Pure Storage, Inc. (PSTG) Hit a 52 Week High, Can the Run Continue?
Nasdaq Have you been paying attention to shares of Pure Storage (PSTG)? Shares have been on the move with the stock up 8.7% over the past month. The stock hit a new 52-week high of $40.5 in the previous session. Pure Storage has gained 50.1% since the start of the year compared to the 41.9% move for the Zacks Computer and Technology sector and the 64.2% return for the Zacks Computer- Storage Devices industry.
What's Driving the Outperformance?
The stock has a great record of positive earnings surprises, as it hasn't missed our earnings consensus estimate in any of the last four quarters. In its last earnings report on August 30, 2023, Pure Storage reported EPS of $0.34 versus consensus estimate of $0.28.
For the current fiscal year, Pure Storage is expected to post earnings of $1.39 per share on $2.96 billion in revenues. This represents a 6.11% change in EPS on a 7.4% change in revenues. For the next fiscal year, the company is expected to earn $1.68 per share on $3.43 billion in revenues. This represents a year-over-year change of 20.8% and 15.89%, respectively.