New York, February 5, 2026, 11:43 ET — Regular session
Shares of Seagate Technology Holdings plc (STX) dropped roughly 1.9% to $410.82 in late-morning action Thursday, after bouncing between $424.89 and $394.85. Western Digital (WDC) and NetApp (NTAP) also slipped, with the Nasdaq-tracking QQQ and the S&P 500’s SPY each off about 1%.
The tech selloff dragged down yet another AI-related hardware stock amid broader market losses. Global equities dropped again Thursday, with investors fretting over the rising costs tied to the AI surge and waning risk appetite. (Reuters)
Wall Street’s mood has soured on valuations and the staying power of the AI rally. “The market is suddenly skeptical and concerned about it,” said Jed Ellerbroek, portfolio manager at Argent Capital in St. Louis, in a Reuters interview Wednesday. (Reuters)
Analysts are holding firm. Cantor Fitzgerald boosted its price target for Seagate to $650 from $500 on Wednesday, maintaining an “overweight” rating that points to anticipated gains. BNP Paribas followed suit and raised its target as well, according to MT Newswires. (MarketScreener)
New insider trading disclosures caught investors’ attention. According to a Form 4 filing, CEO William Mosley offloaded 20,000 ordinary shares on Feb. 2. Prices ranged between $401.10 and $434.31. The filing noted these sales occurred under a Rule 10b5-1 plan, a prearranged program allowing executives to sell shares on a set timetable. (SEC)
A separate Form 4 filing revealed that EVP and Chief Commercial Officer Ban Seng Teh exercised 9,433 options and sold 20,195 shares on Jan. 29, with prices ranging from $440 to $444. After the transactions, he holds 3,092 ordinary shares. (SEC)
Seagate’s latest quarterly report, out late last month, showed revenue hitting $2.83 billion with adjusted earnings per share at $3.11. The company projects fiscal third-quarter revenue around $2.90 billion, give or take $100 million. Mosley noted the December-quarter numbers “exceeded our expectations” and highlighted the “durability of data center demand.” (Seagate Investors)
Reuters noted the outlook surpassed analyst forecasts, boosting the belief that demand from data-center expansions is driving storage suppliers higher. The company’s shares have more than tripled in 2025, the report said, making it vulnerable to sharper drops during tech sell-offs. (Reuters)
Volatility was evident in trading this week. On Wednesday, chipmakers and AI-infrastructure firms took a hit following a disappointing forecast from Advanced Micro Devices. Seagate’s shares dropped over 6%, according to Nasdaq.com. (Nasdaq)
The storage trade could just as easily reverse. If cloud spending slows or pricing power slips, the earnings narrative would come under immediate pressure. Plus, insider selling during a rally tends to raise caution among some investors.
Traders remain focused on whether the recent spate of upgrades and insider activity will settle down or continue to stoke volatility as Seagate’s next quarterly report approaches. MarketScreener has it penciled in for April 28. (MarketScreener)
