Pure Storage Target of Unusually High Options Trading (PSTG)

Pure Storage Inc (NYSE:PSTG) was the target of some unusual options trading activity on Wednesday. Investors acquired 4,433 call options on the company. This is an increase of approximately 857% compared to the average daily volume of 463 call options.

Pure Storage stock opened at $15.50 on Thursday. The company has a quick ratio of 3.25, a current ratio of 3.34 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $5.05 billion, a PE ratio of -22.14 and a beta of 1.71. Pure Storage has a 12-month low of $13.99 and a 12-month high of $29.14.

Pure Storage (NYSE:PSTG) last posted its quarterly earnings data on Tuesday, May 21st. The technology company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.08). The company had revenue of $326.70 million during the quarter, compared to the consensus estimate of $333.83 million. Pure Storage had a negative net margin of 14.99% and a negative return on equity of 26.00%. As a group, sell-side analysts anticipate that Pure Storage will post -0.53 EPS for the current fiscal year.

In other Pure Storage news, Director Scott Dietzen sold 400,000 shares of the company’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $20.46, for a total value of $8,184,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Timothy Riitters sold 5,210 shares of the company’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $20.46, for a total transaction of $106,596.60. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 564,260 shares of company stock valued at $11,880,961. Insiders own 10.00% of the company’s stock.

Several institutional investors have recently bought and sold shares of PSTG. JPMorgan Chase & Co. lifted its stake in Pure Storage by 38.3% during the third quarter. JPMorgan Chase & Co. now owns 2,666,222 shares of the technology company’s stock valued at $69,188,000 after purchasing an additional 738,838 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Pure Storage by 10.4% in the 3rd quarter. Bank of New York Mellon Corp now owns 763,632 shares of the technology company’s stock valued at $19,817,000 after acquiring an additional 72,087 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Pure Storage by 284.1% in 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 in the last quarter. Vanguard Group Inc lifted its position in shares of Pure Storage by 14.4% in the 3rd quarter. Vanguard Group Inc now owns 15,371,526 shares of the technology company’s stock valued at $398,892,000 after acquiring an additional 1,933,591 shares in the last quarter. Finally, Meeder Asset Management Inc. purchased a new stake in shares of Pure Storage in the 4th quarter valued at approximately $42,000. Institutional investors and hedge funds own 77.83% of the company’s stock.

Several research analysts have commented on the stock. Maxim Group restated a “hold” rating and issued a $22.00 target price on shares of Pure Storage in a research report on Thursday. Credit Suisse Group decreased their target price on shares of Pure Storage from $23.00 to $18.00 and set a “neutral” rating for the company in a research report on Wednesday. Stifel Nicolaus decreased their target price on shares of Pure Storage from $22.00 to $20.00 and set a “hold” rating for the company in a research report on Wednesday. Piper Jaffray Companies decreased their target price on shares of Pure Storage from $25.00 to $20.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, Cowen restated an “outperform” rating and issued a $28.00 target price (down previously from $30.00) on shares of Pure Storage in a research report on Wednesday. Eight analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $25.10.

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Pure Storage Company Profile

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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