SOURCE: The Bedford Report

The Bedford Report

February 15, 2011 08:46 ET

Storage Wars Take to the Cloud

The Bedford Report Provides Analyst Research on Seagate Technology & NetApp

NEW YORK, NY--(Marketwire - February 15, 2011) - Earnings season was not kind to key players in the Data Storage industry following a string of disappointing quarterly reports. While muted PC Demand was detrimental to most in the sector, perhaps the bigger concern going forward is that many of the industry heavyweights simply aren't prepared for the shift to cloud computing. The Bedford Report examines the outlook for companies in the Data Storage Devices Industry and provides research reports on Seagate Technology PLC (NYSE: STX) and NetApp, Inc. (NASDAQ: NTAP). Access to the full company reports can be found at:

An overall shift towards cloud computing has ramped up the demand for offsite data storage centers. The rapidly growing demand for data storage has predictably brought lots of competition as well. Larger storage companies have simply found acquisitions to be a more viable way to deal with the uptick in competition.

Companies are increasingly looking to cloud computing environments in order to accelerate value in business financials and reduce costs. Driven by the growth of cloud computing, cloud storage is quickly growing from a relatively small percentage of the overall IT market to a sustainable and significant opportunity.

The Bedford Report releases regular market updates on the Data Storage Devices Industry so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us free at and get exclusive access to our numerous analyst reports and industry newsletters.

Seagate said last month that its net income fell to $150 million, or 31 cents per share, in its fiscal second quarter. The results missed analyst estimates looking for earnings of 33 cents a share and were down sharply from $533 million, or $1.03 per share, in the same period a year earlier.

Seagate's CEO Steve Luczo said the hard disk drive (HDD) market has marginal excess capacity and faces "muted consumer demand" for PCs but strengthening demand for PCs from companies. Analysts had been forecasting negative long term effects of the iPad on the PC industry.

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