Seagate Technology hits 52-week high, reaching $109.63

Published 24/07/2024, 14:38
© Shutterstock
STX
-

Seagate Technology (STX) has reached a new 52-week high, with its stock price soaring to $109.63. This milestone reflects the company's robust performance and strong market position in the technology sector. Over the past year, Seagate Technology has seen a significant increase in its stock value, with a 1-year change of 86.37%. This impressive growth rate underscores the company's successful strategies and its ability to deliver consistent value to its shareholders. The new 52-week high of $109.63 is a testament to Seagate Technology's resilience and potential for further growth.

In other recent news, Seagate Technology has been the focus of several financial firms, with Loop Capital, Morgan Stanley, Rosenblatt Securities, Benchmark, and Mizuho Securities all adjusting their price targets for the company. Loop Capital increased its price target to $135, reflecting an anticipated stronger-than-expected financial performance. Morgan Stanley raised its target to $133, citing strong hard disk drive supply and demand dynamics. Rosenblatt Securities increased its target to $125, following a surge in demand from Cloud Service Providers and the Video & Imaging Application sector.

Benchmark maintained its Hold rating on Seagate, noting better-than-expected results and an optimistic forecast for the first quarter of fiscal year 2025, bolstered by an increase in Nearline cloud sales. Mizuho Securities raised its price target to $125, expressing confidence in the company's reported earnings and future outlook. TD Cowen also raised the price target of Seagate shares to $135, citing the beneficial impact of early stages of Generation Artificial Intelligence on HDDs.

These recent developments underscore the financial community's confidence in Seagate's market positioning and financial trajectory.

InvestingPro Insights

Seagate Technology's (STX) climb to a new 52-week high is complemented by encouraging metrics and insights from InvestingPro. With a robust market capitalization of $22.91B and a significant one-year price total return of 83.74%, the company demonstrates a strong foothold in the market. The positive outlook is bolstered by a notable 3-month price total return of 21.69%, reflecting investor confidence in the company's short-term performance. Additionally, Seagate's commitment to shareholder returns is evident through its consistent dividend payments over the last 14 years, currently yielding 2.66%.

InvestingPro Tips suggest that Seagate is expected to see net income growth this year, with analysts also anticipating sales growth in the current year. This aligns with the company's recent performance, where despite a dip in revenue growth over the last twelve months, quarterly revenue growth stood at 17.79% in Q1 2023. Moreover, Seagate is recognized as a prominent player in the Technology Hardware, Storage & Peripherals industry, which may further instill investor confidence. For those interested in deeper analysis and additional insights, there are more InvestingPro Tips available, which can be accessed with a subscription. Use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, and discover the full range of actionable tips to guide your investment decisions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.