Seagate Technology (NASDAQ:STX) Stock Dropped to Hold by Summit Insights

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

STX has been the subject of several other research reports. Wedbush restated an “outperform” rating and set a $1,000.00 price target on shares of Seagate Technology in a report on Wednesday. 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 research report on Monday. TD Cowen decreased their target price on Seagate Technology from $1,000.00 to $900.00 and set a “buy” rating for the company in a research report on Wednesday. Bank of America lifted their price target on Seagate Technology from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research report on Wednesday, October 21st. Finally, Cantor Fitzgerald lowered their target price on shares of Seagate Technology from $1,300.00 to $1,000.00 and set an “overweight” rating on the stock in a research note on Monday. Twenty-two equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Seagate Technology presently has an average rating of “Moderate Buy” and an average target price of $983.44.

Seagate Technology Stock Down 2.9%

Seagate Technology stock traded down $19.66 during trading hours on Wednesday, hitting $648.18. The company had a trading volume of 1,658,544 shares, compared to its average volume of 4,415,853. The firm has a 50-day moving average of $809.95 and a 200 day moving average of $682.75. Seagate Technology has a one year low of $228.61 and a one year high of $1,145.00.

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

Insider Activity at Seagate Technology

In related news, EVP John Morris sold 9,354 shares of Seagate Technology stock in a transaction on 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 directly owned 22,693 shares in the company, valued at approximately $19,922,411.63. The trade was a 29.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Gianluca Romano sold 49,984 shares of the business’s stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $772.16, for a total value of $38,595,645.44. Following the completion of the sale, the chief financial officer owned 70,756 shares in the company, valued at $54,634,952.96. This represents a 41.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 valued at $379,191,992 in the last three months. Corporate insiders own 0.51% of the company’s stock.

Institutional Trading of Seagate Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. NewEdge Advisors LLC grew its holdings in Seagate Technology by 85.9% during the 1st quarter. NewEdge Advisors LLC now owns 22,046 shares of the data storage provider’s stock worth $8,637,000 after acquiring an additional 10,190 shares in the last quarter. UNICOM Systems Inc. grew its holdings in Seagate Technology by 18.2% during the second quarter. UNICOM Systems Inc. now owns 43,500 shares of the data storage provider’s stock worth $41,978,000 after acquiring an additional 6,700 shares during the period. USA Financial Formulas bought a new stake in shares of Seagate Technology during the 1st quarter worth $1,328,000. Financial Insights Inc. purchased a new stake in Seagate Technology during the second quarter valued at about $706,000. Finally, Silverleafe Capital Partners LLC acquired a new position in shares of Seagate Technology in the 3rd quarter valued at about $820,000. Institutional investors and hedge funds own 92.87% of the company’s stock.

Trending Headlines about Seagate Technology

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

Seagate Technology Company Profile

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.