Seagate Technology (NASDAQ:STX – Get Free Report) had its target price upped by equities researchers at Evercore ISI from $110.00 to $125.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has an “outperform” rating on the data storage provider’s stock. Evercore ISI’s price objective would suggest a potential upside of 19.15% from the stock’s previous close.
Several other equities analysts have also commented on STX. UBS Group increased their price objective on shares of Seagate Technology from $90.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, April 24th. Susquehanna increased their price objective on shares of Seagate Technology from $50.00 to $55.00 and gave the company a “negative” rating in a research report on Wednesday, April 10th. Wedbush raised shares of Seagate Technology from a “neutral” rating to an “outperform” rating and set a $100.00 price objective for the company in a research report on Wednesday, May 1st. Barclays cut their price target on shares of Seagate Technology from $85.00 to $80.00 and set an “equal weight” rating on the stock in a report on Monday, April 22nd. Finally, Loop Capital increased their price target on shares of Seagate Technology from $105.00 to $110.00 and gave the stock a “buy” rating in a report on Tuesday, June 4th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $100.94.
View Our Latest Stock Report on Seagate Technology
Seagate Technology Stock Performance
STX stock opened at $104.91 on Tuesday. The firm has a market cap of $22.03 billion, a price-to-earnings ratio of -81.33 and a beta of 1.02. The firm has a 50-day simple moving average of $99.97 and a two-hundred day simple moving average of $92.01. Seagate Technology has a one year low of $57.32 and a one year high of $109.63.
Seagate Technology (NASDAQ:STX – Get Free Report) last released its quarterly earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 EPS for the quarter, beating the consensus estimate of $0.29 by $0.04. The firm had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.68 billion. The business’s quarterly revenue was down 11.0% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.43) earnings per share. As a group, equities analysts predict that Seagate Technology will post 0.44 earnings per share for the current fiscal year.
Insider Activity at Seagate Technology
In related news, SVP John Christopher Morris sold 11,158 shares of Seagate Technology stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $90.00, for a total value of $1,004,220.00. Following the sale, the senior vice president now owns 17,767 shares of the company’s stock, valued at approximately $1,599,030. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Seagate Technology news, EVP Ban Seng Teh sold 10,742 shares of the firm’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $100.00, for a total value of $1,074,200.00. Following the transaction, the executive vice president now owns 5,042 shares in the company, valued at approximately $504,200. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John Christopher Morris sold 11,158 shares of the firm’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $90.00, for a total value of $1,004,220.00. Following the completion of the transaction, the senior vice president now owns 17,767 shares in the company, valued at approximately $1,599,030. The disclosure for this sale can be found here. In the last quarter, insiders have sold 37,531 shares of company stock valued at $3,592,946. 0.89% of the stock is owned by company insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in STX. Capital Research Global Investors lifted its holdings in Seagate Technology by 39.3% in the 4th quarter. Capital Research Global Investors now owns 16,614,884 shares of the data storage provider’s stock valued at $1,418,413,000 after purchasing an additional 4,685,454 shares in the last quarter. Norges Bank purchased a new position in Seagate Technology in the 4th quarter valued at $188,834,000. Vanguard Group Inc. lifted its holdings in Seagate Technology by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 24,753,076 shares of the data storage provider’s stock valued at $2,303,274,000 after purchasing an additional 746,395 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of Seagate Technology by 83.2% during the 4th quarter. Wells Fargo & Company MN now owns 1,014,075 shares of the data storage provider’s stock worth $86,572,000 after acquiring an additional 460,599 shares during the period. Finally, Mizuho Markets Americas LLC raised its holdings in shares of Seagate Technology by 321.7% during the 4th quarter. Mizuho Markets Americas LLC now owns 586,120 shares of the data storage provider’s stock worth $50,037,000 after acquiring an additional 447,120 shares during the period. Hedge funds and other institutional investors own 92.87% of the company’s stock.
About Seagate Technology
Seagate Technology Holdings plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It provides mass capacity storage products, including enterprise nearline hard disk drives (HDDs), enterprise nearline solid state drives (SSDs), enterprise nearline systems, video and image HDDs, and network-attached storage drives.
Further Reading
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