Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Pure Storage Inc. shares valued at $381,397 were sold by Brown Andrew William Fraser on Sep 12. At $30.18 per share, Brown Andrew William Fraser sold 12,637 shares. The insider’s holdings dropped to 55,448 shares worth approximately $1.53 million following the completion of this transaction.
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Also, Singh Ajay sold 36,338 shares, netting a total of over 1,249,591 in proceeds. Following the sale of shares at $34.39 each, the insider now holds 378,654 shares.
Before that, Brown Andrew William Fraser had sold 11,564 shares from its account. In a trade valued at $407,048, the Director traded Pure Storage Inc. shares for $35.20 each. Upon closing the transaction, the insider’s holdings decreased to 11,564 shares, worth approximately $1.63 million.
As published in their initiating research note from Credit Suisse on August 17, 2022, Pure Storage Inc. [PSTG] has been an Outperform and the price target has been revised to $36. This represents a 23.42% premium over Wednesday’s closing price. Analysts at BofA Securities downgraded the stock from ‘”a Buy”‘ to ‘”a Neutral”‘ outlook in a report released in mid May. As of April 05, 2022, UBS has initiated its “Neutral” rating for PSTG. Earlier on March 03, 2022, Wells Fargo resumed its rating. Their recommendation was “an Overweight” for PSTG stock.
Analyzing PSTG’s Price Performance
On Wednesday, Pure Storage Inc. [NYSE: PSTG] plunged -1.57% to $27.57. The stock’s lowest price that day was $27.56, but it reached a high of $28.52 in the same session. During the last five days, there has been a drop of approximately -7.08%. Over the course of the year, Pure Storage Inc. shares have dropped approximately -15.30%. Shares of the company reached a 52-week high of $36.71 on 03/28/22 and a 52-week low of $21.90 on 05/24/22. A 50-day SMA is recorded $28.83, while a 200-day SMA reached $28.81. Nevertheless, trading volume fell to 2.45 million shares from 2.13 million shares the previous day.
Support And Resistance Levels for Pure Storage Inc. (PSTG)
According to the 24-hour chart, there is a support level at 27.25, which, if violated, would cause prices to drop to 26.92. In the upper region, resistance lies at 28.21. The next price resistance is at 28.84. RSI (Relative Strength Index) is 38.69 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.10, which suggests the price will decrease in the coming days. Percent R is at 89.70%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Pure Storage Inc. subject to short interest?
Stocks of Pure Storage Inc. saw a sharp rise in short interest on Jul 14, 2022 jumping by 1.17 million shares to 19.47 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 18.3 million shares. A jump of 6.01% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 5.94 of the overall float, the days-to-cover ratio (short ratio) jumped to 5.94.
Which companies own the most shares of Pure Storage Inc. (PSTG)?
According to Fidelity Management & Research Co filings, the company currently owns 35,343,169 shares, which is about 11.94% of the total PSTG shares outstanding. The investor’s shares have appreciated by 3,164,595 from its previous 13-F filing of 32178574.0 shares. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $791,550,062. T. Rowe Price Associates, Inc. reduced a -6.67% interest valued at $495.38 million while Champlain Investment Partners LLC sold a -134,845 stake. A total of 346,361 shares of Pure Storage Inc. were sold by BlackRock Fund Advisors during the quarter, and -890,992 were sold by William Blair Investment Manageme. In its current portfolio, First Trust Advisors LP holds 6,435,944 shares valued at $186.45 million.
In terms of Pure Storage Inc. share price expectations, FactSet research, analysts set an average price target of $39.32 in the next 12 months, up nearly 42.81% from the previous closing price of $28.01. Analysts anticipate Pure Storage Inc. stock to reach $47.00 by 2022, with the lowest price target being $33.00. In spite of this, 21 analysts ranked Pure Storage Inc. stock as a Buy at the end of 2022. On March 03, 2022, Wedbush assigned a price target of “a Neutral” to the stock and reiterated coverage with a $34.