Pure Storage (NYSE:PSTG) Shares Down 0.2%

Pure Storage, Inc. (NYSE:PSTG) shares traded down 0.2% during trading on Monday . The company traded as low as $48.20 and last traded at $48.82. 338,708 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 3,881,061 shares. The stock had previously closed at $48.90.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PSTG. KeyCorp boosted their target price on Pure Storage from $64.00 to $79.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. Northland Capmk lowered shares of Pure Storage from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 30th. Northland Securities restated a “market perform” rating and issued a $59.00 price objective (down from $68.00) on shares of Pure Storage in a report on Thursday, August 29th. TD Cowen lowered their target price on shares of Pure Storage from $80.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Finally, Stifel Nicolaus cut their price target on Pure Storage from $65.00 to $60.00 and set a “hold” rating on the stock in a research note on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $66.95.

Pure Storage Trading Up 0.4 %

The firm has a market capitalization of $15.98 billion, a price-to-earnings ratio of 174.36, a price-to-earnings-growth ratio of 7.49 and a beta of 1.11. The business’s fifty day moving average is $57.26 and its 200 day moving average is $57.21. The company has a quick ratio of 1.96, a current ratio of 1.99 and a debt-to-equity ratio of 0.07.

Insiders Place Their Bets

In related news, CFO P. Kevan Krysler sold 14,296 shares of Pure Storage stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $63.79, for a total value of $911,941.84. Following the sale, the chief financial officer now owns 518,623 shares of the company’s stock, valued at approximately $33,082,961.17. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $61.76, for a total transaction of $6,176,000.00. Following the completion of the sale, the insider now directly owns 700,000 shares of the company’s stock, valued at approximately $43,232,000. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO P. Kevan Krysler sold 14,296 shares of the firm’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $63.79, for a total transaction of $911,941.84. Following the transaction, the chief financial officer now directly owns 518,623 shares in the company, valued at $33,082,961.17. The disclosure for this sale can be found here. In the last 90 days, insiders sold 324,177 shares of company stock worth $18,863,083. Corporate insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On Pure Storage

Institutional investors have recently made changes to their positions in the stock. Norges Bank acquired a new stake in shares of Pure Storage during the 4th quarter worth approximately $115,452,000. Bank of New York Mellon Corp boosted its holdings in shares of Pure Storage by 56.1% in the 2nd 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 in the last quarter. Principal Financial Group Inc. increased its stake in shares of Pure Storage by 4,095.7% in the 1st quarter. Principal Financial Group Inc. now owns 1,121,344 shares of the technology company’s stock valued at $58,299,000 after purchasing an additional 1,094,618 shares during the last quarter. Frontier Capital Management Co. LLC raised its holdings in shares of Pure Storage by 835.2% during the 4th quarter. Frontier Capital Management Co. LLC now owns 1,078,454 shares of the technology company’s stock worth $38,458,000 after buying an additional 963,140 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in Pure Storage by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 31,294,297 shares of the technology company’s stock valued at $1,115,955,000 after buying an additional 567,358 shares in the last quarter. 83.42% of the stock is currently 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.