Seagate Technology (NASDAQ:STX) Stock Jumps 10% – Here’s Why

Seagate Technology Holdings PLC (NASDAQ:STX) shot up 10% during mid-day trading on Wednesday. The stock traded as high as $568.89 and last traded at $551.72. Approximately 7,592,455 shares changed hands during trading, an increase of 67% from the average session volume of 4,558,960 shares. The stock had previously closed at $501.62.

Top Seagate Technology Stories

Investors following STX have been watching these stories:

• Positive Sentiment: Shares increased as CoreWeave reported better-than-expected results and raised its 2026 guidance, easing concerns about AI spending and supporting a rebound in storage and memory stocks. Article: Seagate Soars 10% as CoreWeave’s “Breakout Quarter” Eases AI Spending Fears
• Positive Sentiment: Seagate launched FireCuda Forge, a drive powered by its Alkemi platform that aims to combine SSD-like responsiveness with HDD capacity. The product broadens its offerings for gamers and content creators, though its financial contribution is not yet clear. Article: Seagate Launches the FireCuda Forge
• Neutral Sentiment: Commentary notes that the rebound follows a sharp selloff and that its durability remains uncertain, with investor confidence dependent in part on how AI infrastructure spending is financed. Article: Seagate Spikes as CoreWeave’s Results Revive AI Trade

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Zacks Research lowered Seagate Technology from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 28th. Bank of America raised their price objective on Seagate Technology from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a report on Wednesday, October 21st. Wedbush reiterated an “outperform” rating and set a $1,000.00 target price on shares of Seagate Technology in a report on Wednesday, October 28th. Sanford C. Bernstein reissued an “outperform” rating and set a $1,350.00 target price on shares of Seagate Technology in a research report on Wednesday, July 29th. Finally, UBS Group restated a “buy” rating on shares of Seagate Technology in a report on Monday, November 2nd. Twenty-three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Seagate Technology currently has an average rating of “Moderate Buy” and an average price target of $1,000.88.

Seagate Technology Stock Performance

The stock’s fifty day moving average is $756.58 and its two-hundred day moving average is $695.40. The firm has a market capitalization of $126.65 billion, a price-to-earnings ratio of 28.98 and a beta of 2.16. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.25 and a current ratio of 1.82.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data on Tuesday, October 27th. The data storage provider reported $7.68 earnings per share for the quarter, beating analysts’ consensus estimates of $7.44 by $0.24. Seagate Technology had a net margin of 31.86% and a return on equity of 252.47%. The company had revenue of $4.23 billion during the quarter, compared to analysts’ expectations of $4.15 billion. During the same period in the prior year, the company posted $2.61 EPS. The firm’s revenue for the quarter was up 61.0% on a year-over-year basis. Analysts forecast that Seagate Technology Holdings PLC will post 37.96 earnings per share for the current year.

Seagate Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 7th. Shareholders of record on Wednesday, December 23rd will be given a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend is Wednesday, December 23rd. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.74. Seagate Technology’s dividend payout ratio is currently 15.97%.

Insiders Place Their Bets

In other news, EVP John Morris sold 15,466 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $772.15, for a total transaction of $11,942,071.90. Following the completion of the sale, the executive vice president owned 31,132 shares of the company’s stock, valued at approximately $24,038,573.80. This trade represents a 33.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Ban Teh sold 52,730 shares of the company’s stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $782.08, for a total transaction of $41,239,078.40. Following the completion of the sale, the executive vice president directly owned 5,810 shares in the company, valued at $4,543,884.80. This represents a 90.08% 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. In the last 90 days, insiders have sold 447,108 shares of company stock valued at $356,049,743. Corporate insiders own 0.51% of the company’s stock.

Hedge Funds Weigh In On Seagate Technology

A number of hedge funds have recently bought and sold shares of STX. Advisors Asset Management Inc. acquired a new stake in shares of Seagate Technology during the 3rd quarter valued at approximately $10,788,000. Edmond DE Rothschild Holding S.A. boosted its holdings in Seagate Technology by 108.5% in the third quarter. Edmond DE Rothschild Holding S.A. now owns 1,228 shares of the data storage provider’s stock worth $1,133,000 after purchasing an additional 639 shares during the period. Private Wealth Asset Management LLC bought a new stake in Seagate Technology during the third quarter valued at $1,424,000. Greenline Wealth Management LLC acquired a new stake in shares of Seagate Technology during the third quarter worth $298,000. Finally, Westpac Banking Corp raised its holdings in shares of Seagate Technology by 3.6% during the third quarter. Westpac Banking Corp now owns 2,206 shares of the data storage provider’s stock worth $2,035,000 after purchasing an additional 77 shares during the period. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Seagate Technology Company Profile

Seagate Technology develops and supplies data-storage products and solutions for businesses and consumers. Its portfolio includes hard disk drives (HDDs), solid-state drives, and storage systems designed for applications ranging from personal computing to large-scale data centers. The company’s products support cloud and enterprise storage, network-attached storage, video surveillance, gaming, and other uses that require digital data to be stored and accessed. Seagate also offers data-management and storage services through its Lyve platform.