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Here's Why Seagate (STX) is a Strong Momentum Stock

Zacks Equity Research
·2 min read

For new and old investors, taking full advantage of the stock market and investing with confidence are common goals.

Achieving those goals is made easier with the Zacks Style Scores, a unique set of guidelines that rates stocks based on popular investing methodologies, namely value, growth, and momentum. The Style Scores can help you narrow down which stocks are better for your portfolio and which ones can beat the market over the long-term.

Is This 1 Momentum Stock a Screaming Buy Right Now?

For momentum investors, upward or downward trends in a stock's price or earnings outlook take precedent, so they'll want to zero in on the Momentum Style Score. This Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.

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Seagate (STX)

Headquartered at Dublin, Ireland, Seagate is leading provider of data storage technology and infrastructure solutions. The company’s primary product offering is hard disk drives which is commonly referred to as disk drives, hard drives or HDDs. HDDs are used as the primary medium for storing digitally encoded data on rapidly rotating disks with magnetic surfaces.

STX boasts a Momentum Style Score of A and VGM Score of B, and holds a Zacks Rank #2 (Buy) rating. Shares of Seagate has seen some interesting price action recently; the stock is down 2% over the past one week and up 9.8% over the past four weeks. And in the last one-year period, STX has gained 67.6%. As for the stock's trading volume, 2,299,183.50 shares on average were traded over the last 20 days.

Momentum investors don't just pay attention to price changes; positive earnings play a crucial role, too. Four analysts revised their earnings estimate upwards in the last 60 days for fiscal 2024. The Zacks Consensus Estimate has increased $0.35 to $0.99 per share. STX boasts an average earnings surprise of 76.4%.

Investors should take the time to consider STX for their portfolios due to its solid Zacks Ranks, notable earnings metrics, and impressive Momentum and VGM Style Scores.

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

Seagate Technology Holdings PLC (STX) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research