Seagate Technology (NASDAQ:STX) Price Target Raised to $130.00

Seagate Technology (NASDAQ:STX) had its price objective raised by analysts at Bank of America from $124.00 to $130.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the data storage provider’s stock. Bank of America‘s target price would suggest a potential upside of 28.40% from the stock’s previous close.

Several other research analysts have also recently issued reports on STX. Benchmark restated a “hold” rating on shares of Seagate Technology in a report on Wednesday, October 23rd. Evercore ISI upped their price objective on shares of Seagate Technology from $125.00 to $135.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Northland Securities lifted their target price on Seagate Technology from $142.00 to $144.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Cantor Fitzgerald reissued a “neutral” rating and issued a $125.00 target price on shares of Seagate Technology in a research report on Wednesday, October 23rd. Finally, Wedbush reaffirmed an “outperform” rating and set a $150.00 price target on shares of Seagate Technology in a research report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $123.71.

Seagate Technology Price Performance

Seagate Technology stock opened at $101.25 on Wednesday. The stock’s fifty day moving average is $94.32 and its two-hundred day moving average is $100.28. The stock has a market cap of $21.42 billion, a PE ratio of 26.44 and a beta of 1.06. Seagate Technology has a 1-year low of $82.31 and a 1-year high of $115.32.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.30 by $0.28. The firm had revenue of $2.17 billion during the quarter, compared to analysts’ expectations of $2.13 billion. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. The firm’s revenue was up 49.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.34) earnings per share. On average, research analysts expect that Seagate Technology will post 7.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Kian Fatt Chong sold 9,182 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $105.50, for a total value of $968,701.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Jay L. Geldmacher sold 4,100 shares of Seagate Technology stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $103.30, for a total transaction of $423,530.00. Following the transaction, the director now owns 2,852 shares of the company’s stock, valued at approximately $294,611.60. The trade was a 58.98 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 54,173 shares of company stock worth $5,529,679. 0.81% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Seagate Technology

Institutional investors have recently made changes to their positions in the stock. Ashton Thomas Securities LLC acquired a new stake in shares of Seagate Technology during the 3rd quarter worth about $26,000. Quarry LP acquired a new stake in Seagate Technology during the second quarter worth approximately $27,000. Kayne Anderson Rudnick Investment Management LLC grew its stake in Seagate Technology by 2,407.1% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider’s stock worth $36,000 after acquiring an additional 337 shares during the period. Advisors Asset Management Inc. raised its holdings in Seagate Technology by 177.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 403 shares of the data storage provider’s stock valued at $44,000 after acquiring an additional 258 shares during the last quarter. Finally, JFS Wealth Advisors LLC lifted its stake in shares of Seagate Technology by 232.5% during the 3rd quarter. JFS Wealth Advisors LLC now owns 419 shares of the data storage provider’s stock worth $46,000 after purchasing an additional 293 shares during the period. 92.87% of the stock is owned by institutional investors and hedge funds.

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.