Wells Fargo Cuts Seagate Technology (STX) Price Target to $865

Wells Fargo has reiterated its Overweight rating on Seagate Technology Holdings plc (STX) and set a new price target of $865 on October 16, 2026. This is a decrease from the previous target of $1180. The stock has recently traded around $657.2, which puts it about 24% below the new target price.

Other Institutional Activity in Seagate Technology

Several other institutional investors have also shown interest in Seagate Technology. Blackrock Inc. holds 15,166,793 shares valued at about $9.7 billion after increasing its stake by 892,164 shares, a 6.2% rise. Vanguard Capital Management LLC owns 14,630,067 shares worth approximately $9.3 billion, adding 474,221 shares, a 3.4% increase. State Street Corporation has 9,911,669 shares valued at around $6.3 billion, growing its holdings by 590,058 shares, a 6.3% increase. Meanwhile, FMR, LLC holds 8,153,134 shares valued at about $5.2 billion, slightly reducing its stake by 23,713 shares, a decrease of 0.3%. Vanguard Portfolio Management LLC has 7,999,686 shares worth approximately $5.1 billion, but has trimmed its position significantly by 3,095,579 shares, a 27.9% decrease.

Seagate Technology Holdings plc Stock Down 4.9%

Seagate Technology shares are currently trading around $657.2. This price is notably below the new price target of $865 set by Wells Fargo. The stock's position suggests a potential opportunity for growth if it can align closer to the target.

Recent Earnings

Seagate reported trailing twelve-month revenue of approximately $12.2 billion. The company has demonstrated strong performance with a year-over-year revenue growth of 48.5%. The next earnings report is scheduled for October 27, 2026, which investors will be watching closely.

Insider Buying and Selling at Seagate Technology Holdings plc

Recent insider trading at Seagate showed several executives selling shares. Chief Technology Officer John Christopher Morris sold 15,465 shares at an average price of $772.15 for a total value of about $11.9 million on September 15, 2026. Chief Executive Officer William D. Mosley sold 97,889 shares at $772.14, totaling approximately $75.6 million, also on September 15. Chief Financial Officer Gianluca Romano sold 49,983 shares at $772.16, bringing in about $38.6 million on the same day.

Analysts Set New Price Targets

On October 16, 2026, Wells Fargo maintained its Overweight rating on Seagate Technology with a revised price target of $865, down from $1180. Other analysts have also been active, with Morgan Stanley and JP Morgan maintaining Overweight ratings and targets of $1187 and $1240 respectively, while Argus Research set a Buy rating with a target of $900. The consensus rating for Seagate Technology remains positive, reflecting optimism about its growth potential.

About Seagate Technology

Seagate Technology Holdings plc is a global leader in data storage solutions. The company produces a wide range of storage products, including hard drives and solid-state drives, catering to various markets worldwide. As demand for data storage continues to grow, Seagate's performance and strategic decisions will be crucial in maintaining its competitive edge.

Bottom Line

Investors should keep an eye on Seagate's performance as it approaches its next earnings date on October 27, 2026. The recent analyst ratings and the gap between the current stock price and the new target set by Wells Fargo could indicate potential movements in the stock's value.