The most recent trading session ended with Pure Storage (PSTG) standing at $49.87, reflecting a -0.56% shift from the previouse trading day's closing. This move lagged the S&P 500's daily gain of 0.02%. At the same time, the Dow added 0.11%, and the tech-heavy Nasdaq lost 0.26%.

Coming into today, shares of the data storage company had lost 4.64% in the past month. In that same time, the Computer and Technology sector gained 3.61%, while the S&P 500 gained 2.99%.

Investors will be eagerly watching for the performance of Pure Storage in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on December 3, 2024. The company is predicted to post an EPS of $0.43, indicating a 14% decline compared to the equivalent quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $814.63 million, up 6.79% 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 +10.45%, respectively, from last year.

Investors might also notice recent changes to analyst estimates for Pure Storage. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

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, 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 remained stagnant. At present, Pure Storage boasts a Zacks Rank of #4 (Sell).

Valuation is also important, so investors should note that Pure Storage has a Forward P/E ratio of 30.3 right now. This indicates a premium in contrast to its industry's Forward P/E of 12.79.

We can additionally observe that PSTG currently boasts a PEG ratio of 2.03. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Computer- Storage Devices was holding an average PEG ratio of 2.03 at yesterday's closing price.