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Pure Storage (PSTG) Stock Moves 0.9%: What You Should Know
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In the latest market close, Pure Storage (PSTG - Free Report) reached $57.19, with a +0.9% movement compared to the previous day. At the same time, the Dow lost 0.36%, and the tech-heavy Nasdaq gained 0.21%.
The data storage company's shares have seen a decrease of 13.07% over the last month, not keeping up with the Computer and Technology sector's loss of 11.22% and the S&P 500's loss of 4.22%.
Analysts and investors alike will be keeping a close eye on the performance of Pure Storage in its upcoming earnings disclosure. The company's earnings report is set to go public on August 28, 2024. The company's upcoming EPS is projected at $0.38, signifying a 11.76% increase compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $756.73 million, up 9.88% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $1.64 per share and revenue of $3.13 billion, which would represent changes of +15.49% and +10.63%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Pure Storage. 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.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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.
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. At present, Pure Storage boasts a Zacks Rank of #2 (Buy).
From a valuation perspective, Pure Storage is currently exchanging hands at a Forward P/E ratio of 34.58. This signifies a premium in comparison to the average Forward P/E of 15.33 for its industry.
It's also important to note that PSTG currently trades at a PEG ratio of 1.65. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. Computer- Storage Devices stocks are, on average, holding a PEG ratio of 1.53 based on yesterday's closing prices.
The Computer- Storage Devices industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 69, placing it within the top 28% of over 250 industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Pure Storage (PSTG) Stock Moves 0.9%: What You Should Know
In the latest market close, Pure Storage (PSTG - Free Report) reached $57.19, with a +0.9% movement compared to the previous day. At the same time, the Dow lost 0.36%, and the tech-heavy Nasdaq gained 0.21%.
The data storage company's shares have seen a decrease of 13.07% over the last month, not keeping up with the Computer and Technology sector's loss of 11.22% and the S&P 500's loss of 4.22%.
Analysts and investors alike will be keeping a close eye on the performance of Pure Storage in its upcoming earnings disclosure. The company's earnings report is set to go public on August 28, 2024. The company's upcoming EPS is projected at $0.38, signifying a 11.76% increase compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $756.73 million, up 9.88% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $1.64 per share and revenue of $3.13 billion, which would represent changes of +15.49% and +10.63%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Pure Storage. 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.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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.
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. At present, Pure Storage boasts a Zacks Rank of #2 (Buy).
From a valuation perspective, Pure Storage is currently exchanging hands at a Forward P/E ratio of 34.58. This signifies a premium in comparison to the average Forward P/E of 15.33 for its industry.
It's also important to note that PSTG currently trades at a PEG ratio of 1.65. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. Computer- Storage Devices stocks are, on average, holding a PEG ratio of 1.53 based on yesterday's closing prices.
The Computer- Storage Devices industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 69, placing it within the top 28% of over 250 industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.