Pure Storage (NYSE:PSTG) Stock Price Down 5.3% – What’s Next?

Pure Storage, Inc. (NYSE:PSTG)’s stock price traded down 5.3% on Wednesday . The stock traded as low as $71.08 and last traded at $71.4110. 588,014 shares were traded during mid-day trading, a decline of 85% from the average session volume of 4,025,675 shares. The stock had previously closed at $75.41.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Citigroup reduced their price objective on shares of Pure Storage from $110.00 to $105.00 and set a “buy” rating for the company in a research note on Wednesday, December 3rd. Susquehanna set a $105.00 price objective on shares of Pure Storage in a research report on Wednesday, December 3rd. Piper Sandler set a $92.00 target price on Pure Storage and gave the stock an “overweight” rating in a research note on Thursday, September 25th. Barclays lifted their price objective on shares of Pure Storage from $70.00 to $77.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 3rd. Finally, JPMorgan Chase & Co. reduced their price objective on Pure Storage from $110.00 to $105.00 and set an “overweight” rating for the company in a report on Wednesday, December 3rd. Thirteen equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $95.26.

Pure Storage Price Performance

The company’s fifty day simple moving average is $74.94 and its two-hundred day simple moving average is $74.52. The stock has a market cap of $24.15 billion, a price-to-earnings ratio of 192.45, a P/E/G ratio of 7.83 and a beta of 1.26.

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

Insider Buying and Selling

In other Pure Storage news, insider Ajay Singh sold 7,178 shares of Pure Storage stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $67.14, for a total transaction of $481,930.92. Following the completion of the transaction, the insider owned 215,091 shares in the company, valued at approximately $14,441,209.74. The trade was a 3.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $71.31, for a total transaction of $7,131,000.00. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 207,178 shares of company stock valued at $16,771,931. 5.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Integrated Wealth Concepts LLC bought a new position in Pure Storage during the first quarter valued at $541,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Pure Storage by 129.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,742 shares of the technology company’s stock valued at $387,000 after buying an additional 4,926 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Pure Storage by 109.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,137,939 shares of the technology company’s stock valued at $50,377,000 after acquiring an additional 595,307 shares during the period. Empowered Funds LLC grew its position in Pure Storage by 4.2% during the first quarter. Empowered Funds LLC now owns 4,790 shares of the technology company’s stock valued at $212,000 after buying an additional 194 shares during the period. Finally, MassMutual Private Wealth & Trust FSB increased its stake in shares of Pure Storage by 468.0% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 3,692 shares of the technology company’s stock valued at $213,000 after purchasing an additional 3,042 shares in the last quarter. Institutional investors own 83.42% of the company’s stock.

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.