Shares of Santa Ana-based STEC Inc. fell Wednesday after an analyst downgraded the stock.
The shares fell nearly 4% on news that a B. Riley & Co. analyst had downgraded the stock to neutral from buy.
The company “has had a historic run,a run which we believe fairly encompasses the good news to date,” analyst Mike Crawford said in a note to clients.
Crawford also remarked that the stock is at an all-time high.
It closed at $20.14 on Wednesday.
STEC enjoys a rare position for a technology company these days: a near monopoly.
The company’s hold is on an emerging market for drives that insiders call “solid state” because they have no moving parts.
Last year, STEC rolled out a line of solid state drives that are set to be built into servers made by EMC Corp., Hitachi Data Systems Corp., Sun Microsystems Inc. and others. It also recently announced design wins with IBM Corp. and a unit of Fujitsu America Inc.
