Pure Storage (NYSE:PSTG) Shares Down 1.1% Following Insider Selling

Shares of Pure Storage, Inc. (NYSE:PSTG) fell 1.1% on Tuesday following insider selling activity. The stock traded as low as $70.02 and last traded at $70.2310. 3,856,947 shares traded hands during mid-day trading, an increase of 25% from the average session volume of 3,075,300 shares. The stock had previously closed at $71.04.

Specifically, insider John Colgrove sold 100,000 shares of the stock in a transaction on Monday, December 8th. The stock was sold at an average price of $71.31, for a total value of $7,131,000.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Cowen restated a “buy” rating on shares of Pure Storage in a research note on Wednesday, December 3rd. Citigroup decreased their price objective on shares of Pure Storage from $110.00 to $105.00 and set a “buy” rating on the stock in a research report on Wednesday, December 3rd. Piper Sandler set a $92.00 price target on shares of Pure Storage and gave the stock an “overweight” rating in a research note on Thursday, September 25th. Needham & Company LLC restated a “buy” rating and set a $100.00 price objective on shares of Pure Storage in a research report on Wednesday, December 3rd. Finally, Oppenheimer initiated coverage on shares of Pure Storage in a report on Monday, November 17th. They set an “outperform” rating and a $120.00 price objective for the company. Thirteen research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $95.26.

Pure Storage Trading Down 1.1%

The stock has a market capitalization of $23.08 billion, a P/E ratio of 184.82, a price-to-earnings-growth ratio of 7.94 and a beta of 1.27. The stock’s fifty day moving average price is $87.92 and its two-hundred day moving average price is $71.82.

Pure Storage (NYSE:PSTG) last issued its earnings results on Tuesday, September 9th. The technology company reported $0.44 EPS for the quarter. Pure Storage had a net margin of 3.74% and a return on equity of 10.60%. The company had revenue of $763.77 million for the quarter. As a group, analysts expect that Pure Storage, Inc. will post 0.44 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Pure Storage

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in Pure Storage by 1.9% during the 3rd quarter. Vanguard Group Inc. now owns 33,891,025 shares of the technology company’s stock valued at $2,840,407,000 after purchasing an additional 623,019 shares during the period. State Street Corp grew its holdings in shares of Pure Storage by 1.9% during the 3rd quarter. State Street Corp now owns 10,864,918 shares of the technology company’s stock worth $910,589,000 after acquiring an additional 199,831 shares during the period. T. Rowe Price Investment Management Inc. raised its position in shares of Pure Storage by 25.9% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 9,075,944 shares of the technology company’s stock worth $401,793,000 after acquiring an additional 1,868,782 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Pure Storage by 1.7% in the 2nd quarter. Geode Capital Management LLC now owns 7,273,696 shares of the technology company’s stock worth $417,830,000 after acquiring an additional 123,320 shares in the last quarter. Finally, William Blair Investment Management LLC lifted its stake in shares of Pure Storage by 112.9% in the 2nd quarter. William Blair Investment Management LLC now owns 4,926,836 shares of the technology company’s stock valued at $283,687,000 after purchasing an additional 2,612,300 shares during the period. 83.42% of the stock is owned by institutional investors.

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.