New York, Feb 14, 2026, 15:24 EST — The session’s over.
- Seagate slipped 1.2% to close at $425.99 Friday. U.S. markets will be closed Monday for Presidents Day.
- Seagate is lining up a cash-and-stock swap for $600 million in exchangeable notes, with settlement anticipated on or about Feb. 17.
- Late-February and early-March conference appearances are on investors’ radar, as they look for new commentary.
Seagate Technology Holdings plc slipped 1.2% to end Friday at $425.99. The Nasdaq took a break for the long weekend, with trading set to resume on Tuesday.
Seagate hit pause after revealing it had arranged private exchanges involving $600 million in principal of its 3.50% exchangeable senior notes due 2028. In return, holders will get about $599.2 million in cash, plus new ordinary shares, with the number of shares determined over a one-day pricing window that kicked off Feb. 12. The company expects these exchanges to wrap up around Feb. 17.
There’s a busy stretch ahead for Seagate management. The team is on the docket for Bernstein’s Annual TMT Forum Feb. 25, with an appearance at the Morgan Stanley Technology, Media & Telecom Conference coming up March 3. Investor meetings are also booked: Loop Capital Markets’ event on March 10, then Cantor’s growth conference a day later, March 11.
Seagate shares snapped a two-day climb on Friday, slipping as the major indexes inched higher. The stock finished roughly 7% off the 52-week peak it reached just the previous day. Volume lagged the 50-day average, according to MarketWatch data.
Seagate surged 5.9% to close at $431.17 the day before, outpacing several of its storage rivals even as major U.S. indexes slipped, MarketWatch reported.
Seagate, in a separate update on the note exchanges, said it plans to retire the exchanged notes once the deal wraps up, leaving roughly $400 million in principal still outstanding with no changes to its terms.
Exchangeable notes—debt that can convert to equity under set conditions. Taking some off the books can clean up the capital stack, though in this case, the company is paying cash and turning around to issue fresh shares. That puts the spotlight on the eventual share count and what that means for folks already holding the stock.
Seagate touched $459.84 at its peak on Thursday, then pulled back, historical pricing data show.
The setup heading into next week isn’t straightforward. An outsized share offering could drag on the stock. If risk appetite cools, that cash outlay might put Seagate’s balance sheet under a brighter light—especially if storage demand indicators get fuzzier.
Coming up fast: Tuesday brings the first shot as markets reopen post-U.S. holiday. Then eyes shift to any word on the anticipated Feb. 17 closing. And on March 3, Seagate heads to the Morgan Stanley conference—investors hoping for something new, not just boilerplate from filings.
