Pure Storage put volume heavy and directionally bearish

Bearish flow noted in Pure Storage with 3,094 puts trading, or 1.8x expected. Most active are Mar-23 27 puts and Mar-23 29 calls, with total volume in those strikes near 3,000 contracts. The Put/Call Ratio is 11.05, while ATM IV is up over 1 point on the day. Earnings are expected on March 1st.