Has Pure Storage (PSTG) Outpaced Other Computer and Technology Stocks This Year?
Investors focused on the Computer and Technology space have likely heard of Pure Storage (PSTG), but is the stock performing well in comparison to the rest of its sector peers? Let's take a closer look at the stock's year-to-date performance to find out.
Pure Storage is one of 630 companies in the Computer and Technology group. The Computer and Technology group currently sits at #6 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. PSTG is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for PSTG's full-year earnings has moved 11.51% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Our latest available data shows that PSTG has returned about 4.17% since the start of the calendar year. Meanwhile, stocks in the Computer and Technology group have gained about 32.83% on average. This means that Pure Storage is outperforming the sector as a whole this year.
Looking more specifically, PSTG belongs to the Computer- Storage Devices industry, a group that includes 7 individual stocks and currently sits at #173 in the Zacks Industry Rank. On average, this group has gained an average of 22.65% so far this year, meaning that PSTG is slightly underperforming its industry in terms of year-to-date returns.
PSTG will likely be looking to continue its solid performance, so investors interested in Computer and Technology stocks should continue to pay close attention to the company.
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