Wedbush Reiterates Neutral Rating for Seagate Technology (NASDAQ:STX)

Seagate Technology (NASDAQ:STX)‘s stock had its “neutral” rating reissued by equities research analysts at Wedbush in a research report issued on Wednesday, Benzinga reports. They currently have a $100.00 price target on the data storage provider’s stock. Wedbush’s price target suggests a potential upside of 15.57% from the stock’s current price.

Other equities analysts also recently issued reports about the stock. BNP Paribas downgraded shares of Seagate Technology from a “neutral” rating to an “underperform” rating and set a $65.00 target price for the company. in a research note on Thursday, January 11th. Susquehanna boosted their target price on shares of Seagate Technology from $50.00 to $55.00 and gave the stock a “negative” rating in a research note on Wednesday, April 10th. Robert W. Baird boosted their target price on shares of Seagate Technology from $70.00 to $100.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. TD Cowen boosted their target price on shares of Seagate Technology from $85.00 to $110.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. Finally, Mizuho reaffirmed a “buy” rating and issued a $100.00 target price on shares of Seagate Technology in a research note on Tuesday, April 9th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $91.73.

Seagate Technology Stock Up 1.6 %

Shares of Seagate Technology stock opened at $86.53 on Wednesday. The stock has a market capitalization of $18.13 billion, a P/E ratio of -24.72, a price-to-earnings-growth ratio of 703.97 and a beta of 1.04. The company has a 50-day simple moving average of $89.29 and a 200 day simple moving average of $82.61. Seagate Technology has a 12-month low of $54.47 and a 12-month high of $101.26.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in STX. Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in shares of Seagate Technology in the fourth quarter valued at approximately $26,000. CVA Family Office LLC bought a new stake in shares of Seagate Technology in the fourth quarter worth $27,000. Turtle Creek Wealth Advisors LLC bought a new stake in Seagate Technology during the fourth quarter worth $28,000. Parkside Financial Bank & Trust raised its position in Seagate Technology by 85.4% during the third quarter. Parkside Financial Bank & Trust now owns 445 shares of the data storage provider’s stock worth $29,000 after acquiring an additional 205 shares in the last quarter. Finally, Northwest Financial Advisors bought a new stake in Seagate Technology during the fourth quarter worth $31,000. Institutional investors and hedge funds own 92.87% of the company’s stock.

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.