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Pure Storage (PSTG) Rolls Out Updates for Portworx Portfolio

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Pure Storage (PSTG - Free Report) rolled out new updates for its Portworx portfolio to help enterprises simplify and accelerate Kubernetes adoption. The company announced the general availability of Portworx Data Services and Portworx Backup-as-a-Service and launched the next generation of Portworx Enterprise solution.

Portworx Data Services is a Kubernetes Database-as-a-Service (DBasS) platform that enables businesses ramp up deployment and Day 2 operations. Pure Storage’s latest DBaaS service extends improved security for any data service with just one click deployment,  eliminating the need for lock-in and appointing specialists. Also, users will have the option to pay for only the data services they consume. Portworx Data Services can be bought through a pay-as-you-go model or through pre-purchased hours, added the company.

Citing a Global Data Protection Index 2021 report, Pure Storage noted that most organizations are worried that existing solutions might not be adequate in the future while others are struggling to find the correct security solution for their cloud apps. Amid all this, the demand for backup and disaster recovery solutions to be offered as-a-Service has been increasing.

Now, Portworx Backup-as-a-Service has auto-discovery of Amazon EKS clusters feature to aid customers in extending security to all the cloud-native apps with a few simple clicks, Role-Based Access Control (RBAC) and multi-tenancy, added the company.

 

Portworx Enterprise solution will help clients migrate various workloads to Kubernetes production environments. The next generation of Portworx Enterprise is expected to be globally available during the second half of 2022.
By using Portworx Enterprise, users will be able to deploy Kubernetes applications in a 5G/edge environment, end-to-end IPv6 support and access to edge storage, noted Pure Storage. Users will also be able to leverage high IOPS and low latency of any high-performance storage backend infrastructure without affecting the functioning of Portworx Enterprise.

In 2020, Pure Storage acquired Portworx to improve its could-services solutions for Kubernetes and containers technology. The Portworx acquisition, valued at $370 million, is the most expensive buyout for Pure Storage to date.

Headquartered in Mountain View, CA, Pure Storage provides software-defined all-flash solutions that are uniquely fast and cloud-capable for customers. The company’s performance is gaining from continued momentum in Pure as-a-Service, Portworx and Evergreen Storage subscription services. The company is benefiting from strength across FlashArray and FlashBlade businesses and strong prospects in the data-driven markets of Artificial Intelligence, Machine Learning, Internet of Things, Real-time Analytics and Simulation.

At present, Pure Storage sports a Zacks Rank #1 (Strong Buy). Shares of PSTG have gained 23.7% against the industry’s decline of 15.3% in the past year.

Other Key Picks

A few other top-ranked stocks from the broader technology sector worth consideration are InterDigital (IDCC - Free Report) , Flex (FLEX - Free Report) and Cadence Design Systems (CDNS - Free Report) . All stocks sport a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Flex’s fiscal 2023 earnings is pegged at $2.16 per share, up 6.9% in the past 60 days. The long-term earnings growth rate is pegged at 14.9%.

Flex’s earnings beat the Zacks Consensus Estimate all last four quarters, with the average being 21.1%. Shares of FLEX have declined 12.7% in the past year.

The Zacks Consensus Estimate for Cadence 2022 earnings is pegged at $3.89 per share, up 4.3% in the past 60 days. The long-term earnings growth rate is 17%.

Cadence’s earnings beat the Zacks Consensus Estimate all last four quarters, with the average being 10.6%. Shares of CDNS have gained 16% in the past year.

The Zacks Consensus Estimate for InterDigital 2022 earnings is pegged at $3.28 per share, up 5.1% in the past 60 days. IDCC’s long-term earnings growth rate is pegged at 15%.

InterDigital’s earnings beat the Zacks Consensus Estimate in all the preceding four quarters, with the average being 141.1%. Shares of IDCC have lost 16.2% of their value in the past year.