Several brokerages recently issued reports on PSTG. Stifel Nicolaus reduced their price objective on shares of Pure Storage from $65.00 to $60.00 and set a “hold” rating on the stock in a report on Thursday, August 29th. Morgan Stanley downgraded Pure Storage from an “overweight” rating to an “equal weight” rating and set a $60.00 target price for the company. in a research report on Wednesday, June 12th. Evercore ISI dropped their target price on Pure Storage from $75.00 to $70.00 and set an “outperform” rating for the company in a research report on Thursday, August 29th. Citigroup dropped their target price on Pure Storage from $75.00 to $67.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. Finally, UBS Group dropped their target price on Pure Storage from $47.00 to $45.00 and set a “sell” rating for the company in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $66.95.

Pure Storage Stock Performance

The firm has a 50 day moving average of $56.62 and a two-hundred day moving average of $57.15. The stock has a market cap of $16.03 billion, a PE ratio of 178.39, a PEG 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 Buying and Selling

In related news, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the insider now owns 700,000 shares in the company, valued at $43,232,000. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Pure Storage news, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $61.76, for a total value of $6,176,000.00. Following the completion of the sale, the insider now owns 700,000 shares in the company, valued at $43,232,000. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO P. Kevan Krysler sold 14,296 shares of the business’s stock in a transaction that occurred on 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 sale, 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 sold a total of 324,177 shares of company stock worth $18,863,083 over the last 90 days. 6.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Pure Storage

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PSTG. Banque Cantonale Vaudoise purchased a new stake in shares of Pure Storage during the first quarter worth approximately $25,000. Fidelis Capital Partners LLC purchased a new stake in shares of Pure Storage during the first quarter worth approximately $27,000. Massmutual Trust Co. FSB ADV raised its stake in shares of Pure Storage by 61.2% during the second quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock worth $27,000 after purchasing an additional 161 shares during the last quarter. Larson Financial Group LLC raised its stake in shares of Pure Storage by 242.9% during the second quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock worth $28,000 after purchasing an additional 306 shares during the last quarter. Finally, Principal Securities Inc. purchased a new stake in shares of Pure Storage during the fourth quarter worth approximately $31,000. Hedge funds and other institutional investors own 83.42% of the company’s stock.

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.