StockNews.com Upgrades Seagate Technology (NASDAQ:STX) to Buy

Seagate Technology (NASDAQ:STX) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Thursday.

Several other research firms also recently commented on STX. Northland Securities boosted their target price on shares of Seagate Technology from $119.00 to $142.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Citigroup boosted their target price on shares of Seagate Technology from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. The Goldman Sachs Group boosted their target price on shares of Seagate Technology from $96.00 to $107.00 and gave the stock a “neutral” rating in a report on Wednesday, July 24th. Rosenblatt Securities upped their price target on shares of Seagate Technology from $115.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Finally, Robert W. Baird upped their price target on shares of Seagate Technology from $100.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $115.94.

Seagate Technology Price Performance

STX opened at $111.73 on Thursday. The firm has a market cap of $23.46 billion, a P/E ratio of -86.61 and a beta of 1.04. Seagate Technology has a 1-year low of $64.12 and a 1-year high of $115.32. The company has a 50 day simple moving average of $103.64 and a two-hundred day simple moving average of $98.86.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.29. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.41%. The business had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same period in the prior year, the business posted ($0.29) earnings per share. The company’s revenue was up 17.8% on a year-over-year basis. Equities analysts anticipate that Seagate Technology will post 6.72 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $107.68, for a total value of $2,153,600.00. Following the transaction, the chief executive officer now owns 648,616 shares of the company’s stock, valued at $69,842,970.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $107.68, for a total transaction of $2,153,600.00. Following the transaction, the chief executive officer now owns 648,616 shares of the company’s stock, valued at approximately $69,842,970.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Gianluca Romano sold 25,760 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $94.54, for a total transaction of $2,435,350.40. Following the transaction, the chief financial officer now directly owns 52,620 shares in the company, valued at $4,974,694.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 223,284 shares of company stock valued at $23,800,887 in the last 90 days. Company insiders own 0.89% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in STX. Good Life Advisors LLC grew its position in shares of Seagate Technology by 16.9% in the 3rd quarter. Good Life Advisors LLC now owns 3,876 shares of the data storage provider’s stock worth $425,000 after buying an additional 560 shares during the last quarter. nVerses Capital LLC grew its position in shares of Seagate Technology by 18.2% in the 3rd quarter. nVerses Capital LLC now owns 9,100 shares of the data storage provider’s stock worth $997,000 after buying an additional 1,400 shares during the last quarter. B.O.S.S. Retirement Advisors LLC grew its position in shares of Seagate Technology by 1.9% in the 3rd quarter. B.O.S.S. Retirement Advisors LLC now owns 10,460 shares of the data storage provider’s stock worth $1,146,000 after buying an additional 198 shares during the last quarter. Stablepoint Partners LLC grew its position in shares of Seagate Technology by 5.3% in the 3rd quarter. Stablepoint Partners LLC now owns 50,482 shares of the data storage provider’s stock worth $5,529,000 after buying an additional 2,542 shares during the last quarter. Finally, ORG Wealth Partners LLC purchased a new position in shares of Seagate Technology in the 3rd quarter worth approximately $88,000. 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.