Pure Storage (NYSE:PSTG) Shares Down 2.3% – Time to Sell?

Pure Storage, Inc. (NYSE:PSTG) traded down 2.3% on Tuesday . The stock traded as low as $81.26 and last traded at $82.2060. 2,438,111 shares were traded during trading, a decline of 15% from the average session volume of 2,873,023 shares. The stock had previously closed at $84.15.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Wall Street Zen upgraded Pure Storage from a “hold” rating to a “buy” rating in a research note on Saturday, August 30th. Cowen restated a “buy” rating on shares of Pure Storage in a report on Thursday, August 28th. Piper Sandler set a $92.00 price target on Pure Storage and gave the company an “overweight” rating in a report on Thursday, September 25th. Northland Securities lifted their price target on shares of Pure Storage from $63.00 to $71.00 and gave the company a “market perform” rating in a research report on Thursday, August 28th. Finally, JPMorgan Chase & Co. raised their target price on shares of Pure Storage from $105.00 to $110.00 and gave the company an “overweight” rating in a research note on Monday. 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. According to MarketBeat.com, Pure Storage presently has an average rating of “Moderate Buy” and an average price target of $92.61.

Pure Storage Trading Down 2.3%

The stock has a market capitalization of $27.02 billion, a P/E ratio of 200.51, a P/E/G ratio of 8.99 and a beta of 1.24. The business’s fifty day simple moving average is $89.34 and its two-hundred day simple moving average is $68.74.

Pure Storage (NYSE:PSTG) last released its quarterly earnings data on Tuesday, September 9th. The technology company reported $0.44 earnings per share for the quarter. Pure Storage had a return on equity of 11.34% and a net margin of 4.15%.The company had revenue of $763.77 million for the quarter. On average, equities research analysts anticipate that Pure Storage, Inc. will post 0.44 earnings per share for the current year.

Insider Transactions at Pure Storage

In other news, insider Ajay Singh sold 7,014 shares of the company’s stock in a transaction dated Wednesday, September 24th. The stock was sold at an average price of $85.85, for a total value of $602,151.90. Following the completion of the sale, the insider directly owned 229,307 shares of the company’s stock, valued at $19,686,005.95. This represents a 2.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Roxanne Taylor sold 3,000 shares of the stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $76.93, for a total value of $230,790.00. Following the transaction, the director owned 16,343 shares of the company’s stock, valued at approximately $1,257,266.99. This trade represents a 15.51% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 443,111 shares of company stock valued at $36,793,439. 5.60% of the stock is currently owned by insiders.

Institutional Trading of Pure Storage

Hedge funds and other institutional investors have recently made changes to their positions in the business. Winnow Wealth LLC acquired a new position in Pure Storage during the third quarter worth $26,000. Provenance Wealth Advisors LLC bought a new position in shares of Pure Storage in the 3rd quarter valued at about $27,000. Foster Dykema Cabot & Partners LLC bought a new position in shares of Pure Storage in the 3rd quarter valued at about $28,000. Assetmark Inc. increased its position in shares of Pure Storage by 186.6% in the third quarter. Assetmark Inc. now owns 341 shares of the technology company’s stock valued at $29,000 after acquiring an additional 222 shares during the last quarter. Finally, Banque Transatlantique SA bought a new stake in Pure Storage during the third quarter worth about $29,000. 83.42% of the stock is currently owned by institutional investors and hedge funds.

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.