Seagate Technology (NASDAQ:STX) Price Target Cut to $80.00

Seagate Technology (NASDAQ:STX) had its target price lowered by research analysts at Barclays from $85.00 to $80.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the data storage provider’s stock. Barclays‘s price objective suggests a potential downside of 7.55% from the company’s current price.

A number of other brokerages also recently weighed in on STX. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $95.00 price objective on shares of Seagate Technology in a research report on Monday, March 4th. Evercore ISI assumed coverage on Seagate Technology in a research report on Tuesday, February 27th. They set an “outperform” rating and a $110.00 price objective on the stock. Rosenblatt Securities raised their price objective on Seagate Technology from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, January 25th. TD Cowen raised their price target on Seagate Technology from $85.00 to $110.00 and gave the stock an “outperform” rating in a report on Thursday, January 25th. Finally, BNP Paribas downgraded Seagate Technology from a “neutral” rating to an “underperform” rating and set a $65.00 price target for the company. in a report on Thursday, January 11th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $91.73.

Seagate Technology Price Performance

Shares of STX stock opened at $86.53 on Monday. Seagate Technology has a 1-year low of $54.47 and a 1-year high of $101.26. The stock’s 50-day moving average is $89.29 and its 200 day moving average is $82.61. The company has a market cap of $18.13 billion, a P/E ratio of -24.72, a PEG ratio of 681.49 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings data on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.04. The company had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the previous year, the business earned ($0.43) EPS. Seagate Technology’s revenue for the quarter was down 11.0% compared to the same quarter last year. On average, analysts anticipate that Seagate Technology will post 0.1 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Seagate Technology by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 24,006,681 shares of the data storage provider’s stock worth $2,049,450,000 after purchasing an additional 425,117 shares during the last quarter. JPMorgan Chase & Co. raised its position in Seagate Technology by 9.2% during the third quarter. JPMorgan Chase & Co. now owns 17,680,400 shares of the data storage provider’s stock valued at $1,166,022,000 after acquiring an additional 1,485,937 shares in the last quarter. Capital Research Global Investors raised its position in Seagate Technology by 39.3% during the fourth 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 acquiring an additional 4,685,454 shares in the last quarter. Sanders Capital LLC raised its position in Seagate Technology by 3.0% during the fourth quarter. Sanders Capital LLC now owns 15,486,153 shares of the data storage provider’s stock valued at $1,322,053,000 after acquiring an additional 443,768 shares in the last quarter. Finally, FMR LLC raised its position in Seagate Technology by 13.1% during the third quarter. FMR LLC now owns 13,929,708 shares of the data storage provider’s stock valued at $918,664,000 after acquiring an additional 1,612,264 shares in the last quarter. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Seagate Technology Company Profile

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.