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Thursday, September 28, 2023

Can We Expect More Volatility From Seagate Technology plc (STX)?

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Seagate Technology plc (STX) shares are trading at higher $64.07 and the avg recommendation for the stock is Moderate Buy, while the current analyst price target stands at $53.74.

To add more color to this target, the company’s high over the last year is $64.17 and the low is $39.02. Over the last 52 weeks, STX is up 9.35% while the S&P 500 is up 18.53%. The catalyst for this interesting swing was the company’s recent earnings report.

A Notable Earnings Report

In the last quarter, STX reported a profit of $596.0 million. Seagate Technology plc also saw revenues increase to $2.31 billion. In addition, STX has free cash flow of $186.0 million as of 09-2020. The company’s EBITDA came in at $350.0 million which compares well with its peers.

STX booked profit margins of 17.80%, its Return on Equity (ROE) is 101.50%, and its Return on Assets is 20.60%. All told, it is clear that, STX needs to be on your watchlist.

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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. STX has a short ratio of 6.13 and outstanding shares of 259.00M.

Company Outlook

STX has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 3.13 million and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at 3.91. Seagate Technology plc STX also noted assets of $8.86 billion at the end of the last quarter. Investors should also keep an eye on sector updates as STX has historically followed its peers on positive news.

All told, Seagate Technology plc STX has strung together solid data and demonstrated underlying fundamentals. At its current valuation, STX represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.

Seagate Technology plc STX is now commanding a market cap of 16.02B and a float of 255.50M. STX is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of STX stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in STX, either long or short, and we have not been compensated for this article.

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