Pure Storage (PSTG) Enhances StaaS With Financing Options
Pure Storage PSTG announced that it had taken a significant step forward in its Evergreen portfolio by offering to cover customers' power and rack space costs for its Evergreen//One Storage-as-a-Service (STaaS) and Evergreen//Flex subscriptions.
The company further added that the move is accompanied by guarantees for No Data Migration, Zero Data Loss, and Power and Space Efficiency, along with flexible upgrades and financing options across its portfolio.
The company aims to optimize IT budgets and spending, as well as align with security, sustainability, and agility goals, in contrast to traditional CapEx solutions packaged as OpEx. The company is committed to paying for customers' power and rack space costs, promoting energy efficiency, reducing carbon emissions and ensuring a seamless cloud experience on-premises.
Pure Storage, Inc. Price and Consensus
Pure Storage, Inc. price-consensus-chart | Pure Storage, Inc. Quote
The company offers guarantees and commitments that enhance power and space efficiency and support customers in mitigating unplanned costs related to data loss incidents and technology upgrades, added the report. Pure Storage also provides flexible upgrade and financing options, empowering customers to access the latest innovations in performance, density, and energy efficiency without major upgrades.
Pure Storage offers Cloud Data Services, a suite of new cloud offerings that aids customers to invest in a single storage architecture. Also, Pure Storage provides software-defined all-flash solutions that are uniquely fast and cloud-capable for customers. The company continues to invest heavily in research and development to launch new products and enhance its existing product line.
The company has announced the launch of its Pure Protect//DRaaS, which is a Disaster Recovery as a Service solution. The solution will help organizations improve data security amid rising ransomware attacks and natural disasters.
In June, the company announced the launch of its FlashArray//E to further expand its disk replacement-focused Pure//E family. It will help customers to reduce costs and e-waste. On the same day, the company announced the launch of its FlashArray//X and FlashArray//C R4 models to help customers boost performance for business-critical workloads and reduce costs.
At present, Pure Storage carries a Zacks Rank #3 (Hold). Shares of the company have gained 36.5% compared with the sub industry’s growth of 60.9%.
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Stocks to Consider
Some better-ranked stocks in the broader technology space are Asure Software ASUR, Synopsys SNPS and Watts Water Technologies WTS. Asure Software and Synopsys currently sport a Zacks Rank #1 (Strong Buy), whereas Watts Water Technologies carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Asure Software’s 2023 earnings per share (EPS) has increased 5.9% in the past 60 days to 54 cents.
Asure Software’s earnings beat the Zacks Consensus Estimate in all the last four quarters, the average being 676.4%. Shares of ASUR have surged 68.4% in the past year.
The Zacks Consensus Estimate for Synopsys’ fiscal 2023 EPS has gained 2.5% in the past 60 days to $11.09. SNPS’ long-term earnings growth rate is 16.4%. Shares of SNPS have surged 70.3% in the past year.
The Zacks Consensus Estimate for Watts Water’s 2023 EPS has increased 1% in the past 60 days to $7.78. The company’s long-term earnings growth rate is 7.5%.
Watts Water’s earnings beat estimates in all the trailing four quarters, delivering an average surprise of 12.5%. Shares of WTS have rallied 32% in the past year.
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