Pure Storage (NYSE:PSTG) Trading Down 2.5% - Here's What Happened

Pure Storage, Inc. (NYSE:PSTG - Get Free Report)'s share price dropped 2.5% on Friday . The stock traded as low as $69.51 and last traded at $70.37. Approximately 6,596,610 shares traded hands during mid-day trading, an increase of 115% from the average daily volume of 3,062,875 shares. The stock had previously closed at $72.20.

Wall Street Analyst Weigh In

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A number of brokerages have issued reports on PSTG. TD Cowen increased their price target on Pure Storage from $85.00 to $100.00 and gave the stock a "buy" rating in a research note on Wednesday. Wells Fargo & Company increased their target price on Pure Storage from $80.00 to $100.00 and gave the stock an "overweight" rating in a research report on Friday, September 26th. Needham & Company LLC reissued a "buy" rating and set a $100.00 target price on shares of Pure Storage in a research note on Wednesday. Piper Sandler set a $92.00 price target on Pure Storage and gave the stock an "overweight" rating in a report on Thursday, September 25th. Finally, JPMorgan Chase & Co. dropped their price target on Pure Storage from $110.00 to $105.00 and set an "overweight" rating for the company in a research note on Wednesday. Thirteen research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $95.26.

Check Out Our Latest Research Report on Pure Storage

Pure Storage Stock Down 2.5%

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The company has a market capitalization of $23.13 billion, a P/E ratio of 185.18, a price-to-earnings-growth ratio of 6.45 and a beta of 1.27. The business has a 50 day moving average of $88.67 and a 200 day moving average of $71.30.

Pure Storage (NYSE:PSTG - Get Free Report) last issued 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 return on equity of 10.60% and a net margin of 3.74%.The business had revenue of $763.77 million for the quarter. On average, research analysts anticipate that Pure Storage, Inc. will post 0.44 EPS for the current year.

Insider Buying and Selling at Pure Storage

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In other Pure Storage news, CAO Mona Chu sold 9,091 shares of Pure Storage stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $84.91, for a total transaction of $771,916.81. Following the completion of the transaction, the chief accounting officer directly owned 107,353 shares of the company's stock, valued at $9,115,343.23. The trade was a 7.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Ajay Singh sold 7,014 shares of the stock in a transaction on Wednesday, September 24th. The shares were sold at an average price of $85.85, for a total transaction of $602,151.90. Following the completion of the sale, the insider directly owned 229,307 shares in the company, valued at approximately $19,686,005.95. This represents a 2.97% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 327,311 shares of company stock valued at $29,498,100 over the last quarter. 5.60% of the stock is owned by corporate insiders.

Institutional Trading of Pure Storage

Several institutional investors have recently added to or reduced their stakes in PSTG. Winnow Wealth LLC bought a new position in Pure Storage in the third quarter worth $26,000. Provenance Wealth Advisors LLC bought a new stake in Pure Storage in the 3rd quarter valued at $27,000. Sunbelt Securities Inc. raised its stake in shares of Pure Storage by 287.1% in the 3rd quarter. Sunbelt Securities Inc. now owns 329 shares of the technology company's stock valued at $28,000 after buying an additional 244 shares in the last quarter. Foster Dykema Cabot & Partners LLC bought a new position in shares of Pure Storage during the 3rd quarter worth about $28,000. Finally, Assetmark Inc. boosted its position in shares of Pure Storage by 186.6% during the 3rd quarter. Assetmark Inc. now owns 341 shares of the technology company's stock valued at $29,000 after acquiring an additional 222 shares in the last quarter. Institutional investors own 83.42% of the company's stock.

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.

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