Traders Purchase High Volume of Pure Storage Put Options (PSTG)

Pure Storage Inc (NYSE:PSTG) was the recipient of some unusual options trading on Tuesday. Traders purchased 1,958 put options on the stock. This is an increase of 1,940% compared to the typical daily volume of 96 put options.

Pure Storage (PSTG) opened at $18.48 on Friday. Pure Storage has a 12 month low of $9.12 and a 12 month high of $19.27.

Pure Storage (NYSE:PSTG) last released its quarterly earnings data on Tuesday, November 28th. The technology company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.02. The company had revenue of $277.70 million during the quarter, compared to the consensus estimate of $272.07 million. Pure Storage had a negative net margin of 22.86% and a negative return on equity of 44.86%. Pure Storage’s revenue for the quarter was up 41.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.10) earnings per share. equities research analysts expect that Pure Storage will post -0.97 earnings per share for the current fiscal year.

In related news, President David Hatfield sold 130,000 shares of the company’s stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $18.05, for a total transaction of $2,346,500.00. 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 25,000 shares of the company’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $15.85, for a total value of $396,250.00. The disclosure for this sale can be found here. Insiders have sold 317,028 shares of company stock worth $5,304,635 over the last three months. Insiders own 41.47% of the company’s stock.

A number of large investors have recently made changes to their positions in the stock. Janney Montgomery Scott LLC purchased a new position in Pure Storage in the third quarter valued at about $700,000. Cubist Systematic Strategies LLC increased its stake in shares of Pure Storage by 2,440.5% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 43,188 shares of the technology company’s stock worth $691,000 after purchasing an additional 41,488 shares in the last quarter. Granahan Investment Management Inc. MA grew its stake in Pure Storage by 14.3% in the 3rd quarter. Granahan Investment Management Inc. MA now owns 197,173 shares of the technology company’s stock worth $3,153,000 after acquiring an additional 24,663 shares during the period. Maple Rock Capital Partners Inc. purchased a new stake in Pure Storage in the 3rd quarter worth approximately $12,792,000. Finally, First Republic Investment Management Inc. grew its stake in Pure Storage by 159.0% in the 3rd quarter. First Republic Investment Management Inc. now owns 103,258 shares of the technology company’s stock worth $1,651,000 after acquiring an additional 63,392 shares during the period. Hedge funds and other institutional investors own 38.46% of the company’s stock.

A number of research firms have recently weighed in on PSTG. Summit Redstone raised Pure Storage from a “hold” rating to a “buy” rating in a research report on Friday, August 25th. BidaskClub upgraded Pure Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, October 17th. KeyCorp restated a “buy” rating on shares of Pure Storage in a research note on Wednesday, November 1st. Wells Fargo & Company began coverage on Pure Storage in a research note on Tuesday, November 14th. They set an “outperform” rating and a $22.00 price objective for the company. Finally, Maxim Group restated a “hold” rating and set a $20.00 target price (up from $15.00) on shares of Pure Storage in a report on Wednesday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $18.50.

ILLEGAL ACTIVITY WARNING: This story was first reported by American Banking News and is owned by of American Banking News. If you are accessing this story on another domain, it was illegally stolen and republished in violation of United States & international trademark & copyright laws. The original version of this story can be accessed at https://www.americanbankingnews.com/2017/12/01/traders-purchase-high-volume-of-pure-storage-put-options-pstg.html.

Pure Storage Company Profile

Pure Storage, Inc provides a data platform. The Company is focused on delivering software-defined all-flash solutions that are fast and cloud-capable for customers, enabling customers to put data to work for their businesses. Its data platform replaces storage systems designed for mechanical disk with all-flash systems optimized end-to-end for solid-state memory.

Receive News & Ratings for Pure Storage Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pure Storage Inc and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply