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Can Pure Storage (PSTG) Run Higher on Strong Earnings Estimate Revisions?

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Pure Storage, Inc. (PSTG - Free Report) is a data platformbuilding company that could be an interesting play for investors. That is because, not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front as well.

These positive earnings estimate revisions suggest that analysts are becoming more optimistic on PSTG’s earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these time frames over the past four weeks, suggesting that PSTG International could be a solid choice for investors.

Current Quarter Estimates for PSTG

In the past 30 days, six estimates have gone higher for Pure Storage while none have gone lower in the same time period. The trend has been pretty favorable too, with estimates increasing from a loss of five cents a share 30 days ago, to a loss of three cents today, a move of 40%.

Current Year Estimates for PSTG

Meanwhile, Pure Storage’s current year figures are also looking quite promising, with eight estimates moving higher in the past month, compared to one lower. The consensus estimate trend has also seen a boost for this time frame, increasing from a loss of 29 cents per share 30 days ago to a loss of 21 cents per share today, an increase of 27.6%.

Pure Storage, Inc. Price and Consensus

Bottom Line

The stock has also started to move higher lately, adding 17.1% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So investors may definitely want to consider this Zacks Rank #3 (Hold) stock to profit in the near future. You can see the complete list of today’s Zacks #1 Rank stocks here.

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