Stock Traders Buy High Volume of Pure Storage Put Options (NYSE:PSTG)

Pure Storage Inc (NYSE:PSTG) saw some unusual options trading on Tuesday. Stock investors acquired 10,429 put options on the stock. This represents an increase of 2,114% compared to the typical volume of 471 put options.

PSTG stock opened at $15.68 on Wednesday. The firm has a market capitalization of $3.80 billion, a PE ratio of -22.40 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 current ratio of 3.34, a quick ratio of 3.25 and a debt-to-equity ratio of 0.61.

Pure Storage (NYSE:PSTG) last released its earnings results on Tuesday, May 21st. The technology company reported ($0.37) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.29) by ($0.08). The company had revenue of $326.70 million for the quarter, compared to analysts’ expectations of $333.83 million. Pure Storage had a negative net margin of 14.99% and a negative return on equity of 26.00%. On average, equities research analysts expect that Pure Storage will post -0.79 earnings per share for the current fiscal year.

In other news, Director Scott Dietzen sold 100,000 shares of the stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $23.05, for a total value of $2,305,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Timothy Riitters sold 5,210 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $20.46, for a total value of $106,596.60. The disclosure for this sale can be found here. Insiders have sold a total of 569,470 shares of company stock valued at $11,944,210 over the last 90 days. 10.00% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. IFG Advisory LLC raised its holdings in Pure Storage by 1.0% during the first quarter. IFG Advisory LLC now owns 56,172 shares of the technology company’s stock valued at $1,223,000 after acquiring an additional 536 shares during the period. WealthTrust Fairport LLC raised its holdings in Pure Storage by 19.6% during the fourth quarter. WealthTrust Fairport LLC now owns 7,278 shares of the technology company’s stock valued at $117,000 after acquiring an additional 1,192 shares during the period. California State Teachers Retirement System raised its holdings in Pure Storage by 0.5% during the first quarter. California State Teachers Retirement System now owns 260,242 shares of the technology company’s stock valued at $5,671,000 after acquiring an additional 1,279 shares during the period. Sonora Investment Management LLC raised its holdings in Pure Storage by 68.1% during the first quarter. Sonora Investment Management LLC now owns 3,210 shares of the technology company’s stock valued at $70,000 after acquiring an additional 1,300 shares during the period. Finally, GAM Holding AG raised its holdings in Pure Storage by 0.9% during the first quarter. GAM Holding AG now owns 154,609 shares of the technology company’s stock valued at $3,369,000 after acquiring an additional 1,435 shares during the period. Institutional investors own 81.77% of the company’s stock.

Several research analysts have recently issued reports on the company. Credit Suisse Group assumed coverage on Pure Storage in a research report on Thursday, April 11th. They issued a “neutral” rating and a $23.00 target price for the company. Cowen raised Pure Storage from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $20.00 to $30.00 in a research report on Monday, April 8th. ValuEngine raised Pure Storage from a “hold” rating to a “buy” rating in a research report on Monday, April 1st. Oppenheimer set a $26.00 price objective on Pure Storage and gave the company a “buy” rating in a research report on Tuesday, March 19th. Finally, Stifel Nicolaus reduced 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. Eight research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $24.83.

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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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