Seagate Technology shares drop amid sector selloff

Seagate Technology stock fell nearly 4.9% in morning trading Wednesday to reach $576.84, as a broad selloff across memory and storage stocks that started in pre-market trading continued into the regular session. The stock hit a session low of $563 after opening at $570.61.

The decline extends a difficult period for the stock following its fiscal first-quarter 2027 earnings release on October 27. The company beat revenue and profit expectations, but the results prompted a wave of cautious analyst reassessments that have continued to pressure shares.

Summit Insights downgraded Seagate to Hold from Buy, citing a less favorable industry backdrop expected to persist through 2027. TD Cowen, Mizuho, Morgan Stanley, Citigroup, Susquehanna, and Wells Fargo all reduced their price targets for the stock. UBS pushed out its timeline for Seagate reaching its $1 billion run-rate conversion milestone to 2028.

An executive vice president disclosed a stock sale of approximately $1.74 million. The move, alongside previously reported CEO share sales, has raised concerns about insider confidence at current valuation levels.

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