Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Pure Storage Inc shares valued at $1,960,311 were sold by FitzSimons Dan on Mar 01 ’24. At $53.80 per share, FitzSimons Dan sold 36,437 shares. The insider’s holdings dropped to 90,559 shares worth approximately $4.76 million following the completion of this transaction.
Also, Chu Mona sold 6,853 shares, netting a total of over 381,438 in proceeds. Following the sale of shares at $55.66 each, the insider now holds 133,100 shares.
Before that, Krysler P. Kevan had sold 26,257 shares from its account. In a trade valued at $942,364, the Chief Financial Officer traded Pure Storage Inc shares for $35.89 each. Upon closing the transaction, the insider’s holdings decreased to 26,257 shares, worth approximately $23.36 million.
As published in their initiating research note from Citigroup on March 15, 2024, Pure Storage Inc [PSTG] has been a Buy and the price target has been revised to $65. Analysts at Needham started covering the stock with ‘”a Buy”‘ outlook in a report released in early March. As of February 29, 2024, TD Cowen has reiterated its “an Outperform” rating for PSTG. Earlier on February 14, 2024, Stifel downgraded its rating. Their new recommendation was “a Hold” for PSTG stock which previously was a “a Buy”.
Analyzing PSTG Stock Performance
During the last five days, there has been a surge of approximately 0.11%. Over the course of the year, Pure Storage Inc shares have jumped approximately 47.53%. Shares of the company reached a 52-week high of $58.46 on 03/08/24 and a 52-week low of $34.32 on 01/02/24. A 50-day SMA is recorded $47.39, while a 200-day SMA reached $39.02. Nevertheless, trading volume fell to 3.5 million shares from 2.69 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 51.72, which, if violated, would cause prices to drop to 50.84. In the upper region, resistance lies at 54.23. The next price resistance is at 55.86. RSI (Relative Strength Index) is 57.23 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.71, which suggests the price will decrease in the coming days. Percent R is at 38.82%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Pure Storage Inc subject to short interest?
Stocks of Pure Storage Inc saw a sharp steep in short interest on Mar 15, 2024 dropping by -1.1 million shares to 8.59 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 9.69 million shares. A decline of -12.81% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 1.67 of the overall float, the days-to-cover ratio (short ratio) decline to 1.67.
