Pure Storage (NYSE:PSTG) Trading Down 2.3%

Shares of Pure Storage, Inc. (NYSE:PSTG) fell 2.3% on Friday . The company traded as low as $63.01 and last traded at $64.42. 1,926,299 shares changed hands during mid-day trading, a decline of 55% from the average session volume of 4,291,169 shares. The stock had previously closed at $65.96.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PSTG. Wedbush reissued an “outperform” rating and issued a $70.00 price objective (up from $50.00) on shares of Pure Storage in a report on Tuesday, May 28th. Lake Street Capital raised their target price on Pure Storage from $48.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Citigroup raised their target price on Pure Storage from $65.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. UBS Group raised their target price on Pure Storage from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Thursday, February 29th. Finally, TD Cowen raised their target price on Pure Storage from $60.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Seven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $67.68.

Pure Storage Stock Performance

The firm has a market cap of $20.76 billion, a PE ratio of 230.07, a P/E/G ratio of 6.89 and a beta of 1.06. The firm has a 50-day moving average price of $58.30 and a two-hundred day moving average price of $48.48. The company has a quick ratio of 1.96, a current ratio of 2.00 and a debt-to-equity ratio of 0.07.

Insider Activity

In related news, Director Mallun Yen sold 4,818 shares of Pure Storage stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $64.78, for a total transaction of $312,110.04. Following the transaction, the director now owns 35,498 shares in the company, valued at $2,299,560.44. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Mallun Yen sold 4,818 shares of Pure Storage stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $64.78, for a total transaction of $312,110.04. Following the transaction, the director now owns 35,498 shares in the company, valued at $2,299,560.44. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO P. Kevan Krysler sold 15,286 shares of Pure Storage stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $52.80, for a total value of $807,100.80. Following the transaction, the chief financial officer now owns 507,824 shares in the company, valued at approximately $26,813,107.20. The disclosure for this sale can be found here. Insiders have sold a total of 291,399 shares of company stock worth $15,578,814 over the last quarter. 6.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Pure Storage

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Franklin Resources Inc. raised its holdings in shares of Pure Storage by 0.4% in the 4th quarter. Franklin Resources Inc. now owns 54,073 shares of the technology company’s stock valued at $1,928,000 after buying an additional 242 shares during the period. DecisionPoint Financial LLC increased its holdings in shares of Pure Storage by 53.3% in the 1st quarter. DecisionPoint Financial LLC now owns 1,150 shares of the technology company’s stock valued at $61,000 after acquiring an additional 400 shares during the last quarter. Motley Fool Asset Management LLC increased its holdings in shares of Pure Storage by 6.8% in the 1st quarter. Motley Fool Asset Management LLC now owns 6,340 shares of the technology company’s stock valued at $330,000 after acquiring an additional 405 shares during the last quarter. Lindbrook Capital LLC increased its holdings in shares of Pure Storage by 295.6% in the 1st quarter. Lindbrook Capital LLC now owns 633 shares of the technology company’s stock valued at $33,000 after acquiring an additional 473 shares during the last quarter. Finally, Banque Cantonale Vaudoise acquired a new stake in shares of Pure Storage in the 1st quarter valued at about $25,000. Institutional investors and hedge funds own 83.42% of the company’s stock.

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.