Tuesday, November 29

Should You Hold Seagate Technology Holdings plc (STX)?

ClearBridge Investments, an investment management company, released its “ClearBridge Aggressive Growth Strategy” third quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark index, Russell 3000 Growth Index, in the third quarter. The healthcare sector was the primary contributor to the strategy’s performance, while communication services detracted from the performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.

ClearBridge Investments highlighted stocks like Seagate Technology Holdings plc (NASDAQ:STX) in the Q3 2022 investor letter. Headquartered in Dublin, Ireland, Seagate Technology Holdings plc (NASDAQ:STX) is a data storage technology and solutions provider. On November 4, 2022, Seagate Technology Holdings plc (NASDAQ:STX) stock closed at $51.12 per share. One-month return of Seagate Technology Holdings plc (NASDAQ:STX) was -2.13% and its shares lost 47.69% of their value over the last 52 weeks. Seagate Technology Holdings plc (NASDAQ:STX) has a market capitalization of $10.554 billion.

ClearBridge Investments made the following comment about Seagate Technology Holdings plc (NASDAQ:STX) in its Q3 2022 investor letter:

“Within cyclical technology, disk drive makers Seagate Technology Holdings plc (NASDAQ:STX) and Western Digital (WDC) were hurt by an inventory correction due to slowing growth in their core PC and server markets as well as uneven demand from hyperscale cloud providers who are watching their budgets. While these two stocks remain inexpensive on a valuation basis, they clearly saw a business slowdown over the last two quarters.”

HDD, SeaGate

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Seagate Technology Holdings plc (NASDAQ:STX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Seagate Technology Holdings plc (NASDAQ:STX) at the end of the second quarter, which was 32 in the previous quarter.

We discussed Seagate Technology Holdings plc (NASDAQ:STX) in another article and shared the top ten technology stocks that are too cheap to ignore. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.



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