10 Best Affordable Tech Stocks to Buy According to Analysts

7) Seagate Technology Holdings plc (NASDAQ:STX)

Forward P/E as of 23 August: 16.58x

Upside Potential: 19.72%

Expected EPS Growth This Year: 433.3%

Seagate Technology Holdings plc (NASDAQ:STX) is a leading supplier of hard disk drives for data storage to the enterprise and consumer markets.

Seagate Technology Holdings plc (NASDAQ:STX) is committed to innovation as its R&D expenses were ~$1 billion in FY 2024. The company supported advancements like its Circularity Program, which is targeted at reducing e-waste.

Seagate Technology Holdings plc (NASDAQ:STX) continues to transition its portfolio to focus on mass-capacity drives for cloud companies and enterprises. This is because consumer applications for legacy HDDs are switching to faster flash-based solid-state drives.

Experts and analysts believe that there will be continued demand for mass-capacity drives over the upcoming 5 years. This is because enterprises are looking to capture more data and use a multi-tier storage approach. The nearline cloud solutions are expected to act as a significant demand driver, considering the sectoral shift towards cloud computing and AI-driven workloads.

While the company’s past performance was mainly supported by its strong product portfolio and healthy market presence, growing data storage demands together with expansion into cloud services should act as tailwinds for future growth. The company’s investment in advanced technologies such as heat-assisted magnetic recording (HAMR) places it well to capitalize on emerging trends and applications.

Northland Securities upped its target price on shares of Seagate Technology Holdings plc (NASDAQ:STX) from $119.00 to $142.00. They gave an “Outperform” rating on 24th July. The number of hedge funds in Insider Monkey’s database owning stakes in Seagate Technology Holdings plc (NASDAQ:STX) stood at 44 in 2Q 2024.