Pure Storage, Inc. (PSTG - Free Report) is a provider of software-defined all-flash solutions 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 Pure Storage could be a solid choice for investors.
Current Quarter Estimates for PSTG
In the past 30 days, eight estimates have gone higher for Pure Storage while one has gone lower in the same time period. The trend has been pretty favorable too, with estimates increasing from six cents a share 30 days ago, to nine cents today, a move of 50%.
Current Year Estimates for PSTG
Meanwhile, Pure Storage’s current year figures are also looking quite promising, with 10 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 14 cents per share 30 days ago to 21 cents per share today, an increase of 50%.
The stock has also started to move higher lately, adding 23.8% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So, investors may 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 (Strong Buy) stocks here.
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