New York, February 15, 2026, 15:15 EST — Market’s done for the day
Seagate Technology Holdings plc (STX) slipped 1.2% to close at $425.99 on Friday, according to MarketWatch, after notching a new 52-week high just a day earlier. Shares underperformed storage rivals NetApp and Pure Storage, which posted gains, while Western Digital also declined. (MarketWatch)
With U.S. stock markets shuttered Monday for Presidents Day, trading won’t pick up again until Tuesday, Feb. 17. That gives Seagate investors an extra day to digest the company’s most recent balance-sheet shift. (Nasdaq)
The pause follows a run where Seagate shares often reflected sentiment around AI-driven data-center investment. Back in late January, the company projected March-quarter revenue to land near $2.90 billion, give or take $100 million—beating LSEG’s consensus. CEO Dave Mosley at the time pointed to “modern data centers increasingly need storage solutions that combine performance and cost-efficiency at exabyte-scale.” (Reuters)
Seagate has agreed to swap $600 million in principal from its unit’s 3.50% exchangeable senior notes due 2028 for around $599.2 million in cash, along with a number of Seagate ordinary shares to be set based on prices over a single day. The company expects to close the exchanges on or about Feb. 17, retiring the notes that are tendered. Roughly $400 million of the original notes would remain outstanding after the deal, according to Seagate. (SEC)
Exchangeable notes let companies cut down on debt by swapping it for shares, which means the debt load drops even as fresh stock hits the market. Equity holders face a tricky calculation here: debt goes down, but dilution ramps up—and that’s a hefty cash drain.
Seagate’s momentum this month has reversed sharply, something Friday’s downturn made clear. Shares remain close to their recent peaks. Still, the trading now resembles a packed trade rather than the dependable growth story investors had come to expect.
During the latest earnings call, Mosley told analysts that Seagate’s nearline capacity is “fully allocated through calendar year 2026”—pointing to uninterrupted demand for the hard drives running cloud data centers. He also mentioned the company will start taking orders for the first half of 2027 “in the coming months.” Investors have latched onto that comment as a rough gauge for ongoing supply tightness. (Investing.com)
Seagate has upcoming public appearances lined up as well. Management is set to speak at Bernstein’s annual TMT forum on Feb. 25, then head to the Morgan Stanley Technology, Media & Telecom conference on March 3. Investor meetings with Loop Capital and Cantor follow on March 10 and March 11, respectively. (Seagate Investor Relations)
But the note exchanges aren’t locked in yet. Seagate’s filing cautioned it “cannot assure” the exchanges will actually happen, and the company added it can’t guarantee how big the deal will be or what the terms might look like. (SEC)
Markets are closed Monday, so attention turns to Tuesday’s open — along with any specifics Seagate might share on the last equity piece of the Feb. 17 note swap. Then comes the Feb. 25 Bernstein webcast, where investors will be watching for shifts in commentary on pricing, supply discipline, and data-center demand.
