Movement Alert｜Seagate Technology PLC Rises 3.15% in Pre-Market Trading, Storage Sector Extends V-Shaped Recovery After Prior Session Sell-Off

Market Focus

Aug 07

On August 7, Seagate Technology PLC rose 3.15% in pre-market trading, trading at $878.87/share, with turnover of $7.697 million.

On the news front, the storage sector continued its V-shaped rebound from the prior session's late recovery. Peer stocks SanDisk rose 5.39% and Western Digital gained 3.9% in pre-market trading, with broad sector momentum lifting Seagate. On August 6, the storage sector experienced a sharp systemic sell-off, with Seagate dropping over 8% intraday before rapidly reversing to recover losses by session end. The sell-off was attributed to profit-taking following a cumulative 20%-plus rally since July 30, compounded by the disclosure that CEO William D. Mosley reduced holdings of approximately 35,842 shares via a 10b5-1 plan at prices between $783 and $838.

Fundamental support remains intact, with Seagate's Q4 revenue of $3.629 billion representing 48% year-over-year growth, record gross margin of 52.7%, and multiple investment banks including BNP Paribas, Citi, JPMorgan, and Barclays raising target prices, with the highest at $1,275.

(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.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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