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Why Seagate (STX) is a Top Momentum Stock for the Long-Term

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors.

Many investors also have a go-to methodology that helps guide their buy and sell decisions. One way to find winning stocks based on your preferred way of investing is to use the Zacks Style Scores, which are indicators that rate stocks based on three widely-followed investing types: value, growth, and momentum.

Is This 1 Momentum Stock a Screaming Buy Right Now?

Momentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

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Seagate (STX)

Headquartered at Dublin, Ireland, Seagate is leading provider of data storage technology and infrastructure solutions. The company’s primary product offering is hard disk drives which is commonly referred to as disk drives, hard drives or HDDs. HDDs are used as the primary medium for storing digitally encoded data on rapidly rotating disks with magnetic surfaces.

STX is a Zacks Rank #2 (Buy) stock, with a Momentum Style Score of A and VGM Score of B. Shares are down 1% over the past one week and up 6.6% over the past four weeks. STX has gained 49.9% in the last one-year period as well. Looking at trading volume, an average of 2,136,018.75 shares exchanged hands over the last 20 trading days.

A company's earnings performance is important for momentum investors as well. For fiscal 2024, six analysts revised their earnings estimate higher in the last 60 days for STX, while the Zacks Consensus Estimate has increased $0.37 to $0.92 per share. STX also boasts an average earnings surprise of 76.4%.

With strong earnings growth, a good Zacks Rank, and top-tier Momentum and VGM Style Scores, investors should think about adding STX to their portfolios.

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Seagate Technology Holdings PLC (STX) : Free Stock Analysis Report

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