Seagate Technology PLC (NASDAQ: STX) shares are soaring 8.09% in the pre-market trading session on Wednesday, following the company's impressive fiscal third-quarter earnings report and optimistic fourth-quarter guidance. The data storage giant's performance exceeded Wall Street expectations, showcasing strong demand for its products and successful business model enhancements.

For the quarter ended March 28, 2025, Seagate reported adjusted earnings per share of $1.90, significantly surpassing the analyst consensus estimate of $1.76. Revenue for the period reached $2.16 billion, marking a substantial 30.5% increase from the same quarter last year and beating the Wall Street forecast of $2.12 billion. The company's gross margin improved to 35.2%, up from 25.7% in the year-ago period, reflecting enhanced operational efficiency.

Looking ahead, Seagate provided an upbeat forecast for its fiscal fourth quarter, projecting adjusted earnings per share between $2.20 and $2.60 on revenue ranging from $2.25 billion to $2.55 billion. This guidance exceeded analyst expectations, further fueling investor optimism. In response to the strong results and positive outlook, several analysts have raised their price targets for Seagate, including Morgan Stanley (to $99 from $89), Barclays (to $90 from $80), and Mizuho (to $100 from $95), underscoring the growing confidence in the company's performance and strategy.