New York, Feb 19, 2026, 15:18 EST — Regular session
- Seagate fell 3.9% to $407.58, after trading as high as $430.08 and as low as $402.20
- Investors are parsing a planned $600 million exchangeable-notes swap that includes issuing shares
- Next on the calendar: Seagate management appearances on Feb. 25 and March 3
Seagate Technology Holdings (STX) fell 3.9% to $407.58 in afternoon trade on Thursday, after swinging more than $27 from high to low.
The pullback hits a stock that has become a proxy for AI data-center spending on storage hardware. Seagate and peer Western Digital are both up more than 50% so far in 2026, even as some funds trimmed positions late last year, quarterly holdings filings showed. (Source)
The broader tech tone softened on Thursday after Wednesday’s rebound in AI-linked names, when Nvidia and other heavyweights helped lift Wall Street. “At a certain point, weakness in tech was bound to bring in the marginal buyer,” said Ross Mayfield, an investment strategy analyst at Baird. (Source)
Seagate opened at $420.17 and hit $430.08 early before sliding to $402.20, according to trade data. Volume was about 2.5 million shares by midafternoon.
Some of the noise sits in Seagate’s capital structure. In a Feb. 12 filing, the company said it agreed to exchange $600 million of 3.50% exchangeable senior notes due 2028 for about $599.2 million in cash and a number of ordinary shares set using the stock’s one-day average price weighted by trading volume. Exchangeable notes are debt that can be swapped into shares, which can lift the share count. (Source)
Western Digital slid 3.1% and Nvidia was down 0.6%, while SanDisk gained about 3%. NetApp and Pure Storage rose about 0.5% and 1.2%, respectively, and the S&P 500 ETF was off roughly 0.6%.
On the sell-side, Mizuho analyst Vijay Rakesh raised his price target to $475 from $440 on Tuesday and reiterated an “Outperform” rating, according to a report. (Source)
Seagate has a string of conference dates coming up, including a presentation at Bernstein’s TMT Forum on Feb. 25 and another at Morgan Stanley’s Technology, Media & Telecom conference on March 3, the company said. (Source)
But the trade has gotten crowded, and storage names have started to move apart. A slower pace of data-center buildouts, or more dilution from the note swap than investors expect, could amplify the downside.
Investors will look for any update on the note exchange, and for fresh demand commentary at those conferences. For now, traders are watching whether the stock can hold the $402 area it tested earlier on Thursday.
