The most recent trading session ended with Pure Storage (PSTG) standing at $52.38, reflecting a -1.19% shift from the previouse trading day's closing. The stock's performance was behind the S&P 500's daily loss of 0.92%. Elsewhere, the Dow saw a downswing of 0.96%, while the tech-heavy Nasdaq depreciated by 1.6%.

Coming into today, shares of the data storage company had gained 6.42% in the past month. In that same time, the Computer and Technology sector gained 3.64%, while the S&P 500 gained 2.68%.

The investment community will be closely monitoring the performance of Pure Storage in its forthcoming earnings report. The company's earnings per share (EPS) are projected to be $0.43, reflecting a 14% decrease from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $814.63 million, indicating a 6.79% increase compared to the same quarter of the previous year.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $1.66 per share and revenue of $3.13 billion. These totals would mark changes of +16.9% and +10.45%, respectively, from last year.

Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Pure Storage. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Pure Storage currently has a Zacks Rank of #3 (Hold).

Looking at its valuation, Pure Storage is holding a Forward P/E ratio of 32.03. This indicates a premium in contrast to its industry's Forward P/E of 14.3.

It's also important to note that PSTG currently trades at a PEG ratio of 2.15. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As of the close of trade yesterday, the Computer- Storage Devices industry held an average PEG ratio of 2.15.