Seagate Slides as Note Redemption Adds Share Supply

Seagate Technology Holdings plc (STX) is down 3.4% today. Here is some analysis on what might have caused this price movement.

Analysis: The most likely driver appears to be a technical selloff after Seagate completed the redemption and exchange of its 2028 exchangeable notes, a transaction that included the delivery of 1,647,862 ordinary shares. With no obvious negative demand update from management and recent business commentary still constructive, the decline could be because investors are reacting to the added share supply and locking in gains after a strong run.

Details:

On September 8, Seagate settled the remaining roughly $150.7 million principal amount of its 3.50% exchangeable senior notes due 2028.

To complete that process, the company paid about $150.97 million in cash and delivered 1,647,862 ordinary shares, which can create near-term dilution and trading pressure.

Management had already announced in June that any exchanged notes would be settled with cash for principal and shares for the remaining exchange obligation, so the market had a known conversion-related overhang heading into this week.

Recent conference remarks pointed to demand for high-capacity storage continuing to outpace supply, suggesting today’s weakness does not appear tied to a fresh deterioration in the operating outlook.

Sources:

Seagate Investor Relations, SEC, Stock Analysis

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$STX Insider Trading Activity

$STX insiders have traded $STX stock on the open market 422 times in the past 6 months. Of those trades, 0 have been purchases and 422 have been sales.

Here’s a breakdown of recent trading of $STX stock by insiders over the last 6 months:

WILLIAM D MOSLEY (CEO) has made 0 purchases and 214 sales selling 217,345 shares for an estimated $164,053,425.
BAN SENG TEH (EVP & Chief Commercial Officer) has made 0 purchases and 72 sales selling 39,820 shares for an estimated $33,846,741.
GIANLUCA ROMANO (EVP & CFO) has made 0 purchases and 71 sales selling 33,541 shares for an estimated $27,447,857.
JAMES CI LEE (EVP & CLO) has made 0 purchases and 35 sales selling 14,885 shares for an estimated $12,125,608.
JOHN CHRISTOPHER MORRIS (EVP & CTO) has made 0 purchases and 24 sales selling 11,882 shares for an estimated $9,428,646.
YOLANDA LEE CONYERS has made 0 purchases and 2 sales selling 1,500 shares for an estimated $1,275,330.
STEPHANIE TILENIUS has made 0 purchases and 2 sales selling 1,580 shares for an estimated $1,211,249.
PRAT BHATT sold 1,000 shares for an estimated $929,880
SHANKAR ARUMUGAVELU sold 1,000 shares for an estimated $927,680

To track insider transactions, check out Quiver Quantitative's insider trading dashboard. You can access data on insider stock transactions through the Quiver Quantitative API insider transaction endpoint.

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$STX Hedge Fund Activity

We have seen 1,175 institutional investors add shares of $STX stock to their portfolio, and 725 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

SANDERS CAPITAL, LLC removed 9,409,982 shares (-73.0%) from their portfolio in Q2 2026, for an estimated $9,080,632,630
JPMORGAN CHASE & CO added 5,201,103 shares (+inf%) to their portfolio in Q2 2026, for an estimated $5,019,064,395
INVESCO LTD. added 4,937,030 shares (+189.9%) to their portfolio in Q2 2026, for an estimated $4,764,233,950
WELLINGTON MANAGEMENT GROUP LLP added 2,326,538 shares (+2655.9%) to their portfolio in Q2 2026, for an estimated $2,245,109,170
NOMURA ASSET MANAGEMENT INTERNATIONAL INC. removed 1,798,886 shares (-99.7%) from their portfolio in Q2 2026, for an estimated $1,735,924,990
FRANKLIN RESOURCES INC removed 1,720,116 shares (-48.9%) from their portfolio in Q2 2026, for an estimated $1,659,911,940
DZ BANK AG DEUTSCHE ZENTRAL GENOSSENSCHAFTS BANK, FRANKFURT AM MAIN removed 1,511,670 shares (-41.8%) from their portfolio in Q2 2026, for an estimated $1,458,761,550

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.

$STX Congressional Stock Trading

Members of Congress have traded $STX stock 1 times in the past 6 months. Of those trades, 1 have been purchases and 0 have been sales.

Here’s a breakdown of recent trading of $STX stock by members of Congress over the last 6 months:

SENATOR ALAN ARMSTRONG purchased up to $15,000 on 03/27.

To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard. You can access data on congressional stock trades through the Quiver Quantitative API Congress trades endpoint.

$STX Analyst Ratings

Wall Street analysts have issued reports on $STX in the last several months. We have seen 2 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

Barclays issued a "Overweight" rating on 04/30/2026
TD Cowen issued a "Buy" rating on 04/29/2026

To track analyst ratings and price targets for $STX, check out Quiver Quantitative's $STX forecast page.

$STX Price Targets

Multiple analysts have issued price targets for $STX recently. We have seen 15 analysts offer price targets for $STX in the last 6 months, with a median target of $1000.0.

Here are some recent targets:

Mehdi Hosseini from Susquehanna set a target price of $775.0 on 07/08/2026
Wamsi Mohan from B of A Securities set a target price of $1150.0 on 07/01/2026
C.J. Muse from Cantor Fitzgerald set a target price of $1300.0 on 06/29/2026
Erik Woodring from Morgan Stanley set a target price of $1035.0 on 06/15/2026
Samik Chatterjee from JP Morgan set a target price of $920.0 on 06/12/2026
Vijay Rakesh from Mizuho set a target price of $1090.0 on 06/08/2026
Asiya Merchant from Citigroup set a target price of $1150.0 on 06/02/2026

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.