New York, February 6, 2026, 21:33 EST — Markets are done for the day.
- Seagate shares jumped 5.9% to close at $429.32 on Friday, snapping back sharply just ahead of the weekend.
- Citigroup bumped up its price target to $480 from the previous $460, sticking with its “buy” call.
- High-beta tech stocks face their next hurdle with U.S. jobs and inflation numbers coming up next week.
Seagate Technology Holdings plc jumped 5.9% to finish Friday at $429.32 after Citigroup boosted its price target on the stock to $480, up from $460, and kept its buy rating unchanged. 1
The rebound broke a two-day slide, but the hard-disk drive maker still sits roughly 6.6% under its Feb. 3 peak of $459.41. Storage sector names didn’t lag: Western Digital jumped 8.6%, NetApp picked up 3.8%. Seagate, for its part, traded on lighter volume than its 50-day average, according to MarketWatch data. 2
Why it matters now: Seagate sits right at the crossroads of data-center spending, offering investors a clear signal, and the stock reflects that. When money shifts in or out of “AI infrastructure,” storage stocks don’t lag—they usually jump or drop together, and quickly.
Citi raised its target again, extending a streak of upward calls on the stock that’s been underway since late January. Price targets offer brokers’ best guesses about where shares might land in the next 12 months—no promises. Those targets can move in a hurry if demand or pricing shifts.
Seagate turned in fiscal second-quarter revenue of $2.83 billion, with non-GAAP EPS coming in at $3.11. For the upcoming fiscal third quarter, the company expects revenue to land near $2.90 billion, give or take $100 million. CEO Dave Mosley credited “the durability of data center demand” and the launch of HAMR-based Mozaic drives for results that, he said, “exceeded our expectations on both the top and bottom line” during the December quarter. HAMR, or heat-assisted magnetic recording, is Seagate’s bid to squeeze more capacity from hard drives. 3
Bulls keep it straightforward: more data drives demand for racks and storage. Timing, though, gets tricky. Cloud clients might hit pause on orders, tap into what they’ve already got, or shuffle budgets among compute, networking, and storage—sometimes with no heads-up.
The surge has also drawn attention to insider moves. According to a Form 4, Mosley offloaded 20,000 ordinary shares on Feb. 2, splitting the sale across several trades. The transactions were flagged as part of a Rule 10b5-1 plan, meaning the sales were scheduled ahead of time. 4
This doesn’t rule out more upside for the stock, but it does shift the narrative for a name that’s already rallied hard. Traders flag a clear risk here: should the market decide to mark down growth and “AI-linked” plays, Seagate could take a hit.
The macro calendar next week carries extra weight. The U.S. jobs data lands Wednesday, Feb. 11, followed by CPI figures Friday, Feb. 13—both pushed back by a short funding hitch, according to MarketWatch. Looking ahead, MarketScreener marks Seagate’s upcoming earnings as “projected” for April 28. 5
