JPMorgan Chase & Co. Increases Seagate Technology (NASDAQ:STX) Price Target to $1,240.00

Key Points

• JPMorgan raised Seagate Technology’s price target to $1,240 from $1,095 and maintained an “overweight” rating, implying roughly 55% upside from the prior close.
• Seagate reported quarterly EPS of $5.71 and revenue of $3.63 billion, beating estimates, while revenue increased 48.5% year over year. Management guided to fiscal Q1 2027 EPS of $7.10–$7.50, citing strong AI infrastructure and cloud-storage demand.
• Analyst sentiment remains broadly bullish, with 22 Buy ratings and five Holds and a $970 consensus target; however, the stock’s elevated valuation and volatility across the memory and storage sector pose downside risks.

Seagate Technology (NASDAQ:STX - Get Free Report) had its price target lifted by equities research analysts at JPMorgan Chase & Co. from $1,095.00 to $1,240.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the data storage provider's stock. JPMorgan Chase & Co.'s target price would indicate a potential upside of 54.87% from the stock's previous close.

Several other research analysts have also issued reports on the stock. Cantor Fitzgerald reiterated an "overweight" rating and issued a $1,300.00 target price on shares of Seagate Technology in a research report on Wednesday. The Goldman Sachs Group upped their price objective on Seagate Technology from $385.00 to $700.00 and gave the stock a "buy" rating in a report on Wednesday, April 29th. Mizuho boosted their target price on Seagate Technology from $875.00 to $1,090.00 and gave the stock an "outperform" rating in a research report on Monday, June 8th. Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $1,350.00 target price on shares of Seagate Technology in a research note on Wednesday. Finally, Loop Capital increased their price target on shares of Seagate Technology from $950.00 to $1,140.00 and gave the company a "buy" rating in a research report on Friday, May 15th. Twenty-two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $970.00.

Seagate Technology Price Performance

Shares of NASDAQ STX traded up $53.40 during midday trading on Wednesday, hitting $800.70. 5,587,419 shares of the company's stock were exchanged, compared to its average volume of 4,367,976. The company has a current ratio of 1.33, a quick ratio of 0.85 and a debt-to-equity ratio of 3.16. The business's fifty day moving average price is $894.95 and its two-hundred day moving average price is $618.98. The company has a market cap of $179.54 billion, a price-to-earnings ratio of 76.47 and a beta of 2.04. Seagate Technology has a 12-month low of $138.30 and a 12-month high of $1,145.00.

Seagate Technology (NASDAQ:STX - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The data storage provider reported $5.71 EPS for the quarter, topping analysts' consensus estimates of $5.10 by $0.61. The business had revenue of $3.63 billion during the quarter, compared to analysts' expectations of $3.50 billion. Seagate Technology had a net margin of 21.60% and a return on equity of 1,005.65%. The business's quarterly revenue was up 48.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.59 EPS. Seagate Technology has set its Q1 2027 guidance at 7.100-7.500 EPS. As a group, research analysts forecast that Seagate Technology will post 14.14 EPS for the current fiscal year.

Insider Activity

In related news, CFO Gianluca Romano sold 22,488 shares of Seagate Technology stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $774.22, for a total value of $17,410,659.36. Following the transaction, the chief financial officer directly owned 42,847 shares of the company's stock, valued at $33,173,004.34. The trade was a 34.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP John Christopher Morris sold 5,626 shares of the company's stock in a transaction on Monday, May 4th. The shares were sold at an average price of $738.37, for a total transaction of $4,154,069.62. Following the sale, the executive vice president owned 11,954 shares of the company's stock, valued at $8,826,474.98. This represents a 32.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 151,069 shares of company stock worth $126,191,753 over the last ninety days. Company insiders own 0.79% of the company's stock.

Hedge Funds Weigh In On Seagate Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in STX. Annis Gardner Whiting Capital Advisors LLC grew its holdings in Seagate Technology by 23.1% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 80 shares of the data storage provider's stock worth $31,000 after purchasing an additional 15 shares during the period. Salomon & Ludwin LLC raised its stake in Seagate Technology by 124.4% during the fourth quarter. Salomon & Ludwin LLC now owns 92 shares of the data storage provider's stock valued at $27,000 after buying an additional 51 shares during the last quarter. WealthCollab LLC raised its stake in Seagate Technology by 27.4% during the first quarter. WealthCollab LLC now owns 93 shares of the data storage provider's stock valued at $36,000 after buying an additional 20 shares during the last quarter. Catalyst Capital Advisors LLC bought a new stake in Seagate Technology in the first quarter worth $39,000. Finally, Concord Wealth Partners bought a new stake in Seagate Technology in the fourth quarter worth $28,000. Hedge funds and other institutional investors own 92.87% of the company's stock.

Seagate Technology News Summary

Here are the key news stories impacting Seagate Technology this week:

• Positive Sentiment: Seagate reported fiscal Q4 non-GAAP EPS of $5.71, exceeding the $5.10 consensus estimate, while revenue rose 48.5% year over year to $3.63 billion, above expectations of approximately $3.50 billion. Seagate fiscal fourth-quarter results
• Positive Sentiment: Management forecast fiscal Q1 2027 revenue of $4.0 billion to $4.2 billion and EPS of $7.10 to $7.50, well above analyst expectations of roughly $3.7 billion in revenue and $5.63 in EPS. The outlook points to continued momentum from AI infrastructure and cloud-storage demand. Seagate upbeat forecast
• Positive Sentiment: Investors highlighted record profitability, fiscal 2026 annual revenue growth of 34%, and record free cash flow of $3.1 billion. Seagate also cited durable data-center demand, progress with its HAMR and Mozaic storage technologies, margin expansion and strong cash generation. Seagate earnings call highlights
• Positive Sentiment: Several analysts raised their targets following the results: Wells Fargo to $1,180, Rosenblatt to $1,400, Citigroup to $1,300, Wedbush to $1,000 and Susquehanna to $875. Cantor Fitzgerald reaffirmed an overweight rating with a $1,300 target, reinforcing bullish expectations for AI-related storage growth.
• Neutral Sentiment: Seagate’s quarterly dividend was declared at $0.74 per share, payable October 7 to shareholders of record September 24. The approximately 0.4% yield is supportive but unlikely to be a major near-term trading catalyst.
• Negative Sentiment: The broader memory and storage sector remains volatile, with SanDisk and Micron falling amid concerns about AI-trade sustainability and potential valuation contraction. Seagate’s elevated valuation and the fact that its shares had already priced in significant optimism could limit further gains if future results or guidance fall short.

Seagate Technology Company Profile

Seagate Technology NASDAQ: STX is a global data storage company that designs, manufactures and sells a broad range of storage products and systems. The firm's product portfolio includes traditional hard disk drives (HDDs), solid-state drives (SSDs), hybrid storage devices and integrated storage systems aimed at enterprise, cloud, OEM and consumer markets. Seagate also provides services that support its hardware offerings, including data recovery and storage management solutions.

Seagate's products are used in a wide array of applications, from large-scale data centers and cloud infrastructure to desktop and portable consumer devices.

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