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? By taking a look at the stock's year-to-date performance in comparison to its Computer and Technology peers, we might be able to answer that question.
Pure Storage is a member of the Computer and Technology sector. This group includes 645 individual stocks and currently holds a Zacks Sector Rank of #4. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
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 #1 (Strong Buy).
Within the past quarter, the Zacks Consensus Estimate for PSTG's full-year earnings has moved 7.32% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
According to our latest data, PSTG has moved about 18.35% on a year-to-date basis. Meanwhile, stocks in the Computer and Technology group have gained about 11.42% on average. This means that Pure Storage is performing better than its sector in terms of year-to-date returns.
Looking more specifically, PSTG belongs to the Computer- Storage Devices industry, a group that includes 7 individual stocks and currently sits at #160 in the Zacks Industry Rank. On average, this group has gained an average of 17.26% so far this year, meaning that PSTG is performing better 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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