New York, February 16, 2026, 15:05 EST — The market has closed.
- Seagate ended Friday at $425.99, slipping 1.2%.
- Attention shifts to Seagate HDD Cayman’s planned $600 million note exchange, with the deal slated to wrap up around Feb. 17.
- U.S. stocks take a pause Monday for Presidents Day. Trading will pick back up on Tuesday.
Seagate Technology Holdings PLC slipped 1.2% to close at $425.99 on Friday. The stock won’t trade Monday, with both the Nasdaq and NYSE shut for Presidents Day.
The pause is significant—Seagate, after ripping higher and hitting a new 52-week peak late last week, is back in high-beta territory, with investors on edge over what could move the stock next once trading picks up again Tuesday.
Seagate and its Seagate HDD Cayman unit are set to swap $600 million in principal of 3.50% exchangeable senior notes due 2028 for roughly $599.2 million in cash, along with an undisclosed number of ordinary shares. The company puts the expected closing date at Feb. 17.
The filing indicates the share component will be determined during a single-day pricing window, with the stock issued in the exchanges remaining unregistered—offered under an exemption, not via public sale.
Once the exchanges wrap up, traders are eyeing possible updates—mainly, how Seagate’s share count shifts and how investors weigh less exchangeable debt against the arrival of fresh equity.
Seagate shares trailed behind a handful of other storage and data infrastructure names on Friday, despite gains across the broader market. MarketWatch data had NetApp and Pure Storage both making headway, while Western Digital slipped. Single-stock moves in the sector have stayed choppy.
Seagate’s last operating update came back in late January, with the company citing steady data center demand and progress on rolling out its HAMR-powered Mozaic drives—the heat-assisted tech that lets it cram more data onto each disk.
Here’s the catch: the exchange might not wrap up when the company hopes, and even if it happens, the resulting cash spend and dilution could sting if demand fades or financing isn’t as loose. The company itself warned it can’t guarantee these exchanges will actually go through.
U.S. markets are back open Tuesday, and eyes are turning to Seagate’s upcoming investor events—these sessions have a history of providing new guidance details.
Looking ahead, traders are eyeing Tuesday’s session—and specifically, any official word on the Feb. 17 note exchanges. It’s a minor corporate event, but one that might nudge the stock, especially with storage stocks acting like momentum trades lately.
