Pure Storage (PSTG) CFO Exercise and Sale: 20,647 Shares at $51.50 Avg
Rhea-AI Filing Summary
Pure Storage insider filing (Form 4/A): Chief Accounting Officer Mona Chu exercised 20,647 vested stock options with an exercise price of $10.62 on 10/07/2024, acquiring 20,647 Class A shares. The same day she sold 20,647 Class A shares in multiple transactions at a weighted average price of $51.50 (prices ranged from $51.48 to $51.56). Following the transactions, reported beneficial ownership of Class A common stock changed from 159,139 shares after the acquisition to 138,492 shares after the sale. The filing amends the Form 4 filed on October 9, 2024 to correct the reporting of the option exercise and adjust the post-transaction beneficial ownership.
Positive
- Fully vested option exercise of 20,647 shares was properly reported in the amendment
- Sale price range disclosed ($51.48–$51.56) with a weighted average of $51.50
Negative
- Original Form 4 required amendment to correct reporting of the option exercise and beneficial ownership
- Beneficial ownership decreased from 159,139 shares after the acquisition to 138,492 after the sale
Insights
TL;DR: Executive exercised vested options and sold the resulting shares the same day; filing corrects prior Form 4.
The report documents a routine option exercise and contemporaneous sale by Pure Storage's Chief Accounting Officer. The option exercise price was $10.62 and the shares were sold at a weighted average of $51.50, indicating a material gross per-share spread, though net proceeds are not stated. The amendment clarifies prior reporting errors by including the exercised options in the post-transaction beneficial ownership calculation. For investors, this is a standard insider liquidity event rather than a corporate operational disclosure.
TL;DR: Amended filing corrects exercise reporting; transactions appear compliant with disclosure requirements.
The filing corrects the original Form 4 by properly reporting a fully vested option exercise (20,647 shares) and the subsequent sale executed on 10/07/2024. The explanatory footnote discloses the sale price range ($51.48–$51.56) and offers to provide per-trade details on request, which aligns with transparency expectations for Section 16 reporting. The amendment and manual signature by an attorney-in-fact demonstrate remedial action to ensure accurate public records.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option (right to buy) | 20,647 | $0.00 | -- |
| Exercise | Class A Common Stock | 20,647 | $10.62 | $219K |
| Sale | Class A Common Stock | 20,647 | $51.50 | $1.06M |
Footnotes (1)
- The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $51.48 to $51.56 per share, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. This option is fully vested.
