Singapore-based Seagate Technology Holdings plc (STX) engages in the provision of data storage technology and infrastructure solutions in Singapore, the U.S., and internationally. With a market cap of $22.3 billion, Seagate operates as one of the largest manufacturers of hard disk drives (HDD) in the world.

The HDD and SSD maker has slightly lagged behind the broader market over the past year, but significantly outperformed in 2025. STX stock has gained 8.8% over the past 52 weeks and 24.5% on a YTD basis, compared to the S&P 500 Index’s ($SPX) 11.5% gains over the past year and a marginal 60 bps uptick in 2025.

Zooming in further, STX has also lagged behind the Technology Select Sector SPDR Fund’s (XLK) 10.1% gains over the past 52 weeks and significantly outperformed XLK’s marginal 83 bps uptick on a YTD basis.

Seagate Technology’s stock prices rallied 11.6% in the trading session after the release of its impressive Q3 results on Apr. 29. During the quarter, demand for mass capacity storage remained elevated, leading to Seagate’s topline soaring 30.5% year-over-year to $2.2 billion, beating the Street’s expectations by 1.3%. Moreover, the company experienced a massive improvement in its margins. Seagate’s adjusted operating margin for the quarter jumped to 23.5%, significantly up from 11.1% reported in Q3 2024. This led to its adjusted operating income surging 177% year-over-year to $507 million. Meanwhile, its adjusted net income soared by an impressive 473.2% year-over-year to $407 million, and its adjusted EPS of $1.90 surpassed the consensus estimates by a notable margin.

Furthermore, as per the company’s projections’ midpoint, Seagate’s Q4 revenues are expected to come in at $2.4 billion and adjusted EPS to come in at $2.40, showcasing significant year-over-year and sequential growth. The company also remains confident in its ability to drive sustainable growth beyond 2025 on the back of solid industry fundamentals and its own positioning.

Among the 18 analysts covering the STX stock, the consensus rating is a “Moderate Buy.” That’s based on 11 “Strong Buys,” one “Moderate Buy,” four “Holds,” and two “Strong Sells.”

This configuration has remained mostly stable in recent months.

On Apr. 30, Barclays (BCS) analyst Tom O’Malley reiterated an “Equal Weight” rating on STX, and raised the price target from $80 to $90.

As of writing, Seagate’s mean price target of $109.88 represents a modest 2.3% premium to current price levels, while the street-high target of $140 suggests a staggering 30.3% upside potential.