TLDR
- Seagate stock hit an all-time high of $941.41, up around 5.5% in mid-day trading
- The rally was driven by NVIDIA’s RTX Spark PC chip announcement, a $175M Huawei lawsuit settlement, and a wave of analyst target upgrades
- Q3 fiscal 2026 revenue came in at $3.11 billion, up 44% year-over-year, with EPS of $3.39 vs $1.60 a year ago
- Citigroup raised its price target to $1,150; Barclays, BofA, Wells Fargo, and Evercore ISI also lifted their targets
- The stock is up 683% over the past year; Q4 2026 guidance is set at approximately $3.45 billion in revenue
Seagate Technology (STX) stock hit a record high of $941.41 on Monday, capping a run that has seen the stock climb 683% over the past 12 months. The move came as a cluster of positive catalysts converged on the same day.
Seagate Technology Holdings plc, STX
The stock had already surged about 5.5% in mid-day trading, reaching a 52-week high of $930.98, before closing at its new all-time high. That put Seagate’s market cap at roughly $210.7 billion.
The biggest immediate spark came from NVIDIA. At GTC Taipei, the chipmaker unveiled RTX Spark, a new superchip designed to bring personal AI agents to Windows PCs. That kind of PC-level AI push is seen as a direct tailwind for storage demand — Seagate’s core business.
At the same time, Seagate cleared a legal overhang that had been hanging over the stock. The company reached a preliminary $175 million settlement of a shareholder lawsuit accusing it of concealing violations of U.S. export control laws tied to sales of hard disk drives to Huawei Technologies. Seagate denied wrongdoing. The settlement still needs a judge’s approval.
Analyst Targets Revised Sharply Higher
The analyst community piled on. Citigroup made the most aggressive move, lifting its price target to $1,150 from $740, while keeping its Buy rating. Evercore ISI went to $1,000 from $750 with an Outperform rating, pointing to Seagate’s push to expand exabyte capacity using its HAMR technology.
Barclays analyst Tom O’Malley also raised his target to $1,000 from $750, keeping an Overweight rating. He called memory and storage the “most attractive vertical below accelerators” in the semiconductor space.
BofA Securities raised its target to $900 from $840, holding a Buy rating, after hosting a call with CEO Dr. Dave Mosley and coming away bullish. Wells Fargo moved its target to $900 from $700, though it kept an Equal Weight rating.
Q3 Results and Forward Guidance
The fundamentals backing all of this are hard to argue with. In Q3 fiscal 2026, Seagate posted revenue of $3.11 billion, up 44% year-over-year. EPS came in at $3.39, more than double the $1.60 reported in the same period a year earlier. Net income surged 120%.
Revenue over the last twelve months grew 29%, and 18 analysts have revised their earnings estimates upward for the next period.
For Q4 2026, Seagate guided to revenue of approximately $3.45 billion, plus or minus $100 million.
The company also recently completed a debt exchange — swapping $185.9 million in 3.50% Exchangeable Senior Notes due 2028 for cash and roughly 2.02 million ordinary shares — a move that gives Seagate more balance sheet flexibility.
Barclays expects the supply-demand imbalance in storage to persist through 2027, with the biggest pricing opportunity in hard disk drives expected toward year-end as new contract pricing and a mix shift toward 40TB drives take hold.
Despite all the momentum, InvestingPro flags the stock as potentially overvalued at current levels.
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