12 Best Aggressive Growth Stocks To Buy According to Hedge Funds

6. Seagate Technology Holdings plc (NASDAQ:STX)

Revenue Growth: 49.10%

Number of Hedge Fund Investors In Q3 2024: 46

Seagate Technology Holdings plc (NASDAQ:STX) is a computer hardware company that makes and sells hard disk drives, solid-state drives, and other associated products. Its end-products make it unsurprising that the shares are up by a lackluster 19% year-to-date. This is because while Seagate Technology Holdings plc (NASDAQ:STX) does cater to the AI data center demand with its products, its stature as a traditional IT supplier also exposes the firm to broader non-AI IT spending. Therefore, for the shares to thrive, IT spending simulated by low rates and a robust economy has to pick up. Seagate Technology Holdings plc (NASDAQ:STX)’s industry experience puts it at the forefront of developing new storage technologies to inject tailwinds into the stock. These days the firm is focusing on developing Heat-Assisted Magnetic-Recording drives, and if they clear industry standards, then it could see positive catalysts.

Seagate Technology Holdings plc (NASDAQ:STX)’s management commented on the new drives during the Q3 2024 earnings call. Here is what they said:

“We have expanded customer qualifications on our three plus terabyte per disc Mozaic HAMR based platform with a few customer quals already completed spanning the enterprise nearline, VIA and mass market segments. The qualification with our lead CSP customer is progressing well through what has been a very intensive and thorough testing process. The learnings that we have gained are already being leveraged into future customer qualifications and product generations. To that end, HAMR qualification drives are now in the hands of multiple global cloud and enterprise customers. Our expectation for shipment and revenue ramp timing across the broader customer base still points to mid-calendar 2025. Our confidence in HAMR technology remains strong and customer feedback has reinforced our value proposition that the Mozaic platform provides the foundational technologies required to satisfy high capacity storage requirements at the lowest total cost of ownership.”