Traders Buy Large Volume of Pure Storage Put Options (NYSE:PSTG)

Pure Storage Inc (NYSE:PSTG) was the target of some unusual options trading activity on Wednesday. Stock traders bought 4,191 put options on the stock. This is an increase of 3,335% compared to the average daily volume of 122 put options.

In related news, CFO Timothy Riitters sold 10,420 shares of the stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $17.05, for a total transaction of $177,661.00. Over the last three months, insiders have sold 31,260 shares of company stock valued at $527,460. Company insiders own 10.00% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Coastal Investment Advisors Inc. raised its stake in shares of Pure Storage by 25.0% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 4,000 shares of the technology company’s stock valued at $61,000 after buying an additional 800 shares in the last quarter. State Board of Administration of Florida Retirement System raised its stake in shares of Pure Storage by 0.5% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 177,735 shares of the technology company’s stock valued at $2,714,000 after buying an additional 829 shares in the last quarter. Oppenheimer Asset Management Inc. raised its stake in shares of Pure Storage by 9.5% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 10,246 shares of the technology company’s stock valued at $157,000 after buying an additional 885 shares in the last quarter. Cortina Asset Management LLC raised its stake in shares of Pure Storage by 12.5% in the 2nd quarter. Cortina Asset Management LLC now owns 10,455 shares of the technology company’s stock valued at $160,000 after buying an additional 1,162 shares in the last quarter. Finally, Bangor Savings Bank raised its stake in shares of Pure Storage by 4.4% in the 2nd quarter. Bangor Savings Bank now owns 36,959 shares of the technology company’s stock valued at $564,000 after buying an additional 1,558 shares in the last quarter. Institutional investors own 77.13% of the company’s stock.

Shares of PSTG stock opened at $18.42 on Thursday. Pure Storage has a 52-week low of $12.68 and a 52-week high of $23.53. The company has a debt-to-equity ratio of 0.76, a quick ratio of 3.14 and a current ratio of 3.21. The firm has a fifty day moving average of $17.77 and a 200-day moving average of $17.14.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings data on Wednesday, August 21st. The technology company reported ($0.23) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.05. Pure Storage had a negative net margin of 14.51% and a negative return on equity of 25.22%. The company had revenue of $396.30 million during the quarter, compared to analysts’ expectations of $392.34 million. During the same quarter in the prior year, the company posted $0.01 EPS. The business’s revenue was up 28.3% on a year-over-year basis. Sell-side analysts expect that Pure Storage will post -0.68 earnings per share for the current year.

A number of equities research analysts have recently issued reports on the stock. Piper Jaffray Companies boosted their price target on shares of Pure Storage from $16.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, September 12th. Stifel Nicolaus boosted their price target on shares of Pure Storage from $16.00 to $18.00 and gave the company a “hold” rating in a report on Wednesday, September 18th. Oppenheimer set a $20.00 price target on shares of Pure Storage and gave the company a “buy” rating in a report on Wednesday, September 18th. Cowen restated an “outperform” rating and set a $23.00 price target (down previously from $28.00) on shares of Pure Storage in a report on Thursday, August 22nd. Finally, Wells Fargo & Co upped their price objective on shares of Pure Storage from $23.00 to $25.00 and gave the company an “outperform” rating in a research note on Wednesday, September 18th. Three analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $21.26.

Pure Storage Company Profile

Pure Storage, Inc engages in building a data platform that enables businesses to enhance performance and reduce complexity and costs worldwide. The company delivers its data platform through Purity Operating Environment, an optimized software for solid-state memory that offers enterprise-class storage and protocol services; FlashArray and FlashBlade optimized hardware products for solid-state memory to enhance the performance and density of flash, optimize its advanced software services, and reduce solution cost for customers; Pure1, a cloud-based management and support software; and FlashStack and Artificial Intelligence Ready Infrastructure converged infrastructure solutions.

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