Is Seagate Technology Holdings plc (STX) One of the Top Aggressive Growth Stocks Recommended by Hedge Funds?

Seagate Technology Holdings plc (NASDAQ:STX) is a computer hardware company known for making and selling hard disk drives, solid-state drives, and related products. Despite catering to the AI data center demand with its products, the company’s traditional IT supplier status exposes it to broader non-AI IT spending, leading to a lackluster 19% year-to-date performance. To thrive, the company relies on increased IT spending driven by low rates and a robust economy. Seagate is recognized for developing new storage technologies, such as Heat-Assisted Magnetic-Recording drives, which could act as a positive catalyst for the stock. During the Q3 2024 earnings call, management discussed expanding customer qualifications on new storage technologies and the expectation for shipment and revenue ramp timing. Seagate Technology Holdings plc (NASDAQ:STX) ranks 6th on the list of aggressive growth stocks to buy according to hedge funds, but interest in AI stocks may offer higher returns within a shorter timeframe. If investors are seeking a promising AI stock trading at less than 5 times its earnings, they can refer to the report on the cheapest AI stock. The dynamic nature of growth stocks and their share prices should prompt investors to carefully analyze the landscape before making investments and take advantage of the top stock picks from the best hedge funds.

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