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Why Pure Storage (PSTG) Dipped More Than Broader Market Today
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Pure Storage (PSTG - Free Report) closed the most recent trading day at $59.75, moving -1.45% from the previous trading session. The stock trailed the S&P 500, which registered a daily loss of 0.78%. Elsewhere, the Dow saw a downswing of 1.29%, while the tech-heavy Nasdaq depreciated by 0.7%.
The data storage company's shares have seen a decrease of 11.3% over the last month, not keeping up with the Computer and Technology sector's loss of 3.17% and the S&P 500's gain of 2.14%.
The investment community will be closely monitoring the performance of Pure Storage in its forthcoming earnings report. The company is forecasted to report an EPS of $0.38, showcasing a 11.76% upward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $756.73 million, up 9.88% from the year-ago period.
For the full year, the Zacks Consensus Estimates project earnings of $1.64 per share and a revenue of $3.13 billion, demonstrating changes of +15.49% and +10.63%, respectively, from the preceding year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Pure Storage. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Pure Storage is holding a Zacks Rank of #3 (Hold) right now.
With respect to valuation, Pure Storage is currently being traded at a Forward P/E ratio of 36.99. This indicates a premium in contrast to its industry's Forward P/E of 18.59.
Meanwhile, PSTG's PEG ratio is currently 1.77. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The average PEG ratio for the Computer- Storage Devices industry stood at 1.52 at the close of the market yesterday.
The Computer- Storage Devices industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 96, positioning it in the top 39% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Why Pure Storage (PSTG) Dipped More Than Broader Market Today
Pure Storage (PSTG - Free Report) closed the most recent trading day at $59.75, moving -1.45% from the previous trading session. The stock trailed the S&P 500, which registered a daily loss of 0.78%. Elsewhere, the Dow saw a downswing of 1.29%, while the tech-heavy Nasdaq depreciated by 0.7%.
The data storage company's shares have seen a decrease of 11.3% over the last month, not keeping up with the Computer and Technology sector's loss of 3.17% and the S&P 500's gain of 2.14%.
The investment community will be closely monitoring the performance of Pure Storage in its forthcoming earnings report. The company is forecasted to report an EPS of $0.38, showcasing a 11.76% upward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $756.73 million, up 9.88% from the year-ago period.
For the full year, the Zacks Consensus Estimates project earnings of $1.64 per share and a revenue of $3.13 billion, demonstrating changes of +15.49% and +10.63%, respectively, from the preceding year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Pure Storage. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Pure Storage is holding a Zacks Rank of #3 (Hold) right now.
With respect to valuation, Pure Storage is currently being traded at a Forward P/E ratio of 36.99. This indicates a premium in contrast to its industry's Forward P/E of 18.59.
Meanwhile, PSTG's PEG ratio is currently 1.77. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The average PEG ratio for the Computer- Storage Devices industry stood at 1.52 at the close of the market yesterday.
The Computer- Storage Devices industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 96, positioning it in the top 39% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.