Pure Storage (NYSE:PSTG) Shares Down 0.6% on Insider Selling

Shares of Pure Storage, Inc. (NYSE:PSTG) were down 0.6% during mid-day trading on Monday following insider selling activity. The stock traded as low as $48.90 and last traded at $49.17. Approximately 450,236 shares changed hands during trading, a decline of 90% from the average daily volume of 4,610,445 shares. The stock had previously closed at $49.46.

Specifically, Director Scott Dietzen sold 147,000 shares of the business’s stock in a transaction that occurred on Friday, April 12th. The stock was sold at an average price of $53.49, for a total transaction of $7,863,030.00. Following the completion of the transaction, the director now owns 100,000 shares in the company, valued at $5,349,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Pure Storage news, insider Ajay Singh sold 37,588 shares of the business’s stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $53.54, for a total value of $2,012,461.52. Following the completion of the sale, the insider now directly owns 380,834 shares of the company’s stock, valued at approximately $20,389,852.36. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Scott Dietzen sold 147,000 shares of the company’s stock in a transaction dated Friday, April 12th. The stock was sold at an average price of $53.49, for a total transaction of $7,863,030.00. Following the completion of the transaction, the director now owns 100,000 shares in the company, valued at $5,349,000. The disclosure for this sale can be found here. Insiders have sold 286,581 shares of company stock valued at $15,266,704 in the last ninety days. 6.50% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

PSTG has been the topic of a number of recent research reports. TD Cowen raised their price objective on Pure Storage from $42.00 to $60.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. Susquehanna raised their target price on Pure Storage from $45.00 to $65.00 and gave the stock a “positive” rating in a research note on Thursday, April 11th. JPMorgan Chase & Co. lifted their price objective on shares of Pure Storage from $45.00 to $50.00 and gave the company an “overweight” rating in a research note on Thursday, February 29th. Morgan Stanley increased their price objective on shares of Pure Storage from $43.00 to $48.00 and gave the stock an “overweight” rating in a research note on Thursday, February 29th. Finally, Citigroup began coverage on shares of Pure Storage in a research report on Friday, March 15th. They set a “buy” rating and a $65.00 target price for the company. Three analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Pure Storage has an average rating of “Moderate Buy” and an average target price of $51.63.

Pure Storage Stock Performance

The company has a current ratio of 1.83, a quick ratio of 1.80 and a debt-to-equity ratio of 0.08. The company has a market cap of $16.83 billion, a PE ratio of 304.72, a price-to-earnings-growth ratio of 6.42 and a beta of 1.15. The firm’s fifty day moving average is $50.32 and its 200 day moving average is $41.49.

Pure Storage (NYSE:PSTG) last released its quarterly earnings results on Wednesday, February 28th. The technology company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.10. The firm had revenue of $789.81 million during the quarter, compared to the consensus estimate of $784.31 million. Pure Storage had a net margin of 2.17% and a return on equity of 12.60%. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.27 EPS. As a group, research analysts predict that Pure Storage, Inc. will post 0.44 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. CWM LLC boosted its position in shares of Pure Storage by 145.7% during the 3rd quarter. CWM LLC now owns 4,710 shares of the technology company’s stock valued at $168,000 after acquiring an additional 2,793 shares during the last quarter. Global Retirement Partners LLC acquired a new stake in shares of Pure Storage during the third quarter worth about $28,000. SG Americas Securities LLC grew its stake in shares of Pure Storage by 135.6% in the third quarter. SG Americas Securities LLC now owns 31,936 shares of the technology company’s stock worth $1,138,000 after acquiring an additional 18,378 shares in the last quarter. Exchange Traded Concepts LLC increased its holdings in Pure Storage by 55.8% during the 3rd quarter. Exchange Traded Concepts LLC now owns 42,898 shares of the technology company’s stock worth $1,528,000 after purchasing an additional 15,357 shares during the period. Finally, Oak Thistle LLC purchased a new stake in shares of Pure Storage during the third quarter worth approximately $383,000. 83.42% of the stock is 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.