Stock Track | Seagate Technology Soars 5.12% Intraday on Strong Earnings, AI Storage Demand and Analyst Upgrade

Stock Track05-01 22:10

Seagate Technology PLC's stock soared 5.12% intraday on Friday, continuing its recent positive momentum.

The surge follows the company's exceptionally strong fiscal third-quarter earnings released on April 28, which showed revenue growing 44% year-over-year and non-GAAP EPS surging 115%. The company cited AI-driven data center storage demand as a core growth catalyst. Furthermore, industry conditions reveal a significant supply-demand gap of approximately 30% in the HDD market, with Seagate's nearline hard drive capacity nearly entirely pre-sold for the full year.

Adding to the positive sentiment, J.P. Morgan analyst Samik Chatterjee maintained a Buy rating on Seagate with a price target of $775.00 in a report released earlier in the session. The stock had already rallied significantly in April, rising 72% for the month, partly due to a 20% gain immediately following its earnings report.

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