Seagate Technology stock hits all-time high at 173.49 USD

Seagate Technology PLC has reached a significant milestone as its stock hit an all-time high of 173.49 USD, with InvestingPro data showing the company’s market capitalization now exceeds $36 billion. The company’s financial health score stands at "GREAT," according to InvestingPro’s comprehensive analysis. This achievement underscores the company’s robust performance and growing investor confidence over the past year. The stock’s impressive ascent is further highlighted by an extraordinary year-to-date return of 100.22% and revenue growth of 38.86%. With 11 more exclusive insights available on InvestingPro, investors can access deeper analysis of Seagate’s performance metrics. This surge can be attributed to Seagate’s strategic initiatives and strong demand for its data storage solutions, positioning the company favorably in the technology sector. The company has maintained dividend payments for 15 consecutive years, demonstrating consistent shareholder returns. For comprehensive analysis of Seagate and 1,400+ other stocks, explore the detailed Pro Research Reports available on InvestingPro.

In other recent news, Seagate Technology has seen several positive developments. Benchmark raised its price target for Seagate to $165 from $128, maintaining a Buy rating, following the company’s strong June quarter results. These results were bolstered by robust global cloud demand, leading to record Nearline drive shipments and gross margins. Additionally, TD Cowen increased its price target for Seagate to $175 from $135, highlighting the momentum of Heat-Assisted Magnetic Recording (HAMR) technology and improved cloud visibility as key factors. Meanwhile, Cantor Fitzgerald reiterated an Overweight rating on Seagate, with a price target of $175, noting the company’s strong performance year-to-date. In a corporate governance update, Seagate appointed Thomas Szlosek, CFO of AutoNation, to its Board of Directors. On the other hand, Morgan Stanley has shifted its focus to Western Digital, naming it the top pick in the storage sector and raising its price target to $99. Morgan Stanley also suggested a bull case price target of $125 for Western Digital, indicating significant potential upside.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.