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Pure Storage's (PSTG) Pure as-a-Service Gains Steady Traction
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Pure Storage (PSTG - Free Report) recently announced sustained growth and robust customer adoption of its Pure as-a-Service subscription offering.
Launched in 2018, Pure as-a-Service is a storage as-a-service platform that integrates on-premises and public cloud storage resources in a single data storage subscription that offers an authentic hybrid cloud experience.
What Does Pure as-a-Service Offer?
Pure as-a-Service is a unique subscription model that provides simple, seamless and transparent data storage. It also ensures proactive monitoring and non-disruptive upgrades while providing enhanced performance.
This storage-as-a-service solution delivers the agility and flexibility of public cloud storage with the security and performance of an all-flash infrastructure. With Pure as-a-Service, customers are billed on actual consumption, with minimum commitments starting at 50 tebibytes.
This solution allows customers to get the storage they need to match their business requirements, which can be scaled up or down at any time. Further, it eliminates capital expenditure surprises, enabling businesses to redirect attention and resources to other high growth opportunities.
Pure Storage has continuously developed Pure as-a-Service to provide improved pricing transparency and granularity by incorporating an additional layer of self-service for customers. Customers can now leverage an extended version of Pure Storage's Cost Calculator, which has been built directly in Pure1, the company’s artificial intelligence-driven data-services platform for storage management. With the increased ability to perform advanced workload modeling, to request a quote, and to make purchases directly through the platform, Pure Storage is delivering unparalleled price transparency for customers’ storage needs.
Global organizations like the City and County of Denver, Wobcom GmbH, and Matrix Solutions are benefiting from the unrivaled flexibility and simplicity of Pure as-a-Service.
In 2021, Pure Storage saw enhanced customer adoption in key markets globally, including one of the world's leading shipping and logistics companies, which selected Pure as-a-Service to build a secure data infrastructure for its new offering.
Thanks to solid customer growth, in fiscal year 2022, Pure Storage’s subscription services revenue accounted for 33% of total revenues, exceeding $738 million and surging 37% year over year.
Pure Storage’s expanding and unified subscription strategy is underscored by Pure as-a-Service's gaining traction combined with the solid uptake of its Evergreen Storage subscription services and Pure Cloud Block Store.
Headquartered in Mountain View, CA, Pure Storage provides software-defined all-flash solutions that are uniquely fast and cloud-capable for customers. The company is the pioneer of the Evergreen Storage business model of hardware and software innovation, support and maintenance, eliminating the 3–5 year forklift refresh cycle of legacy storage systems.
The accelerated migration to private and hybrid cloud infrastructure and increasing usage of flash solutions in data centers are driving demand for Pure Storage’s solutions. The continuation of remote work setup due to the COVID-19 crisis is likely to have driven the adoption of Pure Storage’s hybrid multi-cloud offerings and cloud data services.
Pure Storage currently has a Zacks Rank #3 (Hold). Shares of PSTG have gained 71.8% compared with the industry’s rise of 4.7% in the past year.
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Pure Storage's (PSTG) Pure as-a-Service Gains Steady Traction
Pure Storage (PSTG - Free Report) recently announced sustained growth and robust customer adoption of its Pure as-a-Service subscription offering.
Launched in 2018, Pure as-a-Service is a storage as-a-service platform that integrates on-premises and public cloud storage resources in a single data storage subscription that offers an authentic hybrid cloud experience.
What Does Pure as-a-Service Offer?
Pure as-a-Service is a unique subscription model that provides simple, seamless and transparent data storage. It also ensures proactive monitoring and non-disruptive upgrades while providing enhanced performance.
This storage-as-a-service solution delivers the agility and flexibility of public cloud storage with the security and performance of an all-flash infrastructure. With Pure as-a-Service, customers are billed on actual consumption, with minimum commitments starting at 50 tebibytes.
This solution allows customers to get the storage they need to match their business requirements, which can be scaled up or down at any time. Further, it eliminates capital expenditure surprises, enabling businesses to redirect attention and resources to other high growth opportunities.
Pure Storage has continuously developed Pure as-a-Service to provide improved pricing transparency and granularity by incorporating an additional layer of self-service for customers. Customers can now leverage an extended version of Pure Storage's Cost Calculator, which has been built directly in Pure1, the company’s artificial intelligence-driven data-services platform for storage management. With the increased ability to perform advanced workload modeling, to request a quote, and to make purchases directly through the platform, Pure Storage is delivering unparalleled price transparency for customers’ storage needs.
Global organizations like the City and County of Denver, Wobcom GmbH, and Matrix Solutions are benefiting from the unrivaled flexibility and simplicity of Pure as-a-Service.
In 2021, Pure Storage saw enhanced customer adoption in key markets globally, including one of the world's leading shipping and logistics companies, which selected Pure as-a-Service to build a secure data infrastructure for its new offering.
Thanks to solid customer growth, in fiscal year 2022, Pure Storage’s subscription services revenue accounted for 33% of total revenues, exceeding $738 million and surging 37% year over year.
Pure Storage’s expanding and unified subscription strategy is underscored by Pure as-a-Service's gaining traction combined with the solid uptake of its Evergreen Storage subscription services and Pure Cloud Block Store.
Headquartered in Mountain View, CA, Pure Storage provides software-defined all-flash solutions that are uniquely fast and cloud-capable for customers. The company is the pioneer of the Evergreen Storage business model of hardware and software innovation, support and maintenance, eliminating the 3–5 year forklift refresh cycle of legacy storage systems.
The accelerated migration to private and hybrid cloud infrastructure and increasing usage of flash solutions in data centers are driving demand for Pure Storage’s solutions. The continuation of remote work setup due to the COVID-19 crisis is likely to have driven the adoption of Pure Storage’s hybrid multi-cloud offerings and cloud data services.
Pure Storage currently has a Zacks Rank #3 (Hold). Shares of PSTG have gained 71.8% compared with the industry’s rise of 4.7% in the past year.
Image Source: Zacks Investment Research
Key Picks
Some better-ranked stocks from the broader technology space are Badger Meter (BMI - Free Report) , NETGEAR (NTGR - Free Report) and Iridium Communications (IRDM - Free Report) . While Badger Meter sports a Zacks Rank #1 (Strong Buy), NETGEAR and Iridium carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Badger Meter has a projected earnings growth rate of 5.77% for 2022. The Zacks Consensus Estimate for Badger Meter’s 2022 earnings has been revised upward by 19 cents in the past 60 days.
Badger Meter’s earnings beat the Zacks Consensus Estimate in three of the last four quarters and met estimates once, the average surprise being 14%. Shares of BMI have gained 7.7% in the past year.
NETGEAR has a projected earnings growth rate of 31.46% for 2023. The Zacks Consensus Estimate for NETGEAR’s 2023 earnings has been revised downward by 7 cents in the past 90 days.
NETGEAR’s earnings beat the Zacks Consensus Estimate in three of the last four quarters and missed estimates once, the average surprise being 35.5%. Shares of NTGR have plunged 39.5% in the past year.
Iridium has a projected earnings growth rate of 271.43% for 2022. The Zacks Consensus Estimate for Iridium’s 2022 earnings has been revised upward by a penny in the past 90 days.
Iridium’s earnings beat the Zacks Consensus Estimate in two of the last four quarters and met estimates twice, the average surprise being 39.4%. Shares of IRDM have gained 7.4% in the past year.