Pure Storage (PSTG) Stock Added 19% Over the Month, Named Best Cloud Storage Provider

According to the rating of research firm Gartner, enterprise storage systems supplier Pure Storage Inc. (PSTG) has been named the best in its industry. For the seventh year in a row, Pure Storage solutions have been highly valued, and the company has been able to confirm their value during the COVID-19 period.

Gartner experts assessed data storage technologies in the 2020 Magic Quadrant for Primary Storage Arrays ranking and considered Pure Storage solutions to be the best. Pure Storage is currently focused on solutions that can provide cloud and hybrid storage access. At the same time the company is releasing more and more sophisticated tools to make it easier for professionals from corporate IT departments and development teams to integrate Pure Storage innovations into their IT infrastructure.

Pure Storage continued to improve its ecosystem in 2020, including taking trends related to COVID-19 into account. The third generation of NVMe FlashArray/X storage was announced by Pure Storage. This storage is completely flash-based and is typically used in Oracle’s SAP system and SQL Server for mission-critical workloads. Moreover, for the QLC FlashArray/C storage system, Pure Storage introduced high-capacity drives, which made hybrid storage systems (flash memory + HDD) obsolete. Pure Storage also significantly expanded its Pure-as-a-Service offering this year which allows it to increase the potential audience because of a variety of service tariffs.

Pure Storage Inc. (PSTG) stock was up 1.34 percent to close the Wednesday session at $21.89. The stock is up 3.60 percent over the week whereas the gain rises to more than 19 percent over the past month. The stock came adding 26.46 percent over the past six month while the value it has added since the beginning of the year is about 28 percent. At current level, the stock is just 2 percent away from the 52-week high of $22.35.

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