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Key Factors
Pure Storage inventory is transferring greater after the corporate delivered a strong earnings report that included raised steerage for the remainder of the yr.
The corporate’s flash memory-based server storage options with superior administration software program have gotten a complement or various to conventional knowledge facilities.
Analysts are bidding PSTG inventory greater, and there may very well be as a lot as 28% upside for the inventory. 
5 shares we like higher than Pure Storage
Pure Storage Inc. NYSE: PSTG delivered a stellar first-quarter earnings report after the market closed on Could 29, 2024. Not surprisingly, PSTG inventory was up greater than 2% the day after the report, and analysts are rapidly expressing a bullish sentiment that will drive the inventory even greater.  
$60.60 -2.65 (-4.19%) (As of 01:27 PM ET)52-Week Vary$27.98▼$68.75P/E Ratio216.43Price Goal$66.15
Within the quarter, income of $693.48 million exceeded estimates for $680.91 by 1.85% and was 18% greater year-over-year (YOY). Nonetheless, it was the earnings that basically obtained traders excited. The 32 cents per share was 52% greater than the 21 cents per share that was anticipated. The corporate’s annual recurring income continues to develop at a powerful YOY clip, 25% to be actual.  Get Pure Storage alerts:Signal Up
The corporate’s ahead steerage was additionally bullish, with estimates for 10.5% income progress and working margin progress of 17% on a non-GAAP foundation.   
The place Does All That Information Go? Pure Storage Has an Reply
Even in case you’re new to expertise, it is simple to know that coaching AI fashions requires knowledge. And never only a small quantity—these fashions want huge portions of knowledge, typically on an enormous scale.
So, a logical query is, the place does all that knowledge go? Pure Storage helps reply that query. The corporate affords flash memory-based server storage options with superior administration software program that assist firms entry AI-driven insights.  
Flash storage is turning into often known as the next-gen knowledge middle. The expertise affords sooner entry instances, improved power effectivity, larger storage density, and improved reliability in comparison with conventional knowledge facilities. Nonetheless, the corporate’s options may work in tandem with an organization’s present knowledge facilities.  
Analysts Are Upgrading Their Value Targets for Pure Storage
If the chip sector is the vanguard in terms of investing in the way forward for AI, knowledge storage will not be far behind. Analysts understand it, and that is why they’re getting behind PSTG inventory in a giant approach.  
Wedbush reiterated its Outperform score for the inventory the day earlier than earnings and raised its value goal from $50 to $70. Since then, the Pure Storage analyst rankings on MarketBeat present that 4 analysts have elevated their value targets for PSTG inventory. That record consists of Northland Securities, which downgraded the inventory from Outperform to Sector Carry out however nonetheless raised the goal value.  
It is also vital to notice that the bottom of those value targets is nineteen% greater than the present consensus value goal. 
Getting Concerned with PSTG Inventory 
There are higher choices in case you’re on the lookout for a pure-play amongst synthetic intelligence shares. However in case you’re on the lookout for shares important to constructing out the AI infrastructure, there seems to be extra upside in PSTG inventory.  

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