Long Position on STX @ $33.45 on 8/29/2016 (Momentum)

Seagate Technology Public Limited Company (STX) designs, produces, and distributes electronic data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally.

The company offers hard drives, solid state hybrid drives, solid state drives, PCIe cards, and serial advanced technology architecture controllers for mission critical and nearline applications in enterprise servers and storage systems; client compute applications, including desktop and mobile computing; client non-compute applications, such as digital video recorders, personal data backup and portable external storage systems, and digital media and surveillance systems.

It also provides storage subsystems and high performance computing solutions; and ships external backup storage solutions under the Backup Plus and Expansion product lines, as well as under the Maxtor and LaCie brand names.

The company sells its products primarily to original equipment manufacturers, distributors, and retailers. Shares have formed a bullish "flag" following its recent quarterly results reported August 3rd. Seagate reported earnings of 69 cents per share, topping analysts' estimates of 60 cents per share. Revenue for the period was $2.65 billion, slightly above Wall Street's projected $2.64 billion for the period. Higher share prices are expected for this stock.

52-Weeks Trading Range: $18.42 - $52.12

Entry Point: $33.45

Stop Loss: $31.50

Target Price: $36.80

Updates

9/22/2016 9:34:28 AM

STX closed at $37.00

Position closed on 9/22/2016 at price of $37.00 with a 10.61% gain in 24 days.

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