Seagate Technology (NASDAQ:STX) Stock Price Target Lowered at TD Cowen

Seagate Technology (NASDAQ:STX) had its target price lowered by TD Cowen from $1,000.00 to $900.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the data storage provider’s stock. TD Cowen‘s price objective points to a potential upside of 34.76% from the company’s previous close.

Several other research firms also recently issued reports on STX. Weiss Ratings raised shares of Seagate Technology from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 16th. Zacks Research downgraded shares of Seagate Technology from a “strong-buy” rating to a “hold” rating in a report on Monday, September 28th. Evercore restated an “outperform” rating on shares of Seagate Technology in a report on Wednesday. Wells Fargo & Company dropped their price objective on shares of Seagate Technology from $1,180.00 to $865.00 and set an “overweight” rating on the stock in a research note on Friday, October 16th. Finally, Rosenblatt Securities reduced their price objective on shares of Seagate Technology from $1,400.00 to $1,100.00 and set a “buy” rating for the company in a report on Monday. Twenty-two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $983.44.

Seagate Technology Trading Up 3.7%

Shares of NASDAQ:STX opened at $667.85 on Wednesday. The business’s 50 day simple moving average is $809.95 and its two-hundred day simple moving average is $682.75. Seagate Technology has a 52-week low of $217.67 and a 52-week high of $1,145.00.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings data on Tuesday, October 27th. The data storage provider reported $7.68 EPS for the quarter, beating the consensus estimate of $7.45 by $0.23. The firm had revenue of $4.23 billion for the quarter, compared to the consensus estimate of $4.15 billion. The company’s revenue was up 61.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.61 EPS. On average, research analysts expect that Seagate Technology will post 35.79 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP John Morris sold 9,354 shares of the company’s stock in a transaction on Monday, September 21st. The shares were sold at an average price of $877.91, for a total value of $8,211,970.14. Following the completion of the sale, the executive vice president owned 22,693 shares in the company, valued at $19,922,411.63. This represents a 29.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Gianluca Romano sold 49,984 shares of the company’s stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $772.16, for a total transaction of $38,595,645.44. Following the completion of the sale, the chief financial officer owned 70,756 shares of the company’s stock, valued at approximately $54,634,952.96. The trade was a 41.40% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 467,506 shares of company stock worth $379,191,992 in the last three months. 0.51% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Wellington Management Group LLP grew its position in Seagate Technology by 2,655.9% in the 2nd quarter. Wellington Management Group LLP now owns 2,414,136 shares of the data storage provider’s stock worth $2,329,641,000 after purchasing an additional 2,326,538 shares in the last quarter. National Pension Service lifted its position in shares of Seagate Technology by 0.8% during the 2nd quarter. National Pension Service now owns 834,705 shares of the data storage provider’s stock worth $805,490,000 after buying an additional 6,944 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of Seagate Technology by 3,872.1% during the 1st quarter. Janus Henderson Group PLC now owns 967,528 shares of the data storage provider’s stock worth $378,985,000 after buying an additional 943,170 shares in the last quarter. Amundi lifted its position in shares of Seagate Technology by 32.2% during the 1st quarter. Amundi now owns 965,565 shares of the data storage provider’s stock worth $378,267,000 after buying an additional 235,359 shares in the last quarter. Finally, Swedbank AB boosted its stake in shares of Seagate Technology by 67.6% in the 1st quarter. Swedbank AB now owns 709,160 shares of the data storage provider’s stock worth $277,821,000 after buying an additional 285,949 shares during the last quarter. 92.87% of the stock is owned by institutional investors.

More Seagate Technology News

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

• Positive Sentiment: Seagate reported adjusted earnings of $7.68 per share and revenue of $4.23 billion, exceeding analyst estimates of $7.45 and $4.15 billion, respectively. Revenue increased 61% year over year, while data-center revenue rose 63%, reflecting strong demand tied to artificial-intelligence infrastructure. Seagate Technology Reports Fiscal First Quarter 2027 Financial Results
• Positive Sentiment: Management forecast approximately $4.8 billion of December-quarter revenue and $9.20 in non-GAAP EPS, reportedly above Wall Street expectations. Seagate also cited record free cash flow and customer commitments extending through 2030, supporting the longer-term AI and cloud-storage growth case. Seagate Says It Can’t Make Hard Drives Fast Enough for AI
• Positive Sentiment: The company raised its quarterly dividend 2.7% to $0.76 per share. Wedbush reaffirmed an “outperform” rating with a $1,000 price target, while Morgan Stanley maintained an “overweight” rating and set a $1,148 target. Analysts revise forecasts on Seagate after Q1 results
• Neutral Sentiment: Seagate’s HAMR and SMR storage technologies achieved expanded interoperability with Broadcom systems and validation at Microsoft Azure, potentially improving adoption among hyperscale customers, although the financial impact will take time to develop. Seagate’s HAMR and SMR breakthrough
• Negative Sentiment: Investors focused on slowing shipment growth, potentially moderating margins, and whether AI-related demand can justify Seagate’s elevated valuation. The earnings beat may have been insufficient against already-high expectations, prompting profit-taking after the release. Why is Seagate stock falling despite an earnings beat?
• Negative Sentiment: Susquehanna lowered its price target from $925 to $765 and changed its rating to “neutral,” adding to concerns that much of Seagate’s expected growth may already be reflected in the stock price. Susquehanna Seagate recommendations

About Seagate Technology

Seagate Technology Holdings plc (NASDAQ: STX) is a data storage company that develops and manufactures mass-capacity storage products and solutions. Its portfolio is centered on hard disk drives (HDDs) used in cloud data centers, enterprise systems, network-attached storage, video and imaging applications, and personal computers.

The company also provides storage-related services and solutions designed to help organizations store, manage, protect, and access large volumes of digital information.