Investors Buy High Volume of Put Options on Pure Storage (PSTG)

Pure Storage Inc (NYSE:PSTG) was the target of unusually large options trading activity on Thursday. Stock investors acquired 35,492 put options on the company. This represents an increase of approximately 19,728% compared to the typical volume of 179 put options.

A number of analysts have recently commented on PSTG shares. BidaskClub raised shares of Pure Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, October 17th. KeyCorp reissued a “buy” rating on shares of Pure Storage in a research note on Wednesday, November 1st. Wells Fargo & Co started coverage on shares of Pure Storage in a research note on Tuesday, November 14th. They set an “outperform” rating and a $22.00 target price for the company. Vetr cut shares of Pure Storage from a “strong-buy” rating to a “buy” rating and set a $21.96 target price for the company. in a research note on Monday, January 29th. Finally, Oppenheimer reissued a “buy” rating and set a $21.00 target price on shares of Pure Storage in a research note on Wednesday, November 29th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Pure Storage currently has a consensus rating of “Buy” and an average target price of $19.18.

Shares of Pure Storage (NYSE:PSTG) opened at $19.26 on Friday. Pure Storage has a one year low of $9.12 and a one year high of $21.23. The stock has a market cap of $4,230.00 and a PE ratio of -18.70.

Pure Storage (NYSE:PSTG) last announced 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. Pure Storage had a negative net margin of 22.86% and a negative return on equity of 44.96%. The company had revenue of $277.70 million during the quarter, compared to analysts’ expectations of $272.07 million. During the same quarter in the prior year, the company earned ($0.10) EPS. Pure Storage’s revenue was up 41.0% compared to the same quarter last year. analysts predict that Pure Storage will post -0.93 earnings per share for the current year.

In other news, CFO Timothy Riitters sold 11,749 shares of the business’s stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $16.74, for a total transaction of $196,678.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Scott Dietzen sold 200,000 shares of the business’s stock in a transaction dated Thursday, December 7th. The stock was sold at an average price of $17.22, for a total transaction of $3,444,000.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 877,362 shares of company stock valued at $15,556,864. Insiders own 46.58% of the company’s stock.

Several institutional investors have recently bought and sold shares of PSTG. Schwab Charles Investment Management Inc. grew its stake in shares of Pure Storage by 31.4% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 393,529 shares of the technology company’s stock valued at $5,042,000 after buying an additional 93,960 shares during the period. Principal Financial Group Inc. purchased a new stake in shares of Pure Storage in the 2nd quarter valued at approximately $166,000. JPMorgan Chase & Co. grew its stake in shares of Pure Storage by 8.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 75,274 shares of the technology company’s stock valued at $964,000 after buying an additional 6,169 shares during the period. Wells Fargo & Company MN grew its stake in shares of Pure Storage by 36.0% in the 2nd quarter. Wells Fargo & Company MN now owns 78,057 shares of the technology company’s stock valued at $1,000,000 after buying an additional 20,668 shares during the period. Finally, Alliancebernstein L.P. grew its stake in shares of Pure Storage by 62.6% in the 2nd quarter. Alliancebernstein L.P. now owns 160,000 shares of the technology company’s stock valued at $2,050,000 after buying an additional 61,600 shares during the period. 37.57% of the stock is owned by institutional investors and hedge funds.

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About Pure Storage

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.

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