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Seagate Technology Holdings plc (STX) has seen a significant share price increase of 204.7% year-to-date, outperforming the Computer-Integrated Systems industry at 93.5%, the Computer & Technology sector at 26.3%, and the S&P 500 at 18.3%.
In the fiscal first quarter, Seagate reported a revenue growth of 21% year-over-year, totaling $2.1 billion, with 80% of revenue coming from data center products. The company is positioned to deliver higher revenues in the December quarter, projecting $2.7 billion (+/- $100 million) in revenues.
Seagate’s strong foothold in high-capacity storage solutions, particularly its 24–28TB PMR drives, has led to a significant demand, boosting its cash flow from operations to $532 million this quarter. The company also returns capital to shareholders via a mix of dividends and share buybacks, paying $153 million in dividends and repurchasing 153,000 shares for about $29 million.
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