Wells Fargo analyst Aaron Rakers maintained a Hold rating on Seagate Tech (STX – Research Report) yesterday and set a price target of $105.00.
Aaron Rakers has given his Hold rating due to a combination of factors surrounding Seagate Tech’s recent performance and future outlook. The company reported solid results for its fiscal third quarter of 2025 and provided guidance for the fourth quarter that exceeded market expectations. This suggests a potential easing of concerns regarding peak demand for nearline HDDs and any slowdown induced by tariffs.
Despite these positive indicators, Rakers remains cautious, noting that while gross margins are improving and are expected to trend higher, there are still uncertainties related to customer buying behaviors due to tariffs. Additionally, while Seagate is making progress with its 24TB and 28TB HAMR technology, the full impact of these advancements on the company’s financials remains to be seen. Therefore, the Hold rating reflects a balanced view of the company’s current strengths and the potential risks it faces.
In another report released today, Barclays also maintained a Hold rating on the stock with a $90.00 price target.
Based on the recent corporate insider activity of 96 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of STX in relation to earlier this year.