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Pure Storage (PSTG) Rises Higher Than Market: Key Facts
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In the latest close session, Pure Storage (PSTG - Free Report) was up +2.66% at $92.47. The stock exceeded the S&P 500, which registered a gain of 1.54% for the day. Elsewhere, the Dow gained 0.81%, while the tech-heavy Nasdaq added 2.27%.
The data storage company's shares have seen an increase of 0.78% over the last month, not keeping up with the Computer and Technology sector's gain of 1.22% and outstripping the S&P 500's gain of 0.29%.
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 $0.59, showcasing a 18% upward movement from the corresponding quarter of the prior year. In the meantime, our current consensus estimate forecasts the revenue to be $956.49 million, indicating a 15.09% growth compared to the corresponding quarter of the prior year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $1.97 per share and revenue of $3.62 billion, which would represent changes of +16.57% and +17.56%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates 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 business health and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.78% increase. Right now, Pure Storage possesses a Zacks Rank of #2 (Buy).
Digging into valuation, Pure Storage currently has a Forward P/E ratio of 45.72. This denotes a premium relative to the industry average Forward P/E of 20.3.
We can additionally observe that PSTG currently boasts a PEG ratio of 2.72. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Computer- Storage Devices industry had an average PEG ratio of 1.98 as trading concluded yesterday.
The Computer- Storage Devices industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 92, positioning it in the top 38% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Pure Storage (PSTG) Rises Higher Than Market: Key Facts
In the latest close session, Pure Storage (PSTG - Free Report) was up +2.66% at $92.47. The stock exceeded the S&P 500, which registered a gain of 1.54% for the day. Elsewhere, the Dow gained 0.81%, while the tech-heavy Nasdaq added 2.27%.
The data storage company's shares have seen an increase of 0.78% over the last month, not keeping up with the Computer and Technology sector's gain of 1.22% and outstripping the S&P 500's gain of 0.29%.
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 $0.59, showcasing a 18% upward movement from the corresponding quarter of the prior year. In the meantime, our current consensus estimate forecasts the revenue to be $956.49 million, indicating a 15.09% growth compared to the corresponding quarter of the prior year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $1.97 per share and revenue of $3.62 billion, which would represent changes of +16.57% and +17.56%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates 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 business health and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.78% increase. Right now, Pure Storage possesses a Zacks Rank of #2 (Buy).
Digging into valuation, Pure Storage currently has a Forward P/E ratio of 45.72. This denotes a premium relative to the industry average Forward P/E of 20.3.
We can additionally observe that PSTG currently boasts a PEG ratio of 2.72. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Computer- Storage Devices industry had an average PEG ratio of 1.98 as trading concluded yesterday.
The Computer- Storage Devices industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 92, positioning it in the top 38% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.