Pure Storage (NYSE:PSTG) Trading 0.1% Higher

Shares of Pure Storage, Inc. (NYSE:PSTG) rose 0.1% during mid-day trading on Thursday . The company traded as high as $47.71 and last traded at $47.43. Approximately 605,135 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 3,923,760 shares. The stock had previously closed at $47.39.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Raymond James cut their target price on shares of Pure Storage from $73.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, August 29th. Citigroup dropped their price objective on shares of Pure Storage from $75.00 to $67.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Barclays boosted their target price on shares of Pure Storage from $51.00 to $56.00 and gave the company an “equal weight” rating in a research report on Thursday, May 30th. KeyCorp boosted their target price on shares of Pure Storage from $64.00 to $79.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. Finally, StockNews.com upgraded shares of Pure Storage from a “hold” rating to a “buy” rating in a research report on Friday, May 17th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, Pure Storage has a consensus rating of “Moderate Buy” and a consensus price target of $66.95.

Pure Storage Price Performance

The company has a market capitalization of $14.87 billion, a price-to-earnings ratio of 163.36, a P/E/G ratio of 7.59 and a beta of 1.11. The stock has a fifty day simple moving average of $58.90 and a 200-day simple moving average of $56.75. 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 other news, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $52.39, for a total transaction of $5,239,000.00. Following the completion of the transaction, the insider now directly owns 800,000 shares of the company’s stock, valued at approximately $41,912,000. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $52.39, for a total transaction of $5,239,000.00. Following the completion of the sale, the insider now directly owns 800,000 shares in the company, valued at $41,912,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Dan Fitzsimons sold 9,881 shares of the business’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $59.32, for a total value 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 sold a total of 324,177 shares of company stock valued at $18,863,083 in the last three months. 6.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Pure Storage

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in Pure Storage by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 31,789,480 shares of the technology company’s stock worth $1,652,735,000 after acquiring an additional 495,183 shares in the last quarter. First Trust Advisors LP increased its holdings in shares of Pure Storage by 4.2% in the fourth quarter. First Trust Advisors LP now owns 4,028,716 shares of the technology company’s stock valued at $143,664,000 after purchasing an additional 160,877 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Pure Storage by 56.1% in the second quarter. Bank of New York Mellon Corp now owns 3,696,390 shares of the technology company’s stock valued at $237,345,000 after purchasing an additional 1,327,873 shares during the period. Norges Bank acquired a new position in shares of Pure Storage in the fourth quarter valued at approximately $115,452,000. Finally, Blair William & Co. IL grew its holdings in Pure Storage by 0.7% during the second quarter. Blair William & Co. IL now owns 2,357,962 shares of the technology company’s stock worth $151,405,000 after acquiring an additional 15,747 shares during the period. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

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.