Seagate Technology (NASDAQ:STX) Shares Up 7.4% on Analyst Upgrade

Key Points

• Seagate Technology shares rose 7.4% after China Renaissance boosted its price target on the stock to $983 from $802. The stock traded as high as $914.60 during the session.
• Analyst sentiment remains broadly bullish, with several firms recently raising targets and maintaining buy-equivalent ratings. MarketBeat reports a consensus rating of Moderate Buy and an average price target of $820.63.
• Recent company news points to strong demand trends: Seagate said its nearline storage capacity is nearly fully allocated through 2027 and increased its long-term revenue growth target to at least 20%. The company also posted better-than-expected quarterly earnings and revenue.

Seagate Technology Holdings PLC (NASDAQ:STX - Get Free Report) traded up 7.4% during mid-day trading on Friday after China Renaissance raised their price target on the stock from $802.00 to $983.00. The company traded as high as $914.60 and last traded at $932.5610. 514,547 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 4,046,156 shares. The stock had previously closed at $868.09.

A number of other equities research analysts have also issued reports on STX. Mizuho increased their price target on Seagate Technology from $875.00 to $1,090.00 and gave the stock an "outperform" rating in a research note on Monday. Loop Capital upped their price objective on Seagate Technology from $950.00 to $1,140.00 and gave the stock a "buy" rating in a research note on Friday, May 15th. JPMorgan Chase & Co. increased their target price on Seagate Technology from $775.00 to $920.00 and gave the stock an "overweight" rating in a research report on Thursday. Cantor Fitzgerald boosted their price target on Seagate Technology from $700.00 to $1,000.00 and gave the stock an "overweight" rating in a report on Wednesday, April 29th. Finally, Bank of America upped their price target on Seagate Technology from $900.00 to $1,000.00 in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $820.63.

Insider Activity at Seagate Technology

In other Seagate Technology news, CEO William D. Mosley sold 2,855 shares of Seagate Technology stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $821.74, for a total value of $2,346,067.70. Following the completion of the transaction, the chief executive officer directly owned 324,870 shares of the company's stock, valued at $266,958,673.80. This trade represents a 0.87% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP John Christopher Morris sold 574 shares of the company's stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $821.66, for a total transaction of $471,632.84. Following the sale, the executive vice president owned 12,199 shares in the company, valued at $10,023,430.34. This represents a 4.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 160,629 shares of company stock valued at $112,739,671 over the last quarter. 0.79% of the stock is currently owned by insiders.

Key Headlines Impacting Seagate Technology

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

• Positive Sentiment: Seagate said its nearline storage capacity is almost fully allocated through 2027 and lifted its long-term revenue growth target to at least 20%, signaling strong cloud and AI-driven demand. Seagate Locks In Nearline Demand And Lifts Long Term Growth Outlook
• Positive Sentiment: JPMorgan raised its price target on Seagate and maintained an Overweight rating, adding to bullish analyst sentiment around the stock. JPMorgan raises price target on Seagate Technology to 920 from 775, maintains overweight rating
• Positive Sentiment: Brokerage coverage remains constructive, with commentary pointing to AI-driven demand and strong earnings momentum as reasons for the stock’s rerating. STX Stock Tops Industry Returns in 3 Months: A Smart Investment Now?
• Neutral Sentiment: Seagate announced redemption of its exchangeable notes, a capital-structure move that is unlikely to be a major near-term stock driver on its own. Seagate Announces Redemption of Exchangeable Notes
• Negative Sentiment: Several executives, including the CEO and CFO, sold shares in recent insider transactions, which can create some caution even though the sales were relatively small versus their total holdings. Insider Selling: Seagate Technology NASDAQ: STX EVP Sells 574 Shares of Stock

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Annis Gardner Whiting Capital Advisors LLC grew its holdings in Seagate Technology by 23.1% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 80 shares of the data storage provider's stock valued at $31,000 after purchasing an additional 15 shares during the last quarter. Salomon & Ludwin LLC raised its holdings in shares of Seagate Technology by 124.4% in the fourth quarter. Salomon & Ludwin LLC now owns 92 shares of the data storage provider's stock worth $27,000 after buying an additional 51 shares during the period. WealthCollab LLC grew its position in Seagate Technology by 27.4% in the 1st quarter. WealthCollab LLC now owns 93 shares of the data storage provider's stock valued at $36,000 after acquiring an additional 20 shares during the last quarter. Catalyst Capital Advisors LLC bought a new stake in shares of Seagate Technology during the first quarter worth $39,000. Finally, Armstrong Advisory Group Inc. purchased a new stake in shares of Seagate Technology during the fourth quarter valued at $28,000. Institutional investors own 92.87% of the company's stock.

Seagate Technology Stock Up 7.3%

The company has a market cap of $208.78 billion, a PE ratio of 88.36 and a beta of 2.04. 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 company's 50 day moving average is $699.38 and its 200 day moving average is $472.60.

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, beating the consensus estimate of $3.51 by $0.59. Seagate Technology had a net margin of 21.60% and a return on equity of 1,005.65%. The firm had revenue of $3.11 billion during the quarter, compared to the consensus estimate of $2.96 billion. During the same quarter in the previous year, the firm posted $1.90 earnings per share. The company'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. As a group, analysts predict that Seagate Technology Holdings PLC will post 14.1 earnings per share for the current fiscal year.

Seagate Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 7th. Stockholders of record on Wednesday, June 24th will be paid a dividend of $0.74 per share. The ex-dividend date is Wednesday, June 24th. This represents a $2.96 annualized dividend and a dividend yield of 0.3%. Seagate Technology's dividend payout ratio (DPR) is currently 28.08%.

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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