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We recently compiled a list of the These 10 Companies Led Gains on Wednesday. In this article, we are going to take a look at where Seagate Technology Holdings plc (NASDAQ:STX) stands against the other stocks.
Wall Street’s main indices ended firmer on Wednesday as share prices remained boosted by positive catalysts from President Donald Trump's inauguration coupled with better-than-expected earnings performance.
The Dow rose by 0.30 percent, the S&P 500 grew 0.61 percent, while the Nasdaq Composite increased 1.28 percent.
Meanwhile, 10 companies under mixed sectors mirrored Wall Street's gains. In this article, we will look at which companies led the rally and explore the reasons behind their impressive performance.
To come up with Wednesday's top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A technician configuring a network-attached storage drive.
Seagate Technology Holdings plc (NASDAQ:STX)
Seagate Technology Holdings plc (NASDAQ:STX) saw its shares rise by 6.84 percent on Wednesday to close at $108.18 per share after the company reported better-than-expected fourth-quarter earnings performance.
On Wednesday, Seagate said its revenues jumped by 49.5 percent year-on-year on the back of structural business improvements and a strong focus on harnessing value in a favorable demand environment.
In related news, analysts upgraded their price targets for the company, with Morgan Stanley calling the company “a stock pick” citing AI-driven demand for data storage, while raising its price target by 3.87 percent to $134 from $129 previously, and maintaining its overweight rating.
Seagate Technology (NASDAQ:STX) is a US-based data storage company, manufacturer, and distributor of hard disk drives and other data storage solutions.
Overall STX ranks 9th on our list of companies that led gains on Wednesday. While we acknowledge the potential of STX as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than STX but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.