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Pure Storage (NASDAQ:PSTG) Chief Accounting Officer Mona Chu sold 20,647 shares of Class A Common Stock on October 7, 2024, for a total of $1.06 million. The shares were sold at prices ranging from $51.48 to $51.56. The stock has since rallied significantly, currently trading near its 52-week high of $80.68, delivering an impressive 66% return over the past year. According to InvestingPro analysis, the stock appears overvalued at current levels.
On the same day, Chu also exercised options to acquire 20,647 shares of Pure Storage Class A Common Stock at a price of $10.62 per share, for a total value of $219,271. InvestingPro subscribers can access 20 additional key insights and a comprehensive Pro Research Report about Pure Storage’s valuation, financial health, and growth prospects.
In other recent news, Pure Storage reported revenue of $861 million, surpassing UBS estimates by approximately 1.4%, with an operating margin of 15.1%. The company achieved about 11% growth in its product segment, a notable increase from approximately 1% growth in the same period last year. Following these results, several analyst firms have adjusted their price targets for Pure Storage. UBS raised its price target to $55, maintaining a Sell rating, while TD Cowen increased its target to $85, keeping a Buy rating. Lake Street Capital Markets also raised their target to $80, citing Pure Storage’s revenue acceleration and improved product gross margins. Raymond James set a new target of $88, reflecting a positive market reaction to the company’s earnings report. Additionally, Needham increased its price target to $85, highlighting Pure Storage’s stronger-than-expected quarterly results and a 22% year-over-year growth in Remaining Performance Obligation (RPO). These developments underscore the company’s robust financial performance and positive analyst sentiment.
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