With the market shrouded in panic over past few months, Jim Cramer has seen investors ignore many of the recent initial public offerings (IPOs) to hit the tape.
However after spending so long terrified the smoke has finally cleared. Now, Cramer has decided to revisit a few of the IPOs that may have been overlooked.
Pure Storage is a high growth, disruptive technology company that came public on Wednesday. It makes advanced flash memory based data storage arrays that are optimized by some of the most efficient software in the business.
That allows Pure to give its customers access to their data 10 times faster than competing storage companies. It also costs less money.
"This is the kind of high growth technology stock with a money-saving new technology that the market would have salivated over only a few months ago," the "Mad Money" host said.
Unfortunately for Pure Storage, the market environment is now one where investors seem to shun pure growth stocks and prefer cyclical plays like the retailers, industrials and old-tech stocks. This was why when it IPO'd at $17 on Wednesday; it dropped nearly 6 percent in a single session.
However, Cramer took a long-term perspective on the stock and thinks this weakness could be a nice buying opportunity — as long as investors are careful to use limit orders, and build their position gradually. That means to only buy more when the stock goes lower.
Why does Cramer love this stock? Because while most of Wall Street is ignoring incredible tech growth stocks, soon or later this group will come back in style.
"Once investors care about owning companies with breathtaking growth rates again, I could see this stock rallying like crazy," Cramer said. (Tweet this)
The key to this stock is that it could take a long time, Cramer warned. That will give investors time to do some homework on the stock and think about speculating on this stock for weakness. Once the growth cohort gets its mojo back, it will be too late to strike.
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What differentiates Pure Storage from the competition is that it has developed its own cut-edge flash-optimization data reduction. That means its Flash Storage allows for more information to be crammed into the drive, because it reduces the data into simplified form.
So how can Pure Storage compete with the big boys like Cisco, Dell, IBM and Hewlett-Packard? It has a better mousetrap that represents much better value than the competition. The typical payback period for switching to Pure Storage's product is just 14 months, with the average customer saving approximately $1.9 million from the switch.
"There are plenty of risks here, including the company's gigantic competitors and the fact that EMC is suing them for poaching employees, which is why I'm only giving Pure Storage my blessing for speculation," Cramer said.