Pure Storage shares climbed by as much as 6% Thursday, following a rating upgrade at Goldman Sachs.
Analysts at Goldman Sachs raised their rating on the all-flash data storage hardware/software company’s stock to buy from neutral.
Goldman also increased its price target on the shares to $21 from $18, according to Bloomberg.
Goldman cited Pure Storage ‘s potential to gain market share on the back of its new products and mid-market exposure. Goldman analysts also think that the stock is "relatively undervalued" compared to its peers. The analysts expect "potential for the multiple to re-rate in the future as execution gets better."
PSTG moved above its 50-day moving average on May 03, 2024 date and that indicates a change from a downward trend to an upward trend. In of 29 similar past instances, the stock price increased further within the following month. The odds of a continued upward trend are .
The Stochastic Oscillator suggests the stock price trend may be in a reversal from a downward trend to an upward trend. of 56 cases where PSTG's Stochastic Oscillator exited the oversold zone resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are .
The Momentum Indicator moved above the 0 level on May 03, 2024. You may want to consider a long position or call options on PSTG as a result. In of 85 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are .
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where PSTG advanced for three days, in of 323 cases, the price rose further within the following month. The odds of a continued upward trend are .
PSTG may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.
The 10-day moving average for PSTG crossed bearishly below the 50-day moving average on May 02, 2024. This indicates that the trend has shifted lower and could be considered a sell signal. In of 14 past instances when the 10-day crossed below the 50-day, the stock continued to move higher over the following month. The odds of a continued downward trend are .
Following a 3-day decline, the stock is projected to fall further. Considering past instances where PSTG declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
The Tickeron PE Growth Rating for this company is (best 1 - 100 worst), pointing to outstanding earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron Profit vs. Risk Rating rating for this company is (best 1 - 100 worst), indicating low risk on high returns. The average Profit vs. Risk Rating rating for the industry is 82, placing this stock better than average.
The Tickeron Price Growth Rating for this company is (best 1 - 100 worst), indicating steady price growth. PSTG’s price grows at a higher rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron Seasonality Score of (best 1 - 100 worst) indicates that the company is fair valued in the industry. The Tickeron Seasonality score describes the variance of predictable price changes around the same period every calendar year. These changes can be tied to a specific month, quarter, holiday or vacation period, as well as a meteorological or growing season.
The Tickeron SMR rating for this company is (best 1 - 100 worst), indicating weak sales and an unprofitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
The Tickeron Valuation Rating of (best 1 - 100 worst) indicates that the company is significantly overvalued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (13.316) is normal, around the industry mean (6.084). PSTG has a moderately high P/E Ratio (274.000) as compared to the industry average of (63.089). Projected Growth (PEG Ratio) (0.000) is also within normal values, averaging (55.962). PSTG has a moderately low Dividend Yield (0.000) as compared to the industry average of (0.034). P/S Ratio (6.116) is also within normal values, averaging (12.086).
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
a provider of flash-based storage solutions
Industry ComputerPeripherals