Data storage company experiences record-breaking success with fresh highs in share prices
Pure Storage (PSTG) is maintaining its impressive momentum, with the company's stock hitting a new all-time high of $87.96 in morning trading on Sept. 16. This surge follows a strong performance in the past month, where PSTG made 10 new highs and gained 50.01%.
The tech company, valued at $28.4 billion, is currently trading above its 20-, 50-, and 100-day moving averages, indicating a bullish trend. Pure Storage's primary offerings include FlashArray, FlashBlade products, Purity Operating Environment (Purity OE) software, Pure1 cloud-based software, and FlashStack.
Pure Storage is renowned for its innovative data storage business model, which evolves with clients. The company is a pioneer in providing software-defined all-flash news.
The bullish sentiment is further reinforced by the Relative Strength Index (RSI) standing at 83.32%, suggesting the stock may be overbought in the short term. However, PSTG's Trend Seeker "Buy" signal remains intact, reflecting a longer-term positive outlook.
It's worth noting that there are no publicly available recent records indicating which institutions have conducted new research or investment activities in Pure Storage in the past months. Nevertheless, PSTG has a Weighted Alpha of +69.52, a strong indicator of its stock's performance relative to the market.
Our website also has a "Buy" opinion on PSTG, adding to the optimistic view. Furthermore, there's a technical support level around $83.85, which could potentially act as a floor if the stock price dips.
In the past year, PSTG has demonstrated impressive growth, gaining 77.36%. With its strong performance and bullish signals, Pure Storage continues to be a company to watch in the tech sector.
