Seagate shares tumble about 8% to $641.81 amid broad tech sell‑off
Seagate Technology’s stock fell 8.4% to $641.81 on October 30, 2026, after the company reported a record quarter and raised guidance. The decline came as a sector‑wide retreat, sparked by weak outlooks from Intel and big‑tech AI spending concerns, dragged hardware names lower. Despite the earnings beat, analysts cut price targets, while the stock’s high beta of 2.06 amplified the move.
Why it matters
The sharp drop wipes out roughly $11.7 billion of market value, showing that Seagate’s share price is highly sensitive to broader tech sentiment even after strong results. Analysts’ target reductions signal a more cautious outlook for the stock’s near‑term upside.
Key facts
- 1Seagate closed at $641.81 on October 30, 2026, an 8.4% decline from the prior close of $700.47. tech-insider.org
- 2The intraday low was $625.30, with about 5.76 million shares traded, roughly 29% above the 4.47 million‑share daily average. tech-insider.org
- 3Seagate’s market capitalization after the session was $146.57 billion. tech-insider.org
- 4The stock’s price‑to‑earnings ratio was 33.85 and its beta was 2.06. tech-insider.org
- 5Revenue for fiscal Q1 2027 was about $4.23 billion, up 61% year‑over‑year; non‑GAAP EPS was $7.68 versus a consensus of $7.44. tech-insider.org
- 6Analyst Citigroup cut its price target from $1,300 to $1,050 following the earnings release. tech-insider.org
Summary written by AlphAI AI Desk from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.