Shares of Pure Storage Inc (NYSE:PSTG) were down 8.3% on Monday . The company traded as low as $17.36 and last traded at $17.53. Approximately 7,349,999 shares were traded during mid-day trading, an increase of 123% from the average daily volume of 3,294,547 shares. The stock had previously closed at $19.12.

A number of analysts have recently weighed in on PSTG shares. JPMorgan Chase & Co. started coverage on shares of Pure Storage in a research note on Friday, July 27th. They issued an “overweight” rating and a $30.00 price objective for the company. Bank of America restated a “buy” rating and issued a $33.00 price objective on shares of Pure Storage in a research note on Wednesday, September 19th. Zacks Investment Research cut shares of Pure Storage from a “buy” rating to a “hold” rating in a research note on Monday, August 27th. Deutsche Bank upped their target price on shares of Pure Storage from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, August 22nd. Finally, ValuEngine cut shares of Pure Storage from a “buy” rating to a “hold” rating in a research note on Saturday, October 27th. Eight analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Pure Storage presently has a consensus rating of “Buy” and a consensus price target of $26.55.

The company has a market cap of $4.41 billion, a P/E ratio of -20.90 and a beta of 1.76. The company has a current ratio of 4.03, a quick ratio of 3.91 and a debt-to-equity ratio of 0.68.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings data on Tuesday, August 21st. The technology company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.07. Pure Storage had a negative net margin of 15.07% and a negative return on equity of 30.30%. The company had revenue of $308.90 million during the quarter, compared to analysts’ expectations of $301.32 million. During the same quarter in the prior year, the company posted ($0.11) EPS. The business’s revenue was up 37.5% on a year-over-year basis. As a group, equities research analysts expect that Pure Storage Inc will post -0.66 EPS for the current year.

In other news, CFO Timothy Riitters sold 4,500 shares of the stock in a transaction on Wednesday, September 12th. The shares were sold at an average price of $28.22, for a total value of $126,990.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Charles H. Giancarlo sold 54,990 shares of the stock in a transaction on Thursday, September 20th. The shares were sold at an average price of $27.46, for a total transaction of $1,510,025.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 214,417 shares of company stock valued at $5,780,580. Corporate insiders own 15.30% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. DekaBank Deutsche Girozentrale raised its stake in shares of Pure Storage by 169.1% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 4,090 shares of the technology company’s stock valued at $110,000 after buying an additional 2,570 shares in the last quarter. Cerebellum GP LLC acquired a new position in shares of Pure Storage in the 3rd quarter valued at $171,000. Global X Management Co LLC acquired a new position in shares of Pure Storage in the 2nd quarter valued at $181,000. Ibex Investors LLC acquired a new position in shares of Pure Storage in the 3rd quarter valued at $200,000. Finally, CIBC Asset Management Inc acquired a new position in shares of Pure Storage in the 3rd quarter valued at $202,000. Institutional investors own 72.54% of the company’s stock.

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Pure Storage Company Profile (NYSE:PSTG)

Pure Storage, Inc engages in building a data platform that enables businesses to enhance performance and reduce complexity and costs worldwide. The company delivers its data platform through Purity Operating Environment, an optimized software for solid-state memory that offers enterprise-class storage and protocol services; FlashArray and FlashBlade optimized hardware products for solid-state memory to enhance the performance and density of flash, optimize its advanced software services, and reduce solution cost for customers; Pure1, a cloud-based management and support software; and FlashStack, a converged infrastructure solution.

Further Reading: Book Value Per Share – BVPS

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