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Pure Storage (PSTG) is a Top-Ranked Momentum Stock: Should You Buy?

·2 min read

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors alike.

While you may have an investing style you rely on, finding great stocks is made easier with the Zacks Style Scores. These are complementary indicators that rate stocks based on value, growth, and/or momentum characteristics.

Is This 1 Momentum Stock a Screaming Buy Right Now?

Momentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

Pure Storage (PSTG)

Founded in 2009 and headquartered in Mountain View, CA, Pure Storage Inc. (PSTG) provides software-defined all-flash solutions that are uniquely fast and cloud-capable for customers. The company is the pioneer of Evergreen Storage business model of hardware and software innovation, support and maintenance, which eliminates the 3–5 year forklift refresh cycle of legacy storage systems.

PSTG is a Zacks Rank #3 (Hold) stock, with a Momentum Style Score of A and VGM Score of B. Shares are down 9.8% over the past one week and up 2.9% over the past four weeks. PSTG has gained 49.9% in the last one-year period as well. Looking at trading volume, an average of 4,075,005.50 shares exchanged hands over the last 20 trading days.

Momentum investors also pay close attention to a company's earnings. For PSTG, 10 analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.16 to $0.86 per share for 2023. PSTG boasts an average earnings surprise of 99.2%.

PSTG should be on investors' short list because of its impressive earnings fundamentals, a good Zacks Rank, and strong Momentum and VGM Style Scores.

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