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Seagate Technology PLC stock has reached an all-time high, hitting $166.43, with a market capitalization now exceeding $35 billion. InvestingPro data shows the stock has achieved an impressive 92.59% return year-to-date, with analysts setting price targets as high as $200. This milestone reflects a significant surge in the company’s stock performance, marking a notable achievement for the data storage solutions provider. Over the past year, Seagate Technology’s stock has experienced a remarkable 65.03% increase, underscoring strong investor confidence and robust market demand for its products and services. This upward trajectory highlights the company’s strategic advancements and its ability to capitalize on the growing data storage market. The company maintains a "GREAT" financial health score according to InvestingPro, which also notes its 15-year track record of consistent dividend payments. For deeper insights into Seagate’s performance metrics and future outlook, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, Seagate Technology reported impressive financial results for the June quarter, with revenue hitting $2.44 billion and earnings per share at $2.59, both exceeding analyst estimates. The company also provided guidance for the September quarter, projecting revenue of $2.5 billion and earnings per share of $2.30. Several analysts have responded positively to these developments, raising their price targets for Seagate. Rosenblatt increased its price target to $200, highlighting Seagate’s slight earnings beat and positive trends such as margin expansion. TD Cowen raised its price target to $175, citing momentum in Heat-Assisted Magnetic Recording (HAMR) technology and improved cloud visibility. Benchmark also raised its price target to $165, acknowledging strong demand in the cloud sector and record Nearline drive shipments. Mizuho adjusted its price target to $160, maintaining an Outperform rating due to robust cloud demand. Cantor Fitzgerald reiterated an Overweight rating with a price target of $175, noting Seagate’s strong performance within its coverage universe.
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