Seagate (STX) Falls 4.56% on Profit-Taking

We recently published 10 Stocks Struggling to Shine Ahead of Christmas. Seagate Technology Holdings plc (NASDAQ:STX) is one of the worst performers on Monday.

Seagate Technology saw its share prices drop by 4.56 percent on Monday to close at $282.85 apiece as investors resorted to profit-taking following two straight days of gains.

Additionally, investor sentiment may have been dampened by a former hedge fund manager’s weak outlook about its stock.

In the latest episode of Mad Money, host and former hedge fund manager Jim Cramer said that while Seagate Technology Holdings plc (NASDAQ:STX) has seen a remarkable gain over the past few months, he said the firm still was not a growth company.

In other news, Seagate Technology Holdings plc (NASDAQ:STX) has set a December 24 ex-dividend date for its next quarterly dividend amounting to $0.74, payable on January 9, 2026.

The dividends followed impressive earnings performance in the third quarter of the year, during which the company grew its net income by 80 percent to $549 million from $305 million in the same period last year. Revenues jumped by 21 percent to $2.6 billion from $2.17 billion year-on-year.

Seagate (STX) Falls 4.56% on Profit-Taking

“AI is transforming how content is being consumed and generated, increasing the value of data and storage, and Seagate is well positioned for continued profitable growth,” said Seagate Technology Holdings Plc (NASDAQ:STX) Chairman and CEO Dave Mosley.

While we acknowledge the risk and potential of STX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than STX and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.