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Pure Storage (PSTG) Beats Stock Market Upswing: What Investors Need to Know
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The most recent trading session ended with Pure Storage (PSTG - Free Report) standing at $53.31, reflecting a +1.93% shift from the previouse trading day's closing. The stock's change was more than the S&P 500's daily gain of 0.03%. At the same time, the Dow added 0.41%, and the tech-heavy Nasdaq gained 0.12%.
Heading into today, shares of the data storage company had gained 3.36% over the past month, outpacing the Computer and Technology sector's loss of 0.55% and the S&P 500's loss of 0.9% in that time.
Market participants will be closely following the financial results of Pure Storage in its upcoming release. 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. In the meantime, our current consensus estimate forecasts the revenue to be $681.37 million, indicating a 15.62% growth compared to the corresponding quarter of the prior year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $1.55 per share and revenue of $3.13 billion, indicating changes of +9.15% and +10.5%, respectively, compared to the previous year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Pure Storage. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 5.12% higher within the past month. As of now, Pure Storage holds a Zacks Rank of #3 (Hold).
With respect to valuation, Pure Storage is currently being traded at a Forward P/E ratio of 33.67. This represents a premium compared to its industry's average Forward P/E of 16.11.
Meanwhile, PSTG's PEG ratio is currently 1.91. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The average PEG ratio for the Computer- Storage Devices industry stood at 1.35 at the close of the market yesterday.
The Computer- Storage Devices industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 67, finds itself in the top 27% echelons of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Pure Storage (PSTG) Beats Stock Market Upswing: What Investors Need to Know
The most recent trading session ended with Pure Storage (PSTG - Free Report) standing at $53.31, reflecting a +1.93% shift from the previouse trading day's closing. The stock's change was more than the S&P 500's daily gain of 0.03%. At the same time, the Dow added 0.41%, and the tech-heavy Nasdaq gained 0.12%.
Heading into today, shares of the data storage company had gained 3.36% over the past month, outpacing the Computer and Technology sector's loss of 0.55% and the S&P 500's loss of 0.9% in that time.
Market participants will be closely following the financial results of Pure Storage in its upcoming release. 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. In the meantime, our current consensus estimate forecasts the revenue to be $681.37 million, indicating a 15.62% growth compared to the corresponding quarter of the prior year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $1.55 per share and revenue of $3.13 billion, indicating changes of +9.15% and +10.5%, respectively, compared to the previous year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Pure Storage. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 5.12% higher within the past month. As of now, Pure Storage holds a Zacks Rank of #3 (Hold).
With respect to valuation, Pure Storage is currently being traded at a Forward P/E ratio of 33.67. This represents a premium compared to its industry's average Forward P/E of 16.11.
Meanwhile, PSTG's PEG ratio is currently 1.91. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The average PEG ratio for the Computer- Storage Devices industry stood at 1.35 at the close of the market yesterday.
The Computer- Storage Devices industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 67, finds itself in the top 27% echelons of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.