TradingKey – Seagate closes in on $904.38 with a 6.49% gain on September 8. This brings Seagate to $904.38, where the stock was sitting just below the $926.18 breakout level, but below the $925.44 session high. Supporting the move are greater cloud exabyte growth numbers, more HAMR adoption, higher free cash flow, and a better balance sheet. The primary concern is whether operating momentum will push the stock to break the trend line.
Q4 Revenue and Margins Expanded Sharply
For fiscal Q4 revenue was $3.629 billion, a 48% positive change from the same period last year. For GAAP gross margin, this number was 52.3%, making a large positive change from 37.4% last year. Non-GAAP gross margin was 52.7%. GAAP net income was $1.294 billion and…
