Shares of Pure Storage, Inc. PSTG scaled a 52-week high of $26.76, eventually closing marginally lower at $26.52 on Aug 23. The company has a market capital of $5.81 billion.The stock was up 5.5% in yesterday’s trading session. The rally can be attributed to the company’s impressive fiscal second-quarter 2019 results.Furthermore, the investors seem to be optimistic about the company’s first-ever buyout of StorReduce. Pure Storage announced the acquisition news along with second-quarter results.Notably, the stock has returned 67.2% year to date, substantially outperforming the industry’s rally of 12.3%.Robust adoption as well as partnerships and collaborations that aid product innovation were the primary reasons behind the outperformance. Moreover, improving cash position bolsters future growth prospects.What’s Driving the Stock?Robust Adoption: Key CatalystStrong product portfolio including the likes of FlashArray, FlashStack and FlashBlade business segments aid Pure Storage top-line. In the recently reported second-quarter results, the company added more than 400 new customers, bringing the total base to 5,150 organizations.Moreover, management remains elated on strong growth witnessed in Global 2000, big government organizations and healthcare companies as well as leading 1000 cloud vendors.Rich Partner Ecosystem Aiding Product InnovationPure Storage’s notable collaborations with Cisco and NVIDIA, among othersposition its portfolio well.Cisco’s tie-up with the company’s FlashStack has significantly accelerated overall converged infrastructure and integrated systems markets. The company strengthened its partnership with NVIDIA, a dominant player in AI related computation, to expand product offerings. The company released AIRI in collaboration with NVIDIA.Pure Storage introduced FlashStack with FlashBlade to speed up the analytics processes for the data warehouses, in the recent past. Further, the company announced the availability of both AIRI and AIRI Mini, with select reseller partners.Upbeat Q2, Raised FY19 OutlookThe company reported fiscal second-quarter 2019 non-GAAP earnings of 1 cent per share comparing favorably with the Zacks Consensus Estimate of a loss of 5 cents per share. The figure also compared favorably with the year-ago loss of 11 cents per share.Total revenues surged 37.5% from the year-ago quarter to $308.9 million and came ahead of the Zacks Consensus Estimate of $302 million. Revenues also outpaced management’s guided range of $296-$304 million.Pure Storage, Inc. Revenue (TTM) Pure Storage, Inc. Revenue (TTM) | Pure Storage, Inc. QuoteFor fiscal 2019, management revised anticipated revenue range from the initial range of $1.32-$1.36 billion to $1.35-$1.38 billion. The Zacks Consensus Estimate for revenues is pegged at $1.34 billion, representing year-over-year growth of 31.5%.StorReduce BuyoutPure Storage remains elated on gaining StorReduce’s de-duplication technology. According to Pure Storage CEO Charles Giancarlo, "The StorReduce team has built an incredibly exciting technology that has the opportunity to make a major impact on next-generation storage architectures."The buyout is expected to strengthen the company’s object storage portfolio as well as bolster the public cloud integrations. The company also expects to better manage unstructured data across multi-cloud environments with the buyout.The financial terms of the buyout which concluded on August 2018 have been kept under wraps.Encouraging Earnings Surprise History & Estimate RevisionsPure Storage displays a positive earnings surprise history. The company outpaced the Zacks Consensus Estimate in the trailing four quarters, registering an average earnings surprise of 78.51%. The company has a long-term expected EPS growth rate of 15%.Over the last 60 days, fiscal 2019 estimates were revised upward, drivingthe Zacks Consensus Estimate to 15 cents per share. The figure reflects year-over-year growth of a whopping 215.4%.To ConcludeOn the heels of the aforementioned factors, we believe the odds in favor of an upside in the near term are high. Pure Storage’s robust business fundamentals and strong go-to-market strategies deserve a special mention in this regard.Moreover, Gartner has placed the company “as a leader in their Magic Quadrant” for the fifth consecutive year, courtesy its dominance in Solid-State Arrays. Further, the company’s strength in its robust all-flash and NVMe portfolio provides it with a competitive edge against its peers.Zacks Rank and Other Stocks to ConsiderPure Storage carries a Zacks Rank #2 (Buy).Other top-ranked stocks trading at 52-week high include Paycom Software, Inc. PAYC, Aspen Technology, Inc. AZPN and Logitech International S.A. LOGI, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Long-term earnings growth rate for Paycom, AspenTech and Logitech are currently pegged at 24.8%, 16.5% and 8%, respectively.5 Medical Stocks to Buy NowZacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.Click here to see the 5 stocks >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Pure Storage, Inc. (PSTG): Free Stock Analysis Report Paycom Software, Inc. (PAYC): Free Stock Analysis Report Logitech International S.A. (LOGI): Free Stock Analysis Report Aspen Technology, Inc. (AZPN): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research