Seagate Technology Holdings (STX) stock rose sharply in Wednesday’s early trading after the data storage devices company announced an upbeat fiscal year 2025 second-quarter results. The Fremont, California-based company reported second-quarter non-GAAP earnings per share (EPS) of $2.

Seagate Technology Holdings plc STX reported second-quarter fiscal 2025 non-GAAP earnings of $2.03 per share, beating the Zacks Consensus Estimate by 7.98%. Also, the figure was toward the high end of management’s guidance of $1.

Seagate Technology's (NASDAQ:STX) stock jumped about 6% premarket on Wednesday after fiscal second quarter results beat estimates, which drew positive reactions from analysts. Benchmark Equity upgraded Seagate's rating to Buy from Hold with a $120 target price.

Seagate announced that they are shipping 36TB HAMR evaluation drives to customers. A study shows AI will drive demand for storage solutions, such as these.

"Seagate continues to lead in areal density, sampling drives on the Exos M platform of up to 36TB today," said Dave Mosley, Seagate CEO. Also, we are executing on our innovation roadmap, having now successfully demonstrated capacities of over 6TB per disk within our test lab environments."