Seagate Technology shares fall amid ongoing selloff

Seagate Technology shares dropped 12.8% in morning trading Thursday to $485.88, continuing a decline that started after the company released fiscal first-quarter 2027 earnings on October 27.

The data storage company beat revenue and profit expectations in its quarterly results. The stock decline followed despite the better-than-expected performance.

Summit Insights downgraded Seagate to Hold from Buy after the earnings release, pointing to a less favorable industry environment expected to continue through 2027. Six other firms reduced their price targets on the stock, including TD Cowen, Mizuho, Morgan Stanley (NYSE: MS), Citigroup (NYSE: C), Susquehanna, and Wells Fargo (NYSE: WFC).

CEO William Mosley and an executive vice president sold shares under pre-arranged Rule 10b5-1 plans. The executive vice president's most recent transaction totaled approximately $1.74 million.

Bank of America upgraded Seagate to Neutral from Underperform on November 3. The upgrade was based on valuation rather than an improved business outlook.

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