In the latest trading session, Pure Storage (PSTG) closed at $49.90, marking a +0.77% move from the previous day. The stock exceeded the S&P 500, which registered a gain of 0.4% for the day. At the same time, the Dow lost 0.28%, and the tech-heavy Nasdaq gained 1.04%.

The the stock of data storage company has fallen by 13.97% in the past month, lagging the Computer and Technology sector's gain of 0.18% and the S&P 500's gain of 0.62%.

The investment community will be paying close attention to the earnings performance of Pure Storage in its upcoming release. The company is slated to reveal its earnings on December 3, 2024. In that report, analysts expect Pure Storage to post earnings of $0.43 per share. This would mark a year-over-year decline of 14%. Meanwhile, our latest consensus estimate is calling for revenue of $814.77 million, up 6.81% from the prior-year quarter.

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 +10.51%, respectively, from last year.

Any recent changes to analyst estimates for Pure Storage should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional 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 past month, the Zacks Consensus EPS estimate has moved 1.35% lower. At present, Pure Storage boasts a Zacks Rank of #3 (Hold).

Investors should also note Pure Storage's current valuation metrics, including its Forward P/E ratio of 29.88. This indicates a premium in contrast to its industry's Forward P/E of 12.69.

Investors should also note that PSTG has a PEG ratio of 1.71 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. The Computer- Storage Devices industry currently had an average PEG ratio of 1.76 as of yesterday's close.