5 Tech Stocks to Buy According to Nathan Przybylo’s L2 Asset Management

3. Seagate Technology Holdings plc (NASDAQ:STX)

L2 Asset Management’s Stake Value: $1,278,000

Percentage of L2 Asset Management’s 13F Portfolio: 3.22%

Number of Hedge Fund Holders: 27

Seagate Technology Holdings plc (NASDAQ:STX) is a California-based global data storage company that specializes in hard disk drives, hybrid drives, and solid state drives. L2 Asset Management holds 15,483 shares of Seagate Technology Holdings plc (NASDAQ:STX), worth $1.27 billion, representing 3.22% of the fund’s Q3 portfolio. 

On January 26, Seagate Technology Holdings plc (NASDAQ:STX) posted its Q4 results, announcing earnings per share of $2.41, beating estimates by $0.05. The $3.12 billion revenue gained 18.80% from the prior-year quarter, surpassing estimates by $719,170. The stock climbed 20% after the company posted solid Q4 earnings. 

Argus analyst Jim Kelleher on January 28 raised the price target on Seagate Technology Holdings plc (NASDAQ:STX) to $130 from $105 and kept a Buy rating on the shares. The company’s Q4 results “comfortably exceeded expectations”, with strong annual growth in sales that was driven by its mass capacity storage business exceeding $2 billion for the second time, the analyst tells investors in a research note. 

A total of 27 hedge funds in the Q3 database of Insider Monkey were bullish on Seagate Technology Holdings plc (NASDAQ:STX), down from 31 funds in the quarter earlier. Antipodes Partners is a prominent stakeholder of Seagate Technology Holdings plc (NASDAQ:STX), owning a $59.1 million position in the company as of Q3 2021. 

Here is what ClearBridge Investments has to say about Seagate Technology Holdings plc (NASDAQ:STX) in its Q1 2021 investor letter:

“Our high active share approach made the most difference in IT, where the portfolio’s holdings gained 4.5% compared to a loss for the benchmark. Results were led by our more cyclical positions in digital storage provider Seagate Technology.”