Pure Storage Sees Unusually Large Options Volume (NYSE:PSTG)

Pure Storage Inc (NYSE:PSTG) was the recipient of unusually large options trading on Wednesday. Traders purchased 2,796 put options on the stock. This is an increase of approximately 1,327% compared to the average volume of 196 put options.

A number of research analysts recently issued reports on PSTG shares. KeyCorp dropped their price target on Pure Storage from $30.00 to $25.00 and set an “overweight” rating on the stock in a research note on Thursday, May 23rd. ValuEngine cut Pure Storage from a “buy” rating to a “hold” rating in a research report on Wednesday, May 8th. Cowen reaffirmed an “outperform” rating and set a $28.00 price objective (down from $30.00) on shares of Pure Storage in a research report on Wednesday, May 22nd. Stifel Nicolaus decreased their price objective on Pure Storage from $22.00 to $20.00 and set a “hold” rating for the company in a research report on Wednesday, May 22nd. Finally, Morgan Stanley decreased their price objective on Pure Storage from $22.00 to $21.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 22nd. Eight investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Pure Storage has a consensus rating of “Buy” and an average target price of $24.83.

In other news, Director Scott Dietzen sold 100,000 shares of the stock in a transaction dated Wednesday, April 24th. The stock was sold at an average price of $23.05, for a total value of $2,305,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Timothy Riitters sold 5,210 shares of the stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $21.04, for a total value of $109,618.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 574,680 shares of company stock worth $12,000,687. 10.00% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of the business. MUFG Securities EMEA plc bought a new position in shares of Pure Storage during the fourth quarter valued at approximately $1,253,000. Sumitomo Mitsui Asset Management Company LTD acquired a new stake in shares of Pure Storage during the 4th quarter valued at $15,658,000. Norges Bank acquired a new stake in shares of Pure Storage during the 4th quarter valued at $18,708,000. Zweig DiMenna Associates LLC acquired a new stake in shares of Pure Storage during the 4th quarter valued at $6,762,000. Finally, Legal & General Group Plc lifted its position in shares of Pure Storage by 284.1% during the 3rd quarter. Legal & General Group Plc now owns 77,579 shares of the technology company’s stock valued at $2,014,000 after acquiring an additional 57,382 shares during the last quarter. Institutional investors own 81.77% of the company’s stock.

Shares of PSTG traded down $0.17 during midday trading on Friday, reaching $15.46. 2,021,000 shares of the company were exchanged, compared to its average volume of 3,553,302. The stock has a market cap of $3.83 billion, a PE ratio of -22.09 and a beta of 2.00. Pure Storage has a 1-year low of $13.99 and a 1-year high of $29.14. The company has a debt-to-equity ratio of 0.75, a current ratio of 3.35 and a quick ratio of 3.25.

Pure Storage (NYSE:PSTG) last issued its quarterly earnings data on Tuesday, May 21st. The technology company reported ($0.37) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.29) by ($0.08). The company had revenue of $326.70 million for the quarter, compared to analyst estimates of $333.83 million. Pure Storage had a negative return on equity of 25.55% and a negative net margin of 14.99%. On average, research analysts anticipate that Pure Storage will post -0.79 earnings per share for the current year.

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About Pure Storage

Pure Storage, Inc engages in building a data platform that enables businesses to enhance performance and reduce complexity and costs worldwide. The company delivers its data platform through Purity Operating Environment, an optimized software for solid-state memory that offers enterprise-class storage and protocol services; FlashArray and FlashBlade optimized hardware products for solid-state memory to enhance the performance and density of flash, optimize its advanced software services, and reduce solution cost for customers; Pure1, a cloud-based management and support software; and FlashStack and Artificial Intelligence Ready Infrastructure converged infrastructure solutions.

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