Singapore-based Seagate Technology Holdings plc (STX) engages in the provisioning of data storage technology and infrastructure solutions in Singapore, the U.S., and internationally. With a market cap of $32.8 billion, Seagate operates as one of the largest manufacturers of hard disk drives (HDDs) in the world.

The HDD and SSD maker has significantly outperformed the broader market over the past year. STX stock has soared more than 55% over the past 52 weeks and 78.9% on a YTD basis, compared to the S&P 500 Index’s ($SPX) 16.4% gains over the past year and 9.7% returns on a YTD basis.

Zooming in further, STX has also outperformed the Technology Select Sector SPDR Fund’s (XLK) 20.2% surge over the past 52 weeks and 14.3% gains on a YTD basis.

Despite delivering more-than-impressive results, Seagate’s stock prices dropped 3.5% in the trading session following the release of its Q4 results on Jul. 29. The company has observed rapid demand growth for its mass data storage products, leading to a massive 29.5% year-over-year surge in revenues to $2.4 billion, surpassing the Street expectations by 1.6%. Moreover, the company reported record gross margin, and its non-GAAP EPS came in at $2.59, up 146.7% year-over-year, surpassing the consensus estimates.

However, the company’s guidance for Q1 FY26 missed the Street’s projections. Nevertheless, following the initial dip, Seagate’s stock prices shot up 6.5% in the subsequent trading session.

For the full fiscal 2026, ending in June 2026, analysts expect STX to deliver an EPS of $9.01, up 24.1% year-over-year. Further, the company has a solid earnings surprise history. It has surpassed the Street’s bottom-line estimates in each of the past four quarters.

The stock has a consensus “Moderate Buy” rating overall. Of the 21 analysts covering the stock, opinions include 14 “Strong Buys,” one “Moderate Buy,” five “Holds,” and one “Strong Sell.”

This configuration is notably more optimistic than two months ago, when only 12 analysts gave “Strong Buy” recommendations.

On Jul. 30, Baird analyst Tristan Gerra reiterated an “Outperform” rating on STX and raised the price target from $120 to $188.

As of writing, Seagate’s mean price target of $165.42 represents a 7.1% premium to current price levels. Meanwhile, the street-high target of $200 suggests a notable 29.5% upside potential.