Why Seagate Technology (STX) Stock Is Higher After Hours

NEW YORK (TheStreet) -- Seagate Technology (STX) stock is moving higher in extended trading after the company reported higher-than-expected earnings in its third quarter.

After the bell, shares gained 1.7% to $54.40.

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The storage hardware company reported net income of $1.34 a share over the three months to March, 9 cents higher than analysts surveyed by Thomson Reuters had forecast. 

Revenue of $3.4 billion slipped 3.7% year over year to $3.4 billion. Sales fell shy of expectations of $3.42 billion. 

TheStreet Ratings team rates SEAGATE TECHNOLOGY PLC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:

"We rate SEAGATE TECHNOLOGY PLC (STX) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, good cash flow from operations and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."

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