Why This 1 Momentum Stock Could Be a Great Addition to Your Portfolio
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?
For momentum investors, upward or downward trends in a stock's price or earnings outlook take precedent, so they'll want to zero in on the Momentum Style Score. This Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.
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 sits at a Zacks Rank #3 (Hold), holds a Momentum Style Score of A, and has a VGM Score of B. The stock is up 8.7% and up 9.6% over the past one-week and four-week period, respectively, and Pure Storage has gained 35.7% in the last one-year period as well. Additionally, an average of 3,537,919.50 shares were traded over the last 20 trading sessions.
A company's earnings performance is important for momentum investors as well. For fiscal 2024, six analysts revised their earnings estimate higher in the last 60 days for PSTG, while the Zacks Consensus Estimate has increased $0.02 to $1.41 per share. PSTG also boasts an average earnings surprise of 44.1%.
With strong earnings growth, a good Zacks Rank, and top-tier Momentum and VGM Style Scores, investors should think about adding PSTG to their portfolios.
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Pure Storage, Inc. (PSTG) : Free Stock Analysis Report
