In a recent article, Insider Monkey provided a comprehensive list of the 10 Best Affordable Tech Stocks to Buy According to Analysts, focusing on Seagate Technology Holdings plc (NASDAQ:STX). The tech sector has seen significant growth fueled by the rise of Artificial Intelligence (AI) and Extended Reality (XR), with the global AI market estimated to reach $196.63 billion. Additionally, cybersecurity technology continues to surge, with the market projected to grow to $298.5 billion by 2028.
Seagate Technology Holdings plc (NASDAQ:STX) is a leading supplier of hard disk drives and is positioned well for growth with a focus on mass-capacity drives for cloud companies and enterprises. Analysts expect continued demand for these drives over the next five years as enterprises seek to optimize data storage. The company’s investment in innovative technologies, such as heat-assisted magnetic recording (HAMR), positions it well to capitalize on emerging trends and applications.
Despite the positive outlook for Seagate, Insider Monkey suggests that some deeply undervalued AI stocks may offer greater potential for higher returns in a shorter timeframe. Overall, STX ranks 7th on the list of the best affordable tech stocks to buy according to analysts. With Northland Securities recently increasing their target price for Seagate Technology Holdings plc (NASDAQ:STX) and 44 hedge funds holding stakes in the company in 2Q 2024, the stock remains a strong contender in the tech sector for investors looking for affordable options. For those seeking undervalued AI stocks, Insider Monkey recommends exploring their report on the cheapest AI stock available.
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