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Pure Storage (PSTG) Beats Stock Market Upswing: What Investors Need to Know
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Pure Storage (PSTG - Free Report) closed at $52.95 in the latest trading session, marking a +1.4% move from the prior day. The stock's change was more than the S&P 500's daily gain of 1.02%. At the same time, the Dow added 0.4%, and the tech-heavy Nasdaq gained 2.03%.
The data storage company's stock has climbed by 0.44% in the past month, exceeding the Computer and Technology sector's loss of 5.32% and the S&P 500's loss of 3.15%.
Market participants will be closely following the financial results of Pure Storage in its upcoming release. The company is expected to report EPS of $0.21, up 162.5% from the prior-year quarter. Meanwhile, the latest consensus estimate predicts the revenue to be $681.37 million, indicating a 15.62% increase compared to the same quarter of the previous year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $1.55 per share and a revenue of $3.13 billion, signifying shifts of +9.15% and +10.5%, respectively, from the last year.
Any recent changes to analyst estimates for Pure Storage should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Pure Storage is currently a Zacks Rank #3 (Hold).
Looking at valuation, Pure Storage is presently trading at a Forward P/E ratio of 33.62. This valuation marks a premium compared to its industry's average Forward P/E of 25.28.
We can also see that PSTG currently has a PEG ratio of 1.9. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Computer- Storage Devices industry had an average PEG ratio of 1.37 as trading concluded yesterday.
The Computer- Storage Devices industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 27, finds itself in the top 11% echelons of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Pure Storage (PSTG) Beats Stock Market Upswing: What Investors Need to Know
Pure Storage (PSTG - Free Report) closed at $52.95 in the latest trading session, marking a +1.4% move from the prior day. The stock's change was more than the S&P 500's daily gain of 1.02%. At the same time, the Dow added 0.4%, and the tech-heavy Nasdaq gained 2.03%.
The data storage company's stock has climbed by 0.44% in the past month, exceeding the Computer and Technology sector's loss of 5.32% and the S&P 500's loss of 3.15%.
Market participants will be closely following the financial results of Pure Storage in its upcoming release. The company is expected to report EPS of $0.21, up 162.5% from the prior-year quarter. Meanwhile, the latest consensus estimate predicts the revenue to be $681.37 million, indicating a 15.62% increase compared to the same quarter of the previous year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $1.55 per share and a revenue of $3.13 billion, signifying shifts of +9.15% and +10.5%, respectively, from the last year.
Any recent changes to analyst estimates for Pure Storage should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Pure Storage is currently a Zacks Rank #3 (Hold).
Looking at valuation, Pure Storage is presently trading at a Forward P/E ratio of 33.62. This valuation marks a premium compared to its industry's average Forward P/E of 25.28.
We can also see that PSTG currently has a PEG ratio of 1.9. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Computer- Storage Devices industry had an average PEG ratio of 1.37 as trading concluded yesterday.
The Computer- Storage Devices industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 27, finds itself in the top 11% echelons of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.