Teh Ban Seng, Seagate Technology EVP, sells $222k in STX stock

Teh Ban Seng, Executive Vice President and Chief Commercial Officer at Seagate Technology Holdings PLC (NASDAQ:STX), sold 1,723 shares of the company’s ordinary shares on June 11, 2025, for a total of $222,353. The shares were sold at a price of $129.05, notably below the current trading price of $149.05. The stock has shown remarkable strength, gaining over 60% in the past six months and currently trading near its 52-week high of $152.16. According to InvestingPro analysis, the stock appears slightly overvalued at current levels.

On the same day, Teh Ban Seng also exercised options to acquire a total of 2,711 ordinary shares, and 988 restricted share units for a total value of $120,419. These transactions involved prices ranging from $0.00 to $87.34.

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 noteworthy developments. Mizuho (NYSE:MFG) raised its price target for Seagate from $130 to $155 while maintaining an Outperform rating. The firm kept its revenue and earnings per share (EPS) estimates for the June quarter unchanged, aligning with consensus figures. Meanwhile, Goldman Sachs initiated coverage on Seagate with a Buy rating and set a price target of $170, highlighting the company’s technological leadership in Heat-Assisted Magnetic Recording (HAMR) technology. BofA Securities also increased its price target for Seagate, first to $125 and then to $135, maintaining a Buy rating. The firm expressed confidence in Seagate’s strategic goals and its ability to manage supply and demand cycles. Cantor Fitzgerald, however, maintained a Neutral rating with a $125 price target, noting some investor confusion over Seagate’s growth projections. Seagate’s recent investor day and analyst meetings have focused on its long-term growth prospects, particularly in the cloud services sector. The company is advancing its HAMR technology, which is expected to enhance storage capacity and improve margins.

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