Seagate Technology PLC (NASDAQ:STX) shares reached a new all-time high of $147.75, pushing the company’s market capitalization beyond $31 billion. The milestone caps a strong 12-month run for the data storage leader, with the stock up 45.6% year-over-year, reflecting growing investor confidence in Seagate’s positioning in a rapidly evolving tech landscape.
The company’s robust fundamentals are bolstering the rally. Seagate reported revenue growth of 36.3% over the past year, and it currently trades at a price-to-earnings (P/E) ratio of 20.5. It also offers a 2% dividend yield and has maintained consistent dividend payments for 15 straight years—a track record that continues to appeal to income-focused investors.
Recent analyst commentary has added to the positive momentum. BofA Securities reaffirmed a Buy rating while raising its price target to $135 following discussions with Seagate’s CFO. The firm cited confidence in Seagate’s technology roadmap and supply-demand discipline.
Morgan Stanley also raised its price target, bumping it up to $140, highlighting Seagate’s technological leadership and projected growth in storage demand driven by expanding computing infrastructure.
Mizuho Securities followed suit, raising its target to $130 and emphasizing Seagate’s progress in Heat-Assisted Magnetic Recording (HAMR) technology, which could give the company a critical edge over competitors in high-capacity storage solutions.
However, not all analysts are fully bullish. Cantor Fitzgerald maintained a Neutral rating with a $125 target, citing investor uncertainty around Seagate’s growth projections. Still, the firm acknowledged Seagate’s clarity around financial targets and anticipated earnings per share (EPS) growth heading into fiscal 2028.
Looking ahead, analysts are closely watching Seagate’s roadmap, including its planned rollout of 40TB hard drives, which are expected to support rising data center demand. With innovation and scale on its side, Seagate appears well-positioned to capitalize on the next wave of data infrastructure expansion.