In the latest trading session, Pure Storage (PSTG) closed at $53.09, marking a -0.13% move from the previous day. The stock's performance was ahead of the S&P 500's daily loss of 0.21%. Elsewhere, the Dow saw a downswing of 0.14%, while the tech-heavy Nasdaq depreciated by 0.05%.

Shares of the data storage company witnessed a gain of 11.42% over the previous month, beating the performance of the Computer and Technology sector with its gain of 9.62% and the S&P 500's gain of 5.94%.

The upcoming earnings release of Pure Storage will be of great interest to investors. The company's earnings per share (EPS) are projected to be $0.43, reflecting a 14% decrease from the same quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $814.63 million, reflecting a 6.79% rise from the equivalent quarter last year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $1.66 per share and a revenue of $3.13 billion, indicating changes of +16.9% and +10.45%, respectively, from the former year.

Any recent changes to analyst estimates for Pure Storage should also be noted by investors. These revisions help to show the ever-changing nature 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. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 1.03% downward. Pure Storage is currently sporting a Zacks Rank of #3 (Hold).

In the context of valuation, Pure Storage is at present trading with a Forward P/E ratio of 32.12. Its industry sports an average Forward P/E of 14.12, so one might conclude that Pure Storage is trading at a premium comparatively.

It's also important to note that PSTG currently trades at a PEG ratio of 2.15. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Computer- Storage Devices industry currently had an average PEG ratio of 2.15 as of yesterday's close.

The Computer- Storage Devices industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 46, placing it within the top 19% of over 250 industries.