Insider Selling: 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 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 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 Securities & Exchange Commission, which is accessible through the SEC website.

Pure Storage Stock Performance

Shares of PSTG stock opened at $64.23 on Monday. The company has a market capitalization of $20.95 billion, a P/E ratio of 169.03, a PEG ratio of 7.69 and a beta of 1.09. Pure Storage, Inc. has a fifty-two week low of $35.35 and a fifty-two week high of $70.41. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.74 and a current ratio of 1.77. The stock has a 50 day moving average price of $57.27 and a two-hundred day moving average price of $56.78.

Institutional Investors Weigh In On Pure Storage

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. 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 valued at $28,000 after acquiring an additional 306 shares during the last quarter. ORG Wealth Partners LLC bought a new position in Pure Storage during the 3rd quarter valued at approximately $31,000. Venturi Wealth Management LLC lifted its holdings in Pure Storage by 40.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 754 shares of the technology company’s stock worth $38,000 after buying an additional 219 shares during the period. Covestor Ltd grew its position in shares of Pure Storage by 175.3% in the 3rd quarter. Covestor Ltd now owns 991 shares of the technology company’s stock worth $50,000 after buying an additional 631 shares during the last quarter. Finally, nVerses Capital LLC purchased a new position in shares of Pure Storage during the third quarter valued at approximately $50,000. 83.42% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Piper Sandler upgraded Pure Storage from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $56.00 to $76.00 in a research report on Wednesday, December 4th. Needham & Company LLC raised their price target on Pure Storage from $62.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Stifel Nicolaus boosted their price objective on Pure Storage from $60.00 to $65.00 and gave the stock a “hold” rating in a report on Wednesday, December 4th. Guggenheim upped their price objective on shares of Pure Storage from $72.00 to $93.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Pure Storage from $60.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, Pure Storage presently has a consensus rating of “Moderate Buy” and an average price target of $72.70.

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.