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Why Pure Storage (PSTG) Dipped More Than Broader Market Today
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The latest trading session saw Pure Storage (PSTG - Free Report) ending at $57.42, denoting a -1.54% adjustment from its last day's close. The stock's performance was behind the S&P 500's daily loss of 0.51%. Meanwhile, the Dow gained 0.2%, and the Nasdaq, a tech-heavy index, lost 0.93%.
Coming into today, shares of the data storage company had lost 7% in the past month. In that same time, the Computer and Technology sector lost 2.41%, while the S&P 500 lost 0.26%.
Market participants will be closely following the financial results of Pure Storage in its upcoming release. 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. Our most recent consensus estimate is calling for quarterly revenue of $756.73 million, up 9.88% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $1.64 per share and revenue of $3.13 billion, indicating changes of +15.49% and +10.63%, respectively, compared to the previous year.
Any recent changes to analyst estimates for Pure Storage should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding 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. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Pure Storage is currently sporting a Zacks Rank of #3 (Hold).
In terms of valuation, Pure Storage is presently being traded at a Forward P/E ratio of 35.58. This represents a premium compared to its industry's average Forward P/E of 18.33.
We can also see that PSTG currently has a PEG ratio of 1.7. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Computer- Storage Devices industry had an average PEG ratio of 1.42 as trading concluded yesterday.
The Computer- Storage Devices industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 33, placing it within the top 14% of over 250 industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming 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
The latest trading session saw Pure Storage (PSTG - Free Report) ending at $57.42, denoting a -1.54% adjustment from its last day's close. The stock's performance was behind the S&P 500's daily loss of 0.51%. Meanwhile, the Dow gained 0.2%, and the Nasdaq, a tech-heavy index, lost 0.93%.
Coming into today, shares of the data storage company had lost 7% in the past month. In that same time, the Computer and Technology sector lost 2.41%, while the S&P 500 lost 0.26%.
Market participants will be closely following the financial results of Pure Storage in its upcoming release. 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. Our most recent consensus estimate is calling for quarterly revenue of $756.73 million, up 9.88% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $1.64 per share and revenue of $3.13 billion, indicating changes of +15.49% and +10.63%, respectively, compared to the previous year.
Any recent changes to analyst estimates for Pure Storage should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding 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. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Pure Storage is currently sporting a Zacks Rank of #3 (Hold).
In terms of valuation, Pure Storage is presently being traded at a Forward P/E ratio of 35.58. This represents a premium compared to its industry's average Forward P/E of 18.33.
We can also see that PSTG currently has a PEG ratio of 1.7. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Computer- Storage Devices industry had an average PEG ratio of 1.42 as trading concluded yesterday.
The Computer- Storage Devices industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 33, placing it within the top 14% of over 250 industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming 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.