We gathered insights on the top 10 companies that performed well on Wednesday. Let’s see how Seagate Technology Holdings plc (NASDAQ:STX) compares to the others.
On Wednesday, stock prices rose across Wall Street. A boost from President Trump’s inauguration and strong earnings reports lifted market spirits.
The Dow increased by 0.30%, the S&P 500 went up by 0.61%, and the Nasdaq Composite saw a rise of 1.28%.
Ten companies from various sectors reflected this upward trend. In this article, we’ll highlight those that drove the gains and look into what made them successful.
To identify the top gainers, we focused on stocks with a market cap of at least $2 billion and a daily trading volume over $5 million.
A technician is working on a network-attached storage device.
Seagate Technology Holdings plc (NASDAQ:STX) saw a share price increase of 6.84% on Wednesday, finishing at $108.18. This gain followed the company’s positive earnings report for the fourth quarter.
Seagate’s revenue surged by 49.5% compared to last year, thanks to improvements in business operations and a strong demand for their products.
Analysts also raised their price targets for Seagate. Morgan Stanley spotlighted the company as a top pick, bolstered by increasing demand for data storage driven by AI, and adjusted its target price from $129 to $134.
Based in the US, Seagate is known for its hard drives and data storage solutions.
Seagate ranks 9th among the companies that performed well on Wednesday. While it shows investment potential, many believe AI stocks may offer quicker and higher returns.
Disclosure: None. This content was originally featured on Insider Monkey.
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