New York, Jan 29, 2026, 18:26 EST — After-hours
Seagate Technology Holdings plc shares dipped roughly 0.2% in after-hours trading Thursday, falling to $446.57. That came after a 1.1% gain during the regular session, which closed at $447.60. The stock had surged about 19% just the day before, on Wednesday.
The hard-drive maker has emerged as a high-beta play on the AI data center buildout, an area that’s expanded well beyond just chipmakers. Investors are now weighing if storage prices and supply controls can stay steady as customers lock in capacity to dodge shortages.
Seagate informed investors this week that its nearline capacity—the high-capacity drives mostly deployed in data centers—is fully booked through 2026. The company also has extended visibility into 2027 thanks to long-term contracts.
Seagate posted fiscal second-quarter results Tuesday that topped Wall Street’s forecasts and handed out a third-quarter outlook that also came in ahead of expectations. The company reported non-GAAP earnings per share of $3.11 on $2.83 billion in revenue, beating analyst estimates of $2.81 and $2.74 billion, respectively, per LSEG data cited by Reuters. For the third quarter, Seagate projected revenue of $2.90 billion, plus or minus $100 million, and adjusted EPS of $3.40, plus or minus 20 cents, compared to estimates of $2.77 billion and $2.96. “Modern data centers increasingly need storage solutions that combine performance and cost-efficiency at exabyte-scale,” CEO Dave Mosley said. Seagate Investors
The company highlighted the launch of its HAMR-based Mozaic products, referencing heat-assisted magnetic recording — a technology that applies heat to pack data more densely on disks, boosting capacity. Seagate’s third-quarter forecast factors in only a limited effect from global tariffs announced up to the release date.
Analysts reacted swiftly after the earnings release. Morgan Stanley’s Erik Woodring bumped his price target up to $468. Evercore ISI’s Amit Daryanani raised his to $450, noting, “We believe Seagate is well positioned to benefit from AI-driven secular tailwinds.” Bernstein also increased its target sharply—from $370 to $500—while maintaining an Outperform rating, highlighting stronger pricing and execution. Investors
Seagate’s latest move has kept the spotlight on the storage sector as earnings season winds down. Rival Western Digital released its fiscal second-quarter results Thursday after the close, reporting $3.02 billion in revenue. The company also provided positive remarks on demand and outlook, offering another piece of the puzzle for investors tracking this supply chain.
That said, the situation works both ways. Should hyperscalers pull back on orders or supply ease sooner than anticipated, hardware prices could drop sharply—and Seagate’s shares seem priced for a prolonged shortage.
Friday’s session will be crucial to see if STX can maintain its post-earnings gains and whether the company offers new details on 2026 allocations and pricing. The next key event is the quarterly cash dividend, set at $0.74 per share, payable on April 8 to shareholders of record as of March 25.
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