On October 29, Seagate Technology PLC fell 3.14% Overnight, trading at $676.26 per share, with turnover of $3.7641 million.

The move was tied to post-earnings target price cuts by several brokerages, lingering investor debate over the company’s fiscal Q2 gross margin outlook, and broad weakness across Technology Hardware, Storage & Peripherals names.

Seagate Technology PLC recently reported fiscal Q1 revenue of $4.23 billion and adjusted EPS of $7.68, both above market expectations, and guided fiscal Q2 adjusted EPS to $9.00-$9.40 on revenue of $4.7-$4.9 billion, also ahead of consensus. Even so, several firms lowered price targets after the report, while some investors remained cautious that prior expectations had been elevated. Peer pressure added to the pullback, with Western Digital falling 3.69%, Dell Technologies Inc. falling 2.91%, and SUPER MICRO COMPUTER INC falling 3.3%.

(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.)