Morgan Stanley Has Lowered Expectations for Seagate Technology (NASDAQ:STX) Stock Price

Seagate Technology (NASDAQ:STXGet Free Report) had its price objective lowered by equities research analysts at Morgan Stanley from $133.00 to $129.00 in a note issued to investors on Tuesday, MarketBeat.com reports. The firm presently has an “overweight” rating on the data storage provider’s stock. Morgan Stanley’s price target points to a potential upside of 19.25% from the company’s previous close.

A number of other equities research analysts have also weighed in on the company. Cantor Fitzgerald restated a “neutral” rating and set a $125.00 price target on shares of Seagate Technology in a research note on Wednesday, October 23rd. Evercore ISI upped their price target 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. Wells Fargo & Company lowered their price objective on shares of Seagate Technology from $120.00 to $110.00 and set an “equal weight” rating for the company in a research note on Thursday, January 16th. Citigroup boosted their price objective on shares of Seagate Technology from $125.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Finally, Benchmark restated a “hold” rating on shares of Seagate Technology in a research note on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $122.56.

Check Out Our Latest Stock Report on STX

Seagate Technology Stock Up 6.8 %

Shares of STX opened at $108.18 on Tuesday. The company has a 50 day moving average of $94.55 and a two-hundred day moving average of $100.33. The company has a market cap of $22.88 billion, a price-to-earnings ratio of 28.25 and a beta of 1.06. Seagate Technology has a twelve month low of $82.31 and a twelve month high of $115.32.

Seagate Technology (NASDAQ:STXGet Free Report) last announced 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. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. The firm had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same period in the previous year, the business earned ($0.34) EPS. The firm’s revenue for the quarter was up 49.1% on a year-over-year basis. On average, sell-side analysts expect that Seagate Technology will post 7.18 EPS for the current year.

Insider Buying and Selling at Seagate Technology

In other news, SVP Kian Fatt Chong sold 9,182 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $105.50, for a total transaction of $968,701.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Yolanda Lee Conyers sold 750 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $101.82, for a total transaction of $76,365.00. Following the completion of the sale, the director now directly owns 6,555 shares of the company’s stock, valued at approximately $667,430.10. The trade was a 10.27 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 50,073 shares of company stock valued at $5,106,149. Corporate insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Seagate Technology

Several institutional investors have recently bought and sold shares of STX. Ashton Thomas Securities LLC purchased a new stake in shares of Seagate Technology during the third quarter worth $26,000. Quarry LP acquired a new position in Seagate Technology during the second quarter worth about $27,000. Kayne Anderson Rudnick Investment Management LLC grew its stake in Seagate Technology by 2,407.1% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider’s stock valued at $36,000 after acquiring an additional 337 shares in the last quarter. 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 Seagate Technology by 232.5% in 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 in the last quarter. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Seagate Technology Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Seagate Technology (NASDAQ:STX)

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