Pure Storage (NYSE:PSTG) Shares Up 0.6%

Pure Storage, Inc. (NYSE:PSTG) was up 0.6% during mid-day trading on Friday . The company traded as high as $50.08 and last traded at $50.04. Approximately 384,108 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 3,856,202 shares. The stock had previously closed at $49.75.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PSTG. Susquehanna reissued a “positive” rating and set a $80.00 price objective on shares of Pure Storage in a report on Monday, August 26th. Piper Sandler dropped their target price on Pure Storage from $60.00 to $56.00 and set a “neutral” rating on the stock in a research report on Thursday, August 29th. UBS Group reduced their price target on shares of Pure Storage from $47.00 to $45.00 and set a “sell” rating for the company in a research report on Thursday, August 29th. TD Cowen dropped their price objective on shares of Pure Storage from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Finally, Stifel Nicolaus reduced their target price on shares of Pure Storage from $65.00 to $60.00 and set a “hold” rating for the company in a report on Thursday, August 29th. One 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’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $66.95.

Pure Storage Trading Up 1.3 %

The stock has a market capitalization of $16.40 billion, a PE ratio of 178.71, a P/E/G ratio of 7.69 and a beta of 1.11. The company’s 50 day moving average price is $55.94 and its two-hundred day moving average price is $57.04. 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 Transactions at Pure Storage

In related news, insider John Colgrove sold 100,000 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $52.39, for a total value of $5,239,000.00. Following the completion of the sale, the insider now owns 800,000 shares of the company’s stock, valued at $41,912,000. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $52.39, for a total value of $5,239,000.00. Following the completion of the sale, the insider now owns 800,000 shares of the company’s stock, valued at $41,912,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction of $586,140.92. Following the sale, the executive now owns 115,601 shares of the company’s stock, valued at $6,857,451.32. The disclosure for this sale can be found here. Insiders have sold a total of 324,177 shares of company stock worth $18,863,083 in the last ninety days. Insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Heritage Wealth Management Inc. purchased a new stake in Pure Storage in the second quarter valued at $721,000. Sanctuary Advisors LLC purchased a new stake in Pure Storage in the 2nd quarter valued at about $988,000. Sycomore Asset Management purchased a new stake in Pure Storage in the 2nd quarter valued at about $2,259,000. Cetera Investment Advisers lifted its position in Pure Storage by 8.0% in the second quarter. Cetera Investment Advisers now owns 60,275 shares of the technology company’s stock valued at $3,870,000 after buying an additional 4,474 shares during the last quarter. Finally, Truist Financial Corp boosted its stake in Pure Storage by 19.3% during the second quarter. Truist Financial Corp now owns 12,561 shares of the technology company’s stock worth $807,000 after buying an additional 2,028 shares during the period. 83.42% of the stock is currently owned by institutional investors and hedge funds.

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.