Seagate Technology (NASDAQ:STX) Given New $750.00 Price Target at Evercore

Key Points

• Evercore raised its price target on Seagate to $750 (from $550) and joins other firms boosting targets — including Cantor Fitzgerald to $1,000 and JPMorgan to $775 — as shares jumped about 11% to $642.62.
• Q3 beat and bullish guidance: Seagate reported $4.10 EPS vs. $3.47 expected and $3.11B revenue (+44% YoY), and issued Q4 guidance of $4.80–$5.20 EPS and roughly $3.4–$3.6B revenue, citing strong AI/data‑center demand.
• Risks remain: the stock’s rally leaves valuation stretched (P/E ~72.6) and leverage high (debt/equity ~7.6), alongside recent insider sales, creating re‑rating risk if AI spending cools.

Seagate Technology (NASDAQ:STX - Get Free Report) had its price target upped by analysts at Evercore from $550.00 to $750.00 in a research report issued to clients and investors on Wednesday. The brokerage presently has an "outperform" rating on the data storage provider's stock. Evercore's target price would indicate a potential upside of 16.71% from the stock's current price.

Several other research firms have also recently commented on STX. Robert W. Baird raised their target price on shares of Seagate Technology from $270.00 to $505.00 and gave the stock an "outperform" rating in a research report on Thursday, January 29th. Cantor Fitzgerald increased their price target on shares of Seagate Technology from $700.00 to $1,000.00 and gave the stock an "overweight" rating in a research note on Wednesday. UBS Group raised their price objective on shares of Seagate Technology from $440.00 to $515.00 and gave the stock a "neutral" rating in a report on Tuesday, April 21st. The Goldman Sachs Group upped their target price on Seagate Technology from $385.00 to $700.00 and gave the stock a "buy" rating in a report on Wednesday. Finally, JPMorgan Chase & Co. increased their target price on Seagate Technology from $525.00 to $775.00 and gave the stock an "overweight" rating in a research report on Wednesday. Twenty analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $669.75.

Seagate Technology Trading Up 11.0%

Shares of STX stock traded up $63.59 during trading hours on Wednesday, reaching $642.62. The company's stock had a trading volume of 6,933,864 shares, compared to its average volume of 4,084,656. The company has a current ratio of 1.12, a quick ratio of 0.72 and a debt-to-equity ratio of 7.63. Seagate Technology has a one year low of $85.47 and a one year high of $697.00. The stock has a market capitalization of $140.14 billion, a P/E ratio of 72.63, a P/E/G ratio of 0.99 and a beta of 1.61. The firm's fifty day simple moving average is $444.55 and its 200 day simple moving average is $351.81.

Seagate Technology (NASDAQ:STX - Get Free Report) last announced its earnings results on Tuesday, April 28th. The data storage provider reported $4.10 EPS for the quarter, beating analysts' consensus estimates of $3.47 by $0.63. Seagate Technology had a negative return on equity of 936.38% and a net margin of 19.59%.The company had revenue of $3.11 billion during the quarter, compared to the consensus estimate of $2.94 billion. During the same quarter in the prior year, the company earned $1.90 earnings per share. The firm's revenue for the quarter was up 44.1% on a year-over-year basis. Seagate Technology has set its Q4 2026 guidance at 4.800-5.200 EPS. Equities research analysts expect that Seagate Technology will post 12.13 EPS for the current year.

Insider Buying and Selling

In other news, Director Jay L. Geldmacher sold 925 shares of the firm's stock in a transaction on Friday, January 30th. The stock was sold at an average price of $448.02, for a total transaction of $414,418.50. Following the completion of the transaction, the director directly owned 223 shares in the company, valued at $99,908.46. This trade represents a 80.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William D. Mosley sold 24,584 shares of the firm's stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $406.77, for a total value of $10,000,033.68. Following the transaction, the chief executive officer owned 375,591 shares of the company's stock, valued at $152,779,151.07. The trade was a 6.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 111,550 shares of company stock valued at $46,476,441 over the last ninety days. Insiders own 0.79% of the company's stock.

Hedge Funds Weigh In On Seagate Technology

Several institutional investors and hedge funds have recently modified their holdings of the stock. Salomon & Ludwin LLC increased its holdings in Seagate Technology by 124.4% in the 4th quarter. Salomon & Ludwin LLC now owns 92 shares of the data storage provider's stock worth $27,000 after buying an additional 51 shares in the last quarter. Rakuten Securities Inc. increased its holdings in Seagate Technology by 884.2% in the 2nd quarter. Rakuten Securities Inc. now owns 187 shares of the data storage provider's stock worth $27,000 after buying an additional 168 shares in the last quarter. Armstrong Advisory Group Inc. bought a new stake in Seagate Technology in the 4th quarter worth about $28,000. Avion Wealth increased its holdings in Seagate Technology by 343.5% in the 4th quarter. Avion Wealth now owns 102 shares of the data storage provider's stock worth $28,000 after buying an additional 79 shares in the last quarter. Finally, Concord Wealth Partners bought a new stake in Seagate Technology in the 4th quarter worth about $28,000. 92.87% of the stock is currently owned by institutional investors.

Key Seagate Technology News

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

• Positive Sentiment: Q3 beat — Seagate reported $4.10 EPS on $3.11B revenue, well above estimates, with record margins and roughly $1B of free cash flow; the strong quarter is the core catalyst for the rally. Seagate Q3 Results
• Positive Sentiment: Bullish guidance — Seagate issued Q4 EPS guidance of $4.80–$5.20 and revenue guidance roughly $3.4B–$3.6B, comfortably above Street estimates, signaling continued AI/data-center demand. Seagate Forecasts Upbeat Quarter (Reuters)
• Positive Sentiment: Widespread analyst bullishness — Multiple firms raised price targets (examples: Rosenblatt/Cantor Fitzgerald to $1,000, JPMorgan to $775, Morgan Stanley, BofA, TD Cowen and others lifting targets), amplifying momentum and buy-side interest. Rosenblatt $1,000 Target
• Positive Sentiment: Market narrative: AI storage boom — Multiple write-ups highlight sustained AI-driven demand and HAMR HDD tightness as structural tailwinds supporting higher revenue and pricing power. AI Storage Boom (Invezz)
• Neutral Sentiment: Dividend declared — Seagate announced a quarterly dividend of $0.74 (record June 24 / payable July 7); modest yield, more a shareholder-return signal than a near-term price mover.
• Negative Sentiment: Valuation and balance-sheet considerations — The rally pushes valuation rich (high P/E) and Seagate still shows elevated leverage metrics; investors should weigh re-rating risk if AI spending moderates. Valuation/Risk Commentary (Investopedia)

About Seagate Technology

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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