Yahoo Finance Pure Storage (PSTG) Suffers a Larger Drop Than the General Market: Key Insights
Pure Storage (PSTG) ended the recent trading session at $58.85, demonstrating a -1.24% swing from the preceding day's closing price. This change lagged the S&P 500's daily loss of 0.21%. Meanwhile, the Dow lost 0.1%, and the Nasdaq, a tech-heavy index, lost 0.26%.
Shares of the data storage company have appreciated by 13.9% over the course of the past month, outperforming the Computer and Technology sector's gain of 6.51% and the S&P 500's gain of 5.04%.
The investment community will be closely monitoring the performance of Pure Storage in its forthcoming earnings report. The company is scheduled to release its earnings on May 29, 2024. 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.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $1.55 per share and a revenue of $3.13 billion, indicating changes of +9.15% and +10.5%, respectively, from the former year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Pure Storage. These latest adjustments often mirror the shifting dynamics of short-term business patterns. 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 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, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Pure Storage currently has a Zacks Rank of #2 (Buy).
Valuation is also important, so investors should note that Pure Storage has a Forward P/E ratio of 38.36 right now. This valuation marks a premium compared to its industry's average Forward P/E of 27.5.
Investors should also note that PSTG has a PEG ratio of 2.17 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. By the end of yesterday's trading, the Computer- Storage Devices industry had an average PEG ratio of 1.57.
The Computer- Storage Devices industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 18, putting it in the top 8% 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.
To follow PSTG in the coming trading sessions, be sure to utilize Zacks.com.
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Pure Storage, Inc. (PSTG) : Free Stock Analysis Report
