Seagate Technology (NASDAQ:STX) Price Target Raised to $700.00 at Wells Fargo & Company

Key Points

• Wells Fargo raised its price target on Seagate to $700 (maintaining an "equal weight" rating), joining other firms that have sharply lifted targets (Goldman $700, TD Cowen $850, Rosenblatt $1,000) and leaving the consensus average target around $649.54 with most analysts rated Buy.
• Q3 results and guidance were strong — Seagate reported $4.10 EPS (vs. $3.47 est.) and $3.11B revenue (up 44% YoY) and guided Q4 EPS to $4.80–$5.20, signaling continued AI/data‑center demand.
• Notable risks include a rich valuation (P/E ~65), very high reported leverage (debt/equity ~7.6), and recent insider selling, which raise downside risk if AI-driven demand or HAMR timing disappoints.

Seagate Technology (NASDAQ:STX - Get Free Report) had its price target increased by analysts at Wells Fargo & Company from $450.00 to $700.00 in a note issued to investors on Wednesday,MarketScreener reports. The firm currently has an "equal weight" rating on the data storage provider's stock. Wells Fargo & Company's target price points to a potential upside of 4.16% from the stock's current price.

A number of other research analysts have also recently weighed in on STX. Zacks Research cut Seagate Technology from a "strong-buy" rating to a "hold" rating in a report on Monday, March 30th. The Goldman Sachs Group upped their price target on Seagate Technology from $385.00 to $700.00 and gave the stock a "buy" rating in a research note on Wednesday. TD Cowen lifted their price objective on Seagate Technology from $500.00 to $850.00 and gave the company a "buy" rating in a research note on Wednesday. Robert W. Baird boosted their target price on Seagate Technology from $270.00 to $505.00 and gave the stock an "outperform" rating in a report on Thursday, January 29th. Finally, KeyCorp set a $500.00 price target on shares of Seagate Technology in a report on Wednesday, January 28th. Twenty investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $649.54.

Seagate Technology Price Performance

Seagate Technology stock opened at $672.05 on Wednesday. Seagate Technology has a 1 year low of $85.47 and a 1 year high of $693.70. The company has a debt-to-equity ratio of 7.63, a quick ratio of 0.72 and a current ratio of 1.12. The firm has a 50 day moving average price of $444.55 and a 200 day moving average price of $351.81. The company has a market cap of $146.56 billion, a price-to-earnings ratio of 75.67, a PEG ratio of 0.99 and a beta of 1.61.

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

Insider Buying and Selling

In other Seagate Technology news, EVP Ban Seng Teh sold 20,195 shares of the stock in a transaction that occurred on Thursday, January 29th. The shares were sold at an average price of $442.29, for a total value of $8,932,046.55. Following the completion of the sale, the executive vice president owned 3,092 shares of the company's stock, valued at $1,367,560.68. This trade represents a 86.72% 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, EVP Kian Fatt Chong sold 5,846 shares of Seagate Technology stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $416.48, for a total transaction of $2,434,742.08. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 111,550 shares of company stock valued at $46,476,441. Corporate insiders own 0.79% of the company's stock.

Institutional Investors Weigh In On Seagate Technology

Large investors have recently added to or reduced their stakes in the company. National Pension Service increased its stake in shares of Seagate Technology by 28.0% in the third quarter. National Pension Service now owns 250,121 shares of the data storage provider's stock worth $59,044,000 after buying an additional 54,722 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. bought a new position in Seagate Technology during the 3rd quarter valued at $1,864,000. Sumitomo Mitsui Trust Group Inc. boosted its stake in Seagate Technology by 1.2% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 518,806 shares of the data storage provider's stock valued at $142,874,000 after acquiring an additional 6,028 shares during the last quarter. Keystone Investors PTE Ltd. grew its holdings in Seagate Technology by 55.7% during the 3rd quarter. Keystone Investors PTE Ltd. now owns 50,321 shares of the data storage provider's stock worth $11,879,000 after acquiring an additional 18,000 shares in the last quarter. Finally, Vision Financial Markets LLC increased its position in shares of Seagate Technology by 341.7% in the 3rd quarter. Vision Financial Markets LLC now owns 5,300 shares of the data storage provider's stock worth $1,251,000 after purchasing an additional 4,100 shares during the last quarter. 92.87% of the stock is owned by institutional investors and hedge funds.

Seagate Technology News Summary

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

• Positive Sentiment: Q3 results materially beat expectations — EPS $4.10 vs. consensus ~$3.47 and revenue $3.11B vs. ~$2.94B; company reported record margins and roughly $1B of free cash flow. Seagate Q3 Press Release
• Positive Sentiment: Very strong forward guidance — Q4 EPS guided to $4.80–$5.20 (street ~3.89) and revenue guided to $3.4–$3.6B — signaling continued AI/data‑center demand. Reuters: Seagate forecasts upbeat quarter
• Positive Sentiment: Wall Street is repricing the stock: Rosenblatt raised its price target to $1,000 (buy), and other firms (Wedbush, BofA, Cantor) have lifted targets to the $700 area — signaling big upside in analyst models. Rosenblatt price-target note
• Positive Sentiment: Sector lift: Seagate’s upbeat forecast helped lift storage peers and pushed storage stocks higher on expectations of sustained AI spending. Reuters: Storage stocks jump
• Neutral Sentiment: Board declared a quarterly dividend of $0.74/share (record June 24, payable July 7); yield ~0.5% — a small income signal but not a primary catalyst.
• Negative Sentiment: Risks and valuation — STX now trades with a high P/E (~65.5) and very high reported debt-to-equity (~7.6). Rapid re‑rating raises downside risk if AI/data‑center demand slows or HAMR adoption/timing disappoints.

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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