PSTG Stock Recent News
PSTG LATEST HEADLINES
AI utilizes powerful computers scanning vast amounts of data to draw conclusions or answer human's questions efficiently. Consequently, data storage companies will benefit tremendously from the proliferation of AI.
Whether you're a value, growth, or momentum investor, finding strong stocks becomes easier with the Zacks Style Scores, a top feature of the Zacks Premium research service.
The next-generation storage specialist has proven to be a very effective competitor, says a pundit tracking its fortunes. That market expert recently initiated coverage on the shares.
Pure Storage Inc. NYSE: PSTG is an enterprise flash data storage solutions provider in the Computer and Technology sector benefitting from the artificial intelligence (AI) boom. AI applications require high-powered GPUs currently dominated by Nvidia Co. NASDAQ: NVDA and massive data storage capacity, which Pure Storage offers through its FlashBlade flash array storage systems.
Pure Storage's stock has surged over 50% this year, driven by enthusiasm over a large subscription deal for its Evergreen//One product. The company expects growth to accelerate in FY25, a rarity for a mature tech company, with revenue expectations of $3.1 billion representing ~11% y/y growth. Pure Storage's transition into a subscription company, its large total addressable market, and its focus on enterprise clients are the main reasons to stay long on the company.
Investors didn't mind that both the top and bottom line sagged in the fourth quarter of fiscal 2024. Yet the headline figures still convincingly beat analyst estimates.
Pure Storage's (PSTG) fiscal fourth-quarter performance benefits from strong uptake of subscription-based offerings.
Pure Storage, Inc. (PSTG) Q4 2024 Earnings Call Transcript
The headline numbers for Pure Storage (PSTG) give insight into how the company performed in the quarter ended January 2024, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
Pure Storage (PSTG) came out with quarterly earnings of $0.50 per share, beating the Zacks Consensus Estimate of $0.45 per share. This compares to earnings of $0.53 per share a year ago.