Seagate Technology (NASDAQ:STX) Given New $700.00 Price Target at Bank of America

Key Points

• Bank of America raised its price target on Seagate from $605 to $700 and kept a "buy" rating—implying roughly a 19.4% upside—while other brokers have also lifted targets and MarketBeat shows a consensus "Moderate Buy" with a $522.25 target.
• Seagate reported a quarterly earnings beat (EPS $3.11 vs. $2.77 est.) with revenue up 21.5% year-over-year and set Q3 2026 guidance of $3.20–$3.60 EPS; the stock trades with a $127.8B market cap and P/E of 66.3, even as insiders sold about 111,550 shares (~$46.5M) recently and institutional ownership is 92.9%.

Seagate Technology (NASDAQ:STX - Get Free Report) had its target price hoisted by equities research analysts at Bank of America from $605.00 to $700.00 in a report released on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the data storage provider's stock. Bank of America's price objective would indicate a potential upside of 19.40% from the stock's previous close.

Several other research firms have also recently issued reports on STX. Zacks Research cut shares of Seagate Technology from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 30th. China Renaissance raised their price objective on shares of Seagate Technology from $325.00 to $452.00 and gave the stock a "buy" rating in a research report on Thursday, January 15th. JPMorgan Chase & Co. raised their price objective on shares of Seagate Technology from $525.00 to $600.00 and gave the stock an "overweight" rating in a research report on Thursday, April 16th. Jefferies Financial Group restated a "hold" rating on shares of Seagate Technology in a research report on Wednesday, February 4th. Finally, Citigroup raised their price objective on shares of Seagate Technology from $480.00 to $595.00 and gave the stock a "buy" rating in a research report on Monday, April 13th. Twenty investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Seagate Technology has a consensus rating of "Moderate Buy" and a consensus target price of $522.25.

Seagate Technology Stock Performance

NASDAQ:STX opened at $586.25 on Monday. The company's 50-day moving average price is $437.89 and its 200-day moving average price is $346.60. The company has a current ratio of 1.12, a quick ratio of 0.72 and a debt-to-equity ratio of 7.63. The company has a market cap of $127.84 billion, a P/E ratio of 66.32, a P/E/G ratio of 0.97 and a beta of 1.61. Seagate Technology has a twelve month low of $80.56 and a twelve month high of $607.89.

Seagate Technology (NASDAQ:STX - Get Free Report) last posted its quarterly earnings results on Tuesday, January 27th. The data storage provider reported $3.11 earnings per share for the quarter, topping the consensus estimate of $2.77 by $0.34. The firm had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.73 billion. Seagate Technology had a net margin of 19.59% and a negative return on equity of 936.38%. The company's revenue for the quarter was up 21.5% on a year-over-year basis. During the same period last year, the firm posted $2.03 earnings per share. Seagate Technology has set its Q3 2026 guidance at 3.200-3.600 EPS. On average, sell-side analysts forecast that Seagate Technology will post 12.13 earnings per share for the current fiscal year.

Insider Activity at Seagate Technology

In other Seagate Technology news, Director Jay L. Geldmacher sold 925 shares of the stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $448.02, for a total transaction of $414,418.50. Following the completion of the transaction, the director owned 223 shares of the company's stock, valued at $99,908.46. This trade represents a 80.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Ban Seng Teh sold 20,195 shares of the stock in a transaction dated Thursday, January 29th. The stock was sold at an average price of $442.29, for a total transaction of $8,932,046.55. Following the sale, the executive vice president directly owned 3,092 shares in the company, valued at $1,367,560.68. This represents a 86.72% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 111,550 shares of company stock worth $46,476,441. 0.79% of the stock is owned by corporate insiders.

Institutional Trading of Seagate Technology

Several hedge funds have recently made changes to their positions in STX. Vanguard Group Inc. increased its stake in shares of Seagate Technology by 1.6% during the third quarter. Vanguard Group Inc. now owns 28,140,287 shares of the data storage provider's stock worth $6,642,796,000 after buying an additional 442,749 shares during the period. State Street Corp increased its stake in shares of Seagate Technology by 1.0% during the fourth quarter. State Street Corp now owns 9,370,805 shares of the data storage provider's stock worth $2,587,535,000 after buying an additional 94,527 shares during the period. Morgan Stanley increased its stake in shares of Seagate Technology by 5.1% during the fourth quarter. Morgan Stanley now owns 5,317,516 shares of the data storage provider's stock worth $1,464,391,000 after buying an additional 258,151 shares during the period. WCM Investment Management LLC purchased a new stake in shares of Seagate Technology during the third quarter worth approximately $1,187,621,000. Finally, Geode Capital Management LLC increased its stake in shares of Seagate Technology by 5.0% during the fourth quarter. Geode Capital Management LLC now owns 4,896,815 shares of the data storage provider's stock worth $1,343,683,000 after buying an additional 234,436 shares during the period. Institutional investors and hedge funds own 92.87% of the company's stock.

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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