Seagate Technology (STX) has rallied more than 190% year-to-date, as the data storage provider is seeing strong artificial intelligence (AI)-driven demand for its products such as hard disk drives. STX stock jumped about 8% on Thursday, as chip giant Nvidia’s (NVDA) fiscal first-quarter results gave investors confidence about continued demand for AI infrastructure. It helped Seagate stock recover from the 6.9% decline on Monday after CEO Dave Mosley cautioned that building new factories would “take too long,” triggering concerns that the company won’t be able to meet the robust demand for storage.Meet Samuel – Your Personal Investing ProphetStart a conversation with TipRanks’ trusted, data-backed investment intelligence
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Also, Seagate announced privately negotiated agreements to exchange $185.9 million of its 3.5% Exchangeable Senior notes due 2028 with a mix of cash and ordinary shares.
Seagate’s Ownership Structure
Now, according to TipRanks’ Ownership Tool, exchange-traded funds (ETFs) own 31.08% of Seagate. They are followed by mutual funds, other institutional investors, public companies and individual investors, and insiders at 29.18%, 21.68%, 17.82%, and 0.24%, respectively.
