On August 20, Seagate Technology PLC rose 3.05% in regular trading, trading at $856.8/share, with turnover of $475 million. The stock rebounded alongside the broader storage chip sector after two consecutive sessions of heavy selling pressure.

On the news front, storage chip stocks rallied broadly after SK Hynix surged 12.73% in Korean trading following the announcement of a 40 trillion won stock buyback plan. JPMorgan noted that SK Hynix could return at least $130 billion to shareholders by 2027, significantly boosting investor sentiment across the storage sector. The Korean KOSPI index gained 5.89% on the session.

The rebound comes after the storage sector experienced sharp declines of over 6-9% in the prior two sessions due to profit-taking following a rapid run-up. Despite the pullback, multiple institutions maintain elevated price targets for Seagate, with BNP Paribas at $1,275 and Barclays at $1,250, reflecting continued confidence in AI-driven data storage demand growth.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)