In the latest trading session, Pure Storage (PSTG) closed at $52.24, marking a +1.57% move from the previous day. This move outpaced the S&P 500’s daily gain of 1.26%. On the other hand, the Dow registered a gain of 1.18%, and the technology-centric Nasdaq increased by 1.99%.
Prior to today’s trading, shares of the data storage company had lost 2.24% over the past month. This has was narrower than the Computer and Technology sector’s loss of 2.46% and the S&P 500’s loss of 2.68% in that time.
The upcoming earnings release of Pure Storage will be of great interest to investors. The company’s earnings per share (EPS) are projected to be $0.21, reflecting a 162.5% increase from the same quarter last 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.
For the full year, the Zacks Consensus Estimates are projecting earnings of $1.55 per share and revenue of $3.13 billion, which would represent changes of +9.15% and +10.5%, respectively, from the prior year.
Investors should also take note of any recent adjustments to analyst estimates for Pure Storage. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company’s business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To capitalize on this, we’ve crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Pure Storage is currently a Zacks Rank #1 (Strong Buy).
Investors should also note Pure Storage’s current valuation metrics, including its Forward P/E ratio of 33.11. This indicates a premium in contrast to its industry’s Forward P/E of 24.95.
It’s also important to note that PSTG currently trades at a PEG ratio of 1.88. 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. As of the close of trade yesterday, the Computer- Storage Devices industry held an average PEG ratio of 1.35.
The Computer- Storage Devices industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 15, which puts it in the top 6% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in 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.
Highest Returns for Any Asset Class
It’s not even close. Despite ups and downs, Bitcoin has been more profitable for investors than any other decentralized, borderless form of money.
No guarantees for the future, but in the past three presidential election years, Bitcoin’s returns were as follows: 2012 +272.4%, 2016 +161.1%, and 2020 +302.8%. Zacks predicts another significant surge in months to come.
Hurry, Download Special Report – It’s FREE >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Pure Storage, Inc. (PSTG) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
