Pure Storage (PSTG) ended the recent trading session at $53.42, demonstrating a +1.58% swing from the preceding day's closing price. The stock outpaced the S&P 500's daily gain of 0.47%. Meanwhile, the Dow experienced a rise of 0.79%, and the technology-dominated Nasdaq saw an increase of 0.28%.

Heading into today, shares of the data storage company had gained 5.6% over the past month, outpacing the Computer and Technology sector's gain of 3.88% and the S&P 500's gain of 3.48% in that time.

The investment community will be closely monitoring the performance of Pure Storage in its forthcoming earnings report. The company is expected to report EPS of $0.43, down 14% from the prior-year quarter. In the meantime, our current consensus estimate forecasts the revenue to be $814.63 million, indicating a 6.79% growth compared to the corresponding quarter of the prior year.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $1.66 per share and a revenue of $3.13 billion, signifying shifts of +16.9% and +10.45%, respectively, from the last year.

Investors should also take note of any recent adjustments to analyst estimates for Pure Storage. These revisions typically reflect the latest short-term business trends, which can change frequently. 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 benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 1.03% downward. Pure Storage is holding a Zacks Rank of #3 (Hold) right now.

Digging into valuation, Pure Storage currently has a Forward P/E ratio of 31.78. For comparison, its industry has an average Forward P/E of 14.3, which means Pure Storage is trading at a premium to the group.

Also, we should mention that PSTG has a PEG ratio of 2.13. 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. As of the close of trade yesterday, the Computer- Storage Devices industry held an average PEG ratio of 2.13.