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Pure Storage (PSTG) Stock Sinks As Market Gains: What You Should Know
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The latest trading session saw Pure Storage (PSTG - Free Report) ending at $61.96, denoting a -0.74% adjustment from its last day's close. This change lagged the S&P 500's daily gain of 0.97%. On the other hand, the Dow registered a gain of 0.58%, and the technology-centric Nasdaq increased by 1.39%.
The the stock of data storage company has risen by 5.62% in the past month, leading the Computer and Technology sector's loss of 5.36% and the S&P 500's loss of 1.85%.
Market participants will be closely following the financial results of Pure Storage in its upcoming release. The company plans to announce its earnings on August 28, 2024. 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. At the same time, our most recent consensus estimate is projecting a revenue of $756.73 million, reflecting a 9.88% rise from the equivalent quarter last year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $1.64 per share and a revenue of $3.13 billion, indicating changes of +15.49% and +10.63%, respectively, from the former year.
Investors should also note any recent changes to analyst estimates for Pure Storage. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
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 last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Pure Storage is currently sporting a Zacks Rank of #2 (Buy).
Looking at its valuation, Pure Storage is holding a Forward P/E ratio of 38.09. This expresses a premium compared to the average Forward P/E of 18.77 of its industry.
We can additionally observe that PSTG currently boasts a PEG ratio of 1.82. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Computer- Storage Devices was holding an average PEG ratio of 1.66 at yesterday's closing price.
The Computer- Storage Devices industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 19, positioning it in the top 8% 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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Pure Storage (PSTG) Stock Sinks As Market Gains: What You Should Know
The latest trading session saw Pure Storage (PSTG - Free Report) ending at $61.96, denoting a -0.74% adjustment from its last day's close. This change lagged the S&P 500's daily gain of 0.97%. On the other hand, the Dow registered a gain of 0.58%, and the technology-centric Nasdaq increased by 1.39%.
The the stock of data storage company has risen by 5.62% in the past month, leading the Computer and Technology sector's loss of 5.36% and the S&P 500's loss of 1.85%.
Market participants will be closely following the financial results of Pure Storage in its upcoming release. The company plans to announce its earnings on August 28, 2024. 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. At the same time, our most recent consensus estimate is projecting a revenue of $756.73 million, reflecting a 9.88% rise from the equivalent quarter last year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $1.64 per share and a revenue of $3.13 billion, indicating changes of +15.49% and +10.63%, respectively, from the former year.
Investors should also note any recent changes to analyst estimates for Pure Storage. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
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 last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Pure Storage is currently sporting a Zacks Rank of #2 (Buy).
Looking at its valuation, Pure Storage is holding a Forward P/E ratio of 38.09. This expresses a premium compared to the average Forward P/E of 18.77 of its industry.
We can additionally observe that PSTG currently boasts a PEG ratio of 1.82. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Computer- Storage Devices was holding an average PEG ratio of 1.66 at yesterday's closing price.
The Computer- Storage Devices industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 19, positioning it in the top 8% 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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.