John Colgrove, Chief Visionary Officer of Pure Storage, Inc. (NYSE:PSTG), recently sold a significant number of shares in the company, according to a new SEC filing. On September 19, Colgrove sold a total of 100,000 shares of Class A Common Stock, garnering over $4.9 million. The transactions occurred at prices ranging from $49.44 to $51.16 per share, with the weighted average prices for the two batches of shares sold being $49.90 and $50.64, respectively.
The shares were sold on behalf of The Colgrove Family Charitable Remainder Trust, as stated in the footnotes of the SEC filing. This trust was established to manage part of Colgrove's stock holdings and the sales were executed in accordance with a Rule 10b5-1 trading plan, a mechanism that allows insiders of publicly traded corporations to set up a trading plan for selling stocks they own.
Following the sales, Colgrove still holds a substantial amount of Pure Storage stock directly and indirectly through various trusts. Shares are held by trusts such as The Colgrove Family Living Trust and two irrevocable trusts named after Eric Edward Colgrove and Richard Winston Colgrove, with Jeff Rothschild as the trustee.
In addition to the sales, the SEC filing also reported that 11,485 shares of Class A Common Stock were withheld by Pure Storage at a price of $49.75 per share to satisfy tax withholding obligations related to the vesting of equity awards. This transaction, which did not represent a market sale, amounted to a total of $571,378.
Investors and market watchers often scrutinize insider transactions for insights into a company's health and the confidence that executives have in their firm's prospects. Transactions by insiders are closely monitored as they are considered to have a deeper understanding of the company. However, it should be noted that trading plans like the one Colgrove used are typically set up well in advance of any actual transactions and are often part of a broader financial planning strategy.
Pure Storage, Inc., headquartered in Mountain View, California, is a technology company specializing in computer storage devices and has been a player in the data solutions and storage industry since its incorporation.
In other recent news, Pure Storage reported solid financial results for the recent quarter, with an 11% increase in revenue, reaching $764 million, and a 24% rise in subscription services annual recurring revenue (ARR), exceeding $1.5 billion. Despite longer sales cycles for larger Evergreen deals and a projected decrease in product gross margins due to the transition to all-flash solutions, Pure Storage has maintained its full-year revenue target of $3.1 billion. TD Cowen, Needham, and Piper Sandler have all adjusted their price targets for Pure Storage, following the company's recent financial disclosures and growth concerns.
Despite these adjustments, Pure Storage continues to innovate, introducing next-generation Fusion architecture and AI storage-as-a-service for GPU clouds. The company also added 261 new customers in the recent quarter and is focusing on replacing traditional storage in hyperscaler data centers. Pure Storage's management is confident in its strategy and anticipates announcing a hyperscaler design win by the end of the year, indicating potential growth opportunities. The company's financial position remains robust with $1.8 billion in cash and investments.
InvestingPro Insights
Amid the recent insider transactions at Pure Storage, Inc. (NYSE:PSTG), investors may find additional context in the company's financial health and market performance through InvestingPro metrics. Pure Storage holds a market capitalization of $16.43 billion, reflecting its standing in the technology and data solutions sector. Despite the insider sales, the company boasts a solid financial position, with a gross profit margin of 71.66% over the last twelve months as of Q2 2025, underscoring its efficiency in generating revenue relative to costs.
Moreover, Pure Storage has seen an impressive EBITDA growth of 123.21% during the same period, indicating robust operational performance. These figures are complemented by a strong revenue growth of 8.89% over the last twelve months, suggesting that the company is expanding its market reach and sales effectiveness. As for the stock performance, Pure Storage has experienced a 1 year price total return of 46.46%, which may attract investors looking for growth in their portfolios.
An InvestingPro Tip worth noting is that Pure Storage is expected to see net income growth this year, which aligns with the company's recent financial achievements. Additionally, the fact that Pure Storage holds more cash than debt on its balance sheet is a reassuring sign of financial stability for shareholders and potential investors. For those seeking further insights into Pure Storage's prospects, additional InvestingPro Tips can be found at https://www.investing.com/pro/PSTG, including 12 more tips that provide a deeper dive into the company's valuation, performance, and analyst expectations.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.