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Is Pure Storage a Winner in the Computer Hardware Industry?

Stock MarketsDec 02, 2021 01:30PM ET
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© Reuters. Is Pure Storage a Winner in the Computer Hardware Industry?

The shares of leading data storage provider Pure Storage (NYSE:PSTG) have surged in price over the past few months, reflecting bullish investor sentiment. However, amid current market volatility due in degrees to the resurgence of COVID-19 cases and an ongoing global semiconductor shortage, will PSTG be able to maintain its bull run in the near future? Read more to find out.Pure Storage, Inc. (PSTG) in Mountain View, Calif., is a global technology and data storage solutions provider. The company has been named as a Leader in the Magic quadrant for Primary Storage list by Gartner (NYSE:IT) for eight consecutive years. It was also ranked #1 in Containers in 2021 Gartner’s Critical Capabilities for Primary Storage list.

PSTG’s impressive third-quarter performance drove the stock to its all-time price high last month. The company’s revenues increased 37% year-over-year to $562.70 million in its fiscal 2022 third quarter (ended October 31, 2021). This can be attributed to a 38% rise in subscription revenues. The stock has gained 37% year-to-date to hit its $32.56 all-time high on November 30. Furthermore, the stock is currently trading above its 50-day and 200-day moving averages of $27.17 and $22.56, respectively, indicating a golden-cross uptrend.

However, the company’s operating loss came in at $18.10 million in the last quarter, while net loss amounted to $28.73 million. Its loss per share stood at $0.10, and its total cost of goods sold increased 40.2% from the same period last year to $187.95 million due to the ongoing semiconductor shortage and shipping delays.

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Is Pure Storage a Winner in the Computer Hardware Industry?
 

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