Seagate Technology (NASDAQ:STX) Stock Rating Cut to Hold at Summit Insights

Seagate Technology (NASDAQ:STX) was downgraded by research analysts at Summit Insights from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday, Marketbeat reports.

Several other equities analysts have also recently weighed in on STX. Rosenblatt Securities dropped their price objective on Seagate Technology from $1,400.00 to $1,100.00 and set a “buy” rating on the stock in a research note on Monday. Citigroup boosted their price objective on shares of Seagate Technology from $1,240.00 to $1,300.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Argus boosted their target price on shares of Seagate Technology from $750.00 to $900.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Morgan Stanley dropped their target price on shares of Seagate Technology from $1,200.00 to $1,148.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, Cantor Fitzgerald cut their price target on shares of Seagate Technology from $1,300.00 to $1,000.00 and set an “overweight” rating on the stock in a report on Monday. Twenty-two analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, Seagate Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $983.44.

Seagate Technology Stock Down 2.9%

NASDAQ:STX traded down $19.66 on Wednesday, reaching $648.18. The company’s stock had a trading volume of 1,658,544 shares, compared to its average volume of 4,415,853. The business’s 50-day moving average price is $809.95 and its two-hundred day moving average price is $682.75. Seagate Technology has a 1-year low of $228.61 and a 1-year high of $1,145.00.

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

Insider Transactions at Seagate Technology

In other Seagate Technology news, EVP John Morris sold 9,354 shares of the business’s stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $877.91, for a total transaction of $8,211,970.14. Following the transaction, the executive vice president owned 22,693 shares in the company, valued at $19,922,411.63. The trade was a 29.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP James Lee sold 547 shares of Seagate Technology stock in a transaction that occurred on Friday, October 23rd. The stock was sold at an average price of $642.14, for a total value of $351,250.58. Following the completion of the transaction, the executive vice president owned 1,037 shares of the company’s stock, valued at approximately $665,899.18. The trade was a 34.53% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 467,506 shares of company stock worth $379,191,992 in the last 90 days. Insiders own 0.51% of the company’s stock.

Institutional Investors Weigh In On Seagate Technology

Institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP raised its holdings in Seagate Technology by 2,655.9% during the second quarter. Wellington Management Group LLP now owns 2,414,136 shares of the data storage provider’s stock valued at $2,329,641,000 after buying an additional 2,326,538 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in 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 valued at $378,985,000 after purchasing an additional 943,170 shares during the last quarter. Swedbank AB raised its position in Seagate Technology by 67.6% in the 1st quarter. Swedbank AB now owns 709,160 shares of the data storage provider’s stock valued at $277,821,000 after purchasing an additional 285,949 shares during the last quarter. Amundi increased its holdings in shares of Seagate Technology by 32.2% in the first quarter. Amundi now owns 965,565 shares of the data storage provider’s stock valued at $378,267,000 after purchasing an additional 235,359 shares in the last quarter. Finally, Hsbc Holdings PLC boosted its holdings in Seagate Technology by 119.7% in the first quarter. Hsbc Holdings PLC now owns 378,527 shares of the data storage provider’s stock valued at $147,753,000 after acquiring an additional 206,196 shares during the last quarter. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Seagate Technology News Roundup

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.