Pure Storage (NYSE:PSTG) Stock Price Down 1.8%

Pure Storage, Inc. (NYSE:PSTG)’s stock price dropped 1.8% on Monday . The company traded as low as $66.19 and last traded at $66.49. Approximately 705,804 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 4,283,203 shares. The stock had previously closed at $67.68.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Needham & Company LLC increased their target price on Pure Storage from $66.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Wells Fargo & Company boosted their price objective on shares of Pure Storage from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Thursday, May 30th. Stifel Nicolaus upped their price target on Pure Storage from $46.00 to $65.00 and gave the company a “hold” rating in a report on Thursday, May 30th. Northland Securities lowered shares of Pure Storage from an “outperform” rating to a “market perform” rating and lifted their price target for the stock from $58.00 to $68.00 in a research note on Thursday, May 30th. Finally, Citigroup raised their target price on shares of Pure Storage from $65.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Seven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Pure Storage has an average rating of “Moderate Buy” and an average price target of $67.42.

Pure Storage Stock Performance

The firm has a 50-day moving average price of $57.18 and a two-hundred day moving average price of $47.73. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.00 and a quick ratio of 1.96. The firm has a market capitalization of $22.02 billion, a P/E ratio of 237.46, a P/E/G ratio of 6.82 and a beta of 1.06.

Insider Buying and Selling at Pure Storage

In related news, Director Roxanne Taylor sold 36,860 shares of the company’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $53.76, for a total value of $1,981,593.60. Following the completion of the sale, the director now directly owns 18,883 shares of the company’s stock, valued at $1,015,150.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 transaction, the insider now directly owns 380,834 shares in the company, valued at $20,389,852.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Roxanne Taylor sold 36,860 shares of the firm’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $53.76, for a total transaction of $1,981,593.60. Following the completion of the sale, the director now owns 18,883 shares in the company, valued at $1,015,150.08. The disclosure for this sale can be found here. Insiders sold a total of 291,399 shares of company stock valued at $15,578,814 in the last ninety days. Corporate insiders own 6.00% of the company’s stock.

Institutional Trading of Pure Storage

A number of institutional investors have recently made changes to their positions in the business. Naples Money Management LLC purchased a new stake in Pure Storage during the 4th quarter worth approximately $25,000. Banque Cantonale Vaudoise acquired a new stake in shares of Pure Storage during the first quarter worth $25,000. Fidelis Capital Partners LLC purchased a new stake in shares of Pure Storage during the first quarter valued at $27,000. Principal Securities Inc. acquired a new position in shares of Pure Storage in the 4th quarter valued at $31,000. Finally, Lindbrook Capital LLC raised its stake in Pure Storage by 295.6% in the 1st quarter. Lindbrook Capital LLC now owns 633 shares of the technology company’s stock worth $33,000 after acquiring an additional 473 shares during the last quarter. Institutional investors and hedge funds own 83.42% of the company’s stock.

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.