Seagate Technology (NASDAQ:STX) Stock Gets Price Target Increase from Bank of America

Seagate Technology (NASDAQ:STX) had its target price hoisted by investment analysts at Bank of America from $1,150.00 to $1,200.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the data storage provider’s stock. Bank of America’s price objective indicates a potential upside of 77.74% from the stock’s previous close.

A number of other equities research analysts have also weighed in on the company. JPMorgan Chase & Co. lifted their price objective on Seagate Technology from $1,095.00 to $1,240.00 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Wells Fargo & Company dropped their target price on Seagate Technology from $1,180.00 to $865.00 and set an “overweight” rating on the stock in a research report on Friday, October 16th. Cantor Fitzgerald reissued an “overweight” rating and issued a $1,300.00 target price on shares of Seagate Technology in a report on Wednesday, July 29th. Sanford C. Bernstein reissued an “outperform” rating and issued a $1,350.00 target price on shares of Seagate Technology in a report on Wednesday, July 29th. Finally, Melius Research started coverage on Seagate Technology in a research note on Monday, June 29th. They issued a “buy” rating and a $1,600.00 target price for the company. Twenty-two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $975.92.

Seagate Technology Stock Up 2.2%

Shares of Seagate Technology stock opened at $675.13 on Wednesday. The company has a market cap of $153.52 billion, a P/E ratio of 44.62 and a beta of 2.06. The firm has a fifty day moving average of $836.66 and a two-hundred day moving average of $808.22. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.17 and a current ratio of 1.67. Seagate Technology has a one year low of $209.00 and a one year high of $1,145.00.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings results on Tuesday, July 28th. The data storage provider reported $5.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.10 by $0.61. The business had revenue of $3.63 billion for the quarter, compared to analyst estimates of $3.50 billion. Seagate Technology had a net margin of 26.11% and a return on equity of 369.98%. The business’s revenue was up 48.5% compared to the same quarter last year. During the same period in the previous year, the business posted $2.59 earnings per share. Seagate Technology has set its Q1 2027 guidance at 7.100-7.500 EPS. On average, analysts forecast that Seagate Technology will post 35.70 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO William Mosley sold 11,002 shares of the stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $935.60, for a total value of $10,293,471.20. Following the sale, the chief executive officer owned 362,108 shares of the company’s stock, valued at $338,788,244.80. This trade represents a 2.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP John Morris sold 9,354 shares of Seagate Technology stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $877.91, for a total transaction of $8,211,970.14. Following the completion of the sale, the executive vice president owned 22,693 shares in the company, valued at approximately $19,922,411.63. This represents a 29.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 466,959 shares of company stock valued at $378,840,741. 0.51% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP raised its holdings in shares of Seagate Technology by 2,655.9% during the second quarter. Wellington Management Group LLP now owns 2,414,136 shares of the data storage provider’s stock valued at $2,329,641,000 after buying an additional 2,326,538 shares during the last quarter. Janus Henderson Group PLC boosted its position in shares of Seagate Technology by 3,872.1% during the first quarter. Janus Henderson Group PLC now owns 967,528 shares of the data storage provider’s stock worth $378,985,000 after buying an additional 943,170 shares during the period. Swedbank AB grew its holdings in Seagate Technology by 67.6% in the 1st quarter. Swedbank AB now owns 709,160 shares of the data storage provider’s stock worth $277,821,000 after buying an additional 285,949 shares in the last quarter. Amundi grew its holdings in Seagate Technology by 32.2% in the 1st quarter. Amundi now owns 965,565 shares of the data storage provider’s stock worth $378,267,000 after buying an additional 235,359 shares in the last quarter. Finally, Hsbc Holdings PLC grew its holdings in Seagate Technology by 119.7% in the 1st quarter. Hsbc Holdings PLC now owns 378,527 shares of the data storage provider’s stock worth $147,753,000 after buying an additional 206,196 shares in the last quarter. 92.87% of the stock is owned by institutional investors and hedge funds.

Seagate Technology Company Profile

Seagate Technology Holdings plc (NASDAQ: STX) is a data storage company that develops and manufactures mass-capacity storage products and solutions. Its portfolio is centered on hard disk drives (HDDs) used in cloud data centers, enterprise systems, network-attached storage, video and imaging applications, and personal computers.

The company also provides storage-related services and solutions designed to help organizations store, manage, protect, and access large volumes of digital information.