Seagate Technology (NASDAQ:STX)
Seagate Technology Public Limited Company (STX), an electronic data storage company yesterday reported their fiscal fourth quarter 2016 financial results. Seagate reported fourth quarter revenues of $2.65 billion which beat analyst expectations of $2.32 billion.
Seagate Technology Public Limited Company CEO’s Comments
“The evolution of mobile and cloud data driven environments continues to define itself as requiring significant amounts of mass storage. HDD devices are where most data bits ultimately reside and our record HDD exabyte shipments in the June quarter, particularly due to enterprise demand, continue to support this thesis,” said Steve Luczo, Chairman and Chief Executive Officer.
Luczo continued, “We believe the long-term trend of exabyte storage demand growth exceeding HDD areal density growth remains intact for the foreseeable future. Seagate will continue to evolve its product offering, technology investment and manufacturing footprint to best serve our customers with the world’s most advanced and cost advantaged HDD products.” Business Wire
STX Technical Analysis
STX opened trading yesterday at $24.14 which was up from the previous days trading of $24.01. STX closed trading yesterday at $24.09 and spiked up after market to $27.05, equivalent to a 12% increase from the closing price. Taking a look at the daily chart we can see the last time STX traded above these levels was on April 27th when it traded at $27.34. Taking a closer look at the daily chart we can see that STX has been on an overall upward trend dating back to May 12th when it traded at its 52 week low price of $18.42. STX has a float of 294.98 million shares and traded below the normal daily trading volume on Monday. For trading purposes, I would like to see STX open trading on Tuesday above $26 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.25 from my entry position fearing anything more than that and the stock would start to fill in the gap up.
Company Profile
Seagate Technology Public Limited Company designs, manufactures, and sells electronic data storage products in the Asia Pacific, the Americas, and EMEA countries. It provides hard disk drives, solid state hybrid drives, solid state drives, PCIe cards, and serial advanced technology architecture controllers that are designed for enterprise servers and storage systems in mission critical and nearline applications; for client compute applications comprising desktop and mobile computing; and for client non-compute applications, such as digital video recorders, personal data backup systems, portable external storage systems, digital media systems, and surveillance systems. The company also provides storage subsystems and high performance computing solutions, as well as data storage services, including online backup, data protection, and recovery solutions for small to medium-sized businesses. In addition, it ships external backup storage solutions under its Backup Plus and Expansion product lines, as well as under the Samsung (KS:005930) and LaCie brand names. The company sells its products primarily to original equipment manufacturers, distributors, and retailers. Seagate Technology Public Limited Company was founded in 1979 and is based in Dublin, Ireland.