Seagate tech EVP Teh Ban Seng sells $318k in shares

Teh Ban Seng, executive vice president and chief commercial officer at Seagate Technology Holdings PLC (NASDAQ:STX), sold 1,410 ordinary shares of the company on October 13, 2025, for $225.56, totaling $318,039. The transaction comes as Seagate, a prominent player in the Technology Hardware industry with a market cap of $46.6 billion, trades near $219.38. According to InvestingPro analysis, the stock appears overvalued after surging nearly 196% in the past six months.

On the same day, Teh Ban Seng also exercised options to acquire 532 shares at $68.83 and 878 shares at $64.31, for a total value of $93,081. These transactions are related to options expiring in 2029 and 2030 respectively.

All transactions reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on October 31, 2024.

In other recent news, Seagate Technology has seen several analyst firms adjust their forecasts and ratings. Rosenblatt raised its price target for Seagate to $250, maintaining a Buy rating, driven by increased demand for hard disk drives amid growing AI data center projects. Similarly, Mizuho increased its price target to $245, citing strong demand for Seagate’s Heat-Assisted Magnetic Recording (HAMR) technology, which is crucial for AI applications requiring higher storage capacities. Bernstein SocGen initiated coverage on Seagate with an Outperform rating and a price target of $250, highlighting the company’s leadership in HAMR technology and favorable market conditions for hard disk drives.

Additionally, Seagate announced a significant £100 million investment in Northern Ireland to advance nanophotonic innovations for future hard drives, supported by an extra £15 million from Invest NI. This five-year research initiative aims to bolster the regional economy and advance Seagate’s Mozaic 6+ technology to meet growing global storage demands. Meanwhile, Morgan Stanley has shifted its top pick in the storage sector from Seagate to Western Digital, raising the latter’s price target to $99. These developments reflect the evolving dynamics and competitive landscape within the data storage industry.

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