The most recent trading session ended with Pure Storage (PSTG) standing at $62.49, reflecting a +1.73% shift from the previouse trading day's closing. The stock's performance was ahead of the S&P 500's daily loss of 0.22%. At the same time, the Dow lost 0.36%, and the tech-heavy Nasdaq lost 0.16%.

The data storage company's stock has dropped by 6% in the past month, falling short of the Computer and Technology sector's gain of 1.86% and the S&P 500's loss of 2.36%.

Investors will be eagerly watching for the performance of Pure Storage in its upcoming earnings disclosure. The company is predicted to post an EPS of $0.43, indicating a 14% decline compared to the equivalent quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $869.71 million, reflecting a 10.12% rise from the equivalent quarter last year.

PSTG's full-year Zacks Consensus Estimates are calling for earnings of $1.68 per share and revenue of $3.16 billion. These results would represent year-over-year changes of +18.31% and +11.47%, respectively.

Investors should also note any recent changes to analyst estimates for Pure Storage. Such recent modifications usually signify the changing landscape of near-term business trends. 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 take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 4.74% higher within the past month. Pure Storage currently has a Zacks Rank of #3 (Hold).

In terms of valuation, Pure Storage is currently trading at a Forward P/E ratio of 36.55. This represents a premium compared to its industry's average Forward P/E of 13.23.

It is also worth noting that PSTG currently has a PEG ratio of 1.95. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. PSTG's industry had an average PEG ratio of 1.95 as of yesterday's close.

The Computer- Storage Devices industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 229, putting it in the bottom 9% of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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, Inc. (PSTG) : Free Stock Analysis Report

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