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Why the Market Dipped But Pure Storage (PSTG) Gained Today
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The latest trading session saw Pure Storage (PSTG - Free Report) ending at $53.14, denoting a +0.78% adjustment from its last day's close. This change outpaced the S&P 500's 0.95% loss on the day. Meanwhile, the Dow lost 1.09%, and the Nasdaq, a tech-heavy index, lost 0.84%.
The data storage company's stock has climbed by 0.71% in the past month, falling short of the Computer and Technology sector's gain of 1.67% and the S&P 500's gain of 1.78%.
The investment community will be closely monitoring the performance of Pure Storage in its forthcoming earnings report. The company is forecasted to report an EPS of $0.21, showcasing a 162.5% upward movement from the corresponding quarter of the prior year. At the same time, our most recent consensus estimate is projecting a revenue of $681.37 million, reflecting a 15.62% rise from the equivalent quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $1.55 per share and a revenue of $3.13 billion, signifying shifts of +9.15% and +10.5%, respectively, from the last year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Pure Storage. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 5.12% upward. Pure Storage is holding a Zacks Rank of #3 (Hold) right now.
Valuation is also important, so investors should note that Pure Storage has a Forward P/E ratio of 33.95 right now. This indicates a premium in contrast to its industry's Forward P/E of 17.38.
Also, we should mention that PSTG has a PEG ratio of 1.92. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. Computer- Storage Devices stocks are, on average, holding a PEG ratio of 1.4 based on yesterday's closing prices.
The Computer- Storage Devices industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 35, this industry ranks in the top 14% of all industries, numbering over 250.
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.
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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Why the Market Dipped But Pure Storage (PSTG) Gained Today
The latest trading session saw Pure Storage (PSTG - Free Report) ending at $53.14, denoting a +0.78% adjustment from its last day's close. This change outpaced the S&P 500's 0.95% loss on the day. Meanwhile, the Dow lost 1.09%, and the Nasdaq, a tech-heavy index, lost 0.84%.
The data storage company's stock has climbed by 0.71% in the past month, falling short of the Computer and Technology sector's gain of 1.67% and the S&P 500's gain of 1.78%.
The investment community will be closely monitoring the performance of Pure Storage in its forthcoming earnings report. The company is forecasted to report an EPS of $0.21, showcasing a 162.5% upward movement from the corresponding quarter of the prior year. At the same time, our most recent consensus estimate is projecting a revenue of $681.37 million, reflecting a 15.62% rise from the equivalent quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $1.55 per share and a revenue of $3.13 billion, signifying shifts of +9.15% and +10.5%, respectively, from the last year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Pure Storage. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 5.12% upward. Pure Storage is holding a Zacks Rank of #3 (Hold) right now.
Valuation is also important, so investors should note that Pure Storage has a Forward P/E ratio of 33.95 right now. This indicates a premium in contrast to its industry's Forward P/E of 17.38.
Also, we should mention that PSTG has a PEG ratio of 1.92. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. Computer- Storage Devices stocks are, on average, holding a PEG ratio of 1.4 based on yesterday's closing prices.
The Computer- Storage Devices industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 35, this industry ranks in the top 14% of all industries, numbering over 250.
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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.