Analyst are Cutting Estimates on These 5 Tech Stocks

3. Seagate Technology Holdings plc (NASDAQ:STX)

Number of Hedge Fund Holders: 32

Seagate Technology Holdings plc (NASDAQ:STX) provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. The company’s products include hard disk drives, solid state drives, enterprise nearline systems, video and image HDDs, and network-attached storage drives. In Q1 2022, Seagate Technology Holdings plc (NASDAQ:STX) was part of 32 public hedge fund portfolios, up from 28 funds in the prior quarter. 

On July 15, Deutsche Bank analyst Sidney Ho lowered the price target on Seagate Technology Holdings plc (NASDAQ:STX) to $82 from $95 and kept a Hold rating on the shares. The analyst cut estimates ahead of the company’s fiscal Q4 results to account for an uncertain IT spending environment. The analyst said that while cloud spending appears steady, he is seeing signs of enterprise IT spending beginning to decrease, with some companies citing inventory adjustments and slowed hiring.

Among the hedge funds tracked by Insider Monkey, Jacob Mitchell’s Antipodes Partners held 1.4 million shares of Seagate Technology Holdings plc (NASDAQ:STX) in Q1 2022, worth $124.6 million. 

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.”