Pure Storage (NYSE:PSTG) Shares Up 0.6%

Pure Storage, Inc. (NYSE:PSTG - Get Free Report)'s stock price shot up 0.6% during trading on Friday . The stock traded as high as $50.08 and last traded at $50.04. 384,108 shares traded hands during trading, a decline of 90% from the average session volume of 3,856,202 shares. The stock had previously closed at $49.75.

Analyst Upgrades and Downgrades

Several research firms have commented on PSTG. Guggenheim reiterated a "buy" rating and set a $72.00 price objective on shares of Pure Storage in a research note on Tuesday, June 25th. Evercore ISI cut their price objective on Pure Storage from $75.00 to $70.00 and set an "outperform" rating for the company in a research note on Thursday, August 29th. Stifel Nicolaus cut their price objective on Pure Storage from $65.00 to $60.00 and set a "hold" rating for the company in a research note on Thursday, August 29th. TD Cowen cut their price objective on Pure Storage from $80.00 to $70.00 and set a "buy" rating for the company in a research note on Thursday, August 29th. Finally, Wells Fargo & Company boosted their price objective on Pure Storage from $70.00 to $75.00 and gave the stock an "overweight" rating in a research note on Thursday, May 30th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $66.95.

Pure Storage Stock Up 1.9 %

The company has a quick ratio of 1.96, a current ratio of 1.99 and a debt-to-equity ratio of 0.07. The firm has a 50-day moving average of $55.66 and a two-hundred day moving average of $57.01. The company has a market capitalization of $16.50 billion, a PE ratio of 181.14, a price-to-earnings-growth ratio of 7.69 and a beta of 1.11.

Insiders Place Their Bets

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

Institutional Trading of Pure Storage

Hedge funds have recently modified their holdings of the stock. Heritage Wealth Management Inc. purchased a new position in Pure Storage in the second quarter valued at $721,000. Sanctuary Advisors LLC purchased a new position in shares of Pure Storage during the second quarter worth about $988,000. Sycomore Asset Management purchased a new position in shares of Pure Storage during the second quarter worth about $2,259,000. Cetera Investment Advisers grew its holdings in shares of Pure Storage by 8.0% during the second quarter. Cetera Investment Advisers now owns 60,275 shares of the technology company's stock worth $3,870,000 after purchasing an additional 4,474 shares during the last quarter. Finally, Truist Financial Corp grew its holdings in shares of Pure Storage by 19.3% during the second quarter. Truist Financial Corp now owns 12,561 shares of the technology company's stock worth $807,000 after purchasing an additional 2,028 shares during the last quarter. 83.42% of the stock is currently owned by institutional investors and hedge funds.

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.