Pure Storage (NYSE:PSTG) Insider Ajay Singh Sells 7,178 Shares

Pure Storage, Inc. (NYSE:PSTG) insider Ajay Singh sold 7,178 shares of the business’s stock in a transaction on Tuesday, December 23rd. The shares were sold at an average price of $67.14, for a total transaction of $481,930.92. Following the transaction, the insider owned 215,091 shares in the company, valued at $14,441,209.74. This trade represents a 3.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Ajay Singh also recently made the following trade(s):

• On Wednesday, September 24th, Ajay Singh sold 7,014 shares of Pure Storage stock. The stock was sold at an average price of $85.85, for a total transaction of $602,151.90.

Pure Storage Trading Down 0.2%

PSTG stock opened at $67.22 on Wednesday. The stock has a market cap of $22.19 billion, a PE ratio of 176.88, a P/E/G ratio of 7.52 and a beta of 1.27. Pure Storage, Inc. has a 12 month low of $34.51 and a 12 month high of $100.59. The company has a 50-day moving average price of $83.86 and a 200 day moving average price of $72.88.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings data on Tuesday, September 9th. The technology company reported $0.44 earnings per share (EPS) for the quarter. Pure Storage had a net margin of 3.74% and a return on equity of 10.60%. The business had revenue of $763.77 million during the quarter. Sell-side analysts forecast that Pure Storage, Inc. will post 0.44 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in Pure Storage during the second quarter worth $225,203,000. Arrowstreet Capital Limited Partnership raised its position in shares of Pure Storage by 786.9% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 4,027,610 shares of the technology company’s stock worth $337,554,000 after acquiring an additional 3,573,493 shares in the last quarter. Atreides Management LP bought a new position in shares of Pure Storage in the 2nd quarter worth $204,552,000. William Blair Investment Management LLC lifted its stake in shares of Pure Storage by 112.9% during the 2nd quarter. William Blair Investment Management LLC now owns 4,926,836 shares of the technology company’s stock worth $283,687,000 after purchasing an additional 2,612,300 shares during the last quarter. Finally, Polar Capital Holdings Plc boosted its position in Pure Storage by 90.5% during the third quarter. Polar Capital Holdings Plc now owns 2,831,141 shares of the technology company’s stock valued at $237,278,000 after purchasing an additional 1,345,207 shares in the last quarter. 83.42% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. JPMorgan Chase & Co. cut their price objective on Pure Storage from $110.00 to $105.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 3rd. Weiss Ratings reissued a “hold (c)” rating on shares of Pure Storage in a research note on Wednesday, October 8th. Guggenheim upped their price target on shares of Pure Storage from $93.00 to $105.00 and gave the stock a “buy” rating in a report on Friday, September 26th. Lake Street Capital lifted their price objective on shares of Pure Storage from $80.00 to $92.00 and gave the company a “buy” rating in a report on Wednesday, December 3rd. Finally, Piper Sandler set a $92.00 price objective on shares of Pure Storage and gave the company an “overweight” rating in a research report on Thursday, September 25th. Thirteen analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Pure Storage has a consensus rating of “Moderate Buy” and an average price target of $95.26.

About Pure Storage

Pure Storage, Inc (NYSE: PSTG) is a technology company that designs and sells data storage hardware and software for enterprise and cloud environments. The company is best known for its all-flash storage arrays that are engineered to deliver high performance, low latency and simplified management compared with traditional disk-based systems. Its product portfolio includes purpose-built arrays and software aimed at transactional databases, virtualized infrastructures, analytics and large-scale file/object workloads.

Key product and software offerings include the FlashArray family for block storage and FlashBlade for file and object workloads, together with Purity, the company’s storage operating environment.