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Pure Storage Inc. (PSTG) – Don’t Believe the Hype: Check The Facts

336 institutions hold shares in Pure Storage Inc. (PSTG), with 21.81M shares held by insiders accounting for 7.78% while institutional investors hold 92.75% of the company’s shares. The shares outstanding are 274.42M, and float is at 243.89M with Short Float at 6.37%. Institutions hold 85.53% of the Float.

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The top institutional shareholder in the company is ARK Investment Management, LLC with over 41.16 million shares valued at $930.66 million. The investor’s holdings represent 15.09% of the PSTG Shares outstanding. As of Dec 30, 2020, the second largest holder is FMR, LLC with 22.23 million shares valued at $502.68 million to account for 8.15% of the shares outstanding. The other top investors are Vanguard Group, Inc. (The) which holds 21.73 million shares representing 7.96% and valued at over $491.24 million, while Champlain Investment Partners, LLC holds 7.08% of the shares totaling 19.3 million with a market value of $436.48 million.

Pure Storage Inc. (NYSE: PSTG) is -7.74% lower on its value in year-to-date trading and has touched a low of $10.53 and a high of $29.53 in the current 52-week trading range. The question becomes, what are the chances the stock will make a comeback and enjoy potential growth. Why not look at analysts view on what the future holds for the stock. The PSTG stock was last observed hovering at around $21.64 in the last trading session, with the day’s loss setting it -0.78% off its average median price target of $30.00 for the next 12 months. It is also 40.4% off the consensus price target high of $35.00 offered by 21 analysts, but current levels are 0.67% higher than the price target low of $21.00 for the same period.

Currently trading at $20.86, the stock is -5.76% and -13.14% below its SMA20 and SMA50 respectively. However, with a daily trading volume of 4.43 million and changing -3.60% at the moment leaves the stock 7.07% off its SMA200. PSTG registered 64.38% gain for a year compared to 6-month gain of 40.76%. The firm has a 50-day simple moving average (SMA 50) of $24.07 and a 200-day simple moving average (SMA200) of $20.76.

The stock witnessed a -10.78% loss in the last 1 month and extending the period to 3 months gives it a -13.01%, and is -9.58% down over the last 5 days. If we measure the stock’s price variations over the week and the month, we find that the volatility rates stand at 5.57% over the week and 6.03% over the month.

Pure Storage Inc. (PSTG) has around 3800 employees, a market worth around $5.56B and $1.68B in sales. Fwd P/E is 41.97. Profit margin for the company is -16.70%. Distance from 52-week low is 98.01% and -29.36% from its 52-week high. The company has generated returns on investments over the last 12 months (-18.10%).

Pure Storage Inc. (PSTG) Analyst Forecasts

Analyst recommendations provided by FactSet shows that the consensus forecast for Pure Storage Inc. (PSTG) is a “Overweight”. 21 analysts offering their recommendations for the stock have an average rating of 2.10, where 7 rate it as a Hold and 0 think it is a “Overweight”. 14 of the analysts rate the stock as a “Buy”. 0 analysts have rated the stock as a Sell or Underperform.

Pure Storage Inc. is expected to release its quarterly report on 05/26/2021 and quarterly earnings per share for the current quarter are estimated at -$0.06 with sales reaching $405.88M over the same period.The EPS is expected to shrink by -32.50% this year, but quarterly earnings will post 14.90% year-over-year. Quarterly sales are estimated to grow 16.20% in year-over-year returns.

Pure Storage Inc. (PSTG) Insider Activity

A total of 38 insider transactions have happened at Pure Storage Inc. (PSTG) in the last six months, with sales accounting for 31 and purchases happening 7 times. The most recent transaction is an insider sale by Dietzen Scott, the company’s Director. SEC filings show that Dietzen Scott sold 310,000 shares of the company’s common stock on Feb 01 at a price of $23.56 per share for a total of $7.3 million. Following the sale, the insider now owns 0.35 million shares.

Pure Storage Inc. disclosed in a document filed with the SEC on Jan 21 that Dietzen Scott (Director) sold a total of 25,000 shares of the company’s common stock. The trade occurred on Jan 21 and was made at $22.88 per share for $0.57 million. Following the transaction, the insider now directly holds 0.36 million shares of the PSTG stock.

Still, SEC filings show that on Jan 04, Dietzen Scott (Director) disposed off 375,000 shares at an average price of $23.02 for $8.63 million. The insider now directly holds 382,000 shares of Pure Storage Inc. (PSTG).

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Pure Storage Inc. (PSTG): Who are the competitors?

The company’s main competitors (and peers) include Seagate Technology plc (STX) that is 56.83% higher over the past 12 months. Short interest in the company’s stock has fallen -2.7% from the last report on Feb 11, 2021 to stand at a total of 15.96 million short shares sold with a short interest ratio of 2.35.

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