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Is Pure Storage (PSTG) Outperforming Other Computer and Technology Stocks This Year?

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

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 658 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #4 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.

The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. 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 11.43% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

Based on the latest available data, PSTG has gained about 10.40% so far this year. Meanwhile, the Computer and Technology sector has returned an average of -0.33% on a year-to-date basis. This means that Pure Storage is outperforming the sector as a whole this year.

Breaking things down more, PSTG is a member of the Computer- Storage Devices industry, which includes 9 individual companies and currently sits at #223 in the Zacks Industry Rank. Stocks in this group have lost about 16.70% so far this year, so PSTG is performing better this group in terms of year-to-date returns.

Investors with an interest in Computer and Technology stocks should continue to track PSTG. The stock will be looking to continue its solid performance.


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