Insider Selling: Pure Storage, Inc. (NYSE:PSTG) Insider Sells 19,972 Shares of Stock

Pure Storage, Inc. (NYSE:PSTG - Get Free Report) insider Ajay Singh sold 19,972 shares of the business's stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $61.58, for a total transaction of $1,229,875.76. Following the completion of the sale, the insider now directly owns 262,144 shares of the company's stock, valued at approximately $16,142,827.52. This trade represents a 7.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Pure Storage Trading Up 2.8 %

PSTG traded up $1.74 during trading on Friday, hitting $64.23. 1,863,870 shares of the company's stock were exchanged, compared to its average volume of 1,921,685. Pure Storage, Inc. has a 1 year low of $35.35 and a 1 year high of $70.41. The stock has a 50 day moving average price of $57.27 and a 200 day moving average price of $56.86. The firm has a market cap of $20.95 billion, a P/E ratio of 169.03, a price-to-earnings-growth ratio of 7.69 and a beta of 1.13. The company has a current ratio of 1.77, a quick ratio of 1.74 and a debt-to-equity ratio of 0.07.

Institutional Investors Weigh In On Pure Storage

Several hedge funds have recently modified their holdings of PSTG. Allspring Global Investments Holdings LLC increased its stake in Pure Storage by 71.8% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,359 shares of the technology company's stock worth $87,000 after buying an additional 568 shares during the period. Commonwealth Equity Services LLC lifted its stake in shares of Pure Storage by 102.5% in the second quarter. Commonwealth Equity Services LLC now owns 31,671 shares of the technology company's stock worth $2,034,000 after acquiring an additional 16,032 shares in the last quarter. Natixis Advisors LLC boosted its holdings in Pure Storage by 363.4% in the second quarter. Natixis Advisors LLC now owns 117,017 shares of the technology company's stock valued at $7,514,000 after purchasing an additional 91,766 shares during the last quarter. CIBC Asset Management Inc grew its stake in Pure Storage by 9.6% during the 2nd quarter. CIBC Asset Management Inc now owns 8,867 shares of the technology company's stock valued at $569,000 after purchasing an additional 773 shares in the last quarter. Finally, Rhumbline Advisers increased its holdings in Pure Storage by 12.1% during the 2nd quarter. Rhumbline Advisers now owns 934,752 shares of the technology company's stock worth $60,020,000 after purchasing an additional 101,062 shares during the last quarter. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PSTG has been the topic of a number of recent research reports. Northland Securities reaffirmed a "market perform" rating and issued a $63.00 target price (up from $59.00) on shares of Pure Storage in a report on Wednesday, December 4th. UBS Group increased their target price on Pure Storage from $45.00 to $47.00 and gave the stock a "sell" rating in a research note on Wednesday, December 4th. Barclays lifted their price target on Pure Storage from $56.00 to $61.00 and gave the company an "equal weight" rating in a research note on Wednesday, December 4th. Needham & Company LLC raised their target price on Pure Storage from $62.00 to $75.00 and gave the company a "buy" rating in a report on Wednesday, December 4th. Finally, TD Cowen raised their price objective on Pure Storage from $70.00 to $80.00 and gave the company a "buy" rating in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, six have given a hold rating and sixteen have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $72.70.

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.