Seagate Technology (NASDAQ:STX) Cut to Hold at StockNews.com

Seagate Technology (NASDAQ:STX) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Tuesday.

Several other equities research analysts have also commented on STX. Wedbush restated an “outperform” rating and set a $150.00 target price on shares of Seagate Technology in a research report on Wednesday, October 23rd. Northland Securities upped their target price on shares of Seagate Technology from $142.00 to $144.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Evercore ISI lifted their price target on shares of Seagate Technology from $125.00 to $135.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Benchmark restated a “hold” rating on shares of Seagate Technology in a report on Wednesday, October 23rd. Finally, Rosenblatt Securities lifted their price objective on Seagate Technology from $125.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $121.53.

Seagate Technology Stock Up 3.4 %

NASDAQ STX opened at $94.34 on Tuesday. Seagate Technology has a 52-week low of $82.31 and a 52-week high of $115.32. The firm has a 50-day moving average price of $94.75 and a 200 day moving average price of $100.40. The stock has a market capitalization of $19.96 billion, a P/E ratio of 24.63 and a beta of 1.06.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, beating 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 business had revenue of $2.17 billion during the quarter, compared to analysts’ expectations of $2.13 billion. During the same period last year, the firm earned ($0.34) EPS. The company’s quarterly revenue was up 49.1% compared to the same quarter last year. On average, equities research analysts expect that Seagate Technology will post 7.18 earnings per share for the current fiscal year.

Insider Transactions at Seagate Technology

In related news, Director Jay L. Geldmacher sold 4,100 shares of the firm’s stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $103.30, for a total transaction of $423,530.00. Following the sale, the director now owns 2,852 shares in the company, valued at approximately $294,611.60. This trade represents a 58.98 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Yolanda Lee Conyers sold 750 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $101.82, for a total value of $76,365.00. Following the completion of the transaction, the director now owns 6,555 shares of the company’s stock, valued at $667,430.10. This trade represents a 10.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 55,304 shares of company stock worth $5,656,238 over the last ninety days. 0.81% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Seagate Technology

Several large investors have recently added to or reduced their stakes in the business. Victory Capital Management Inc. lifted its holdings in shares of Seagate Technology by 133.8% during the 3rd quarter. Victory Capital Management Inc. now owns 171,952 shares of the data storage provider’s stock worth $18,834,000 after acquiring an additional 98,418 shares during the period. Versor Investments LP acquired a new position in shares of Seagate Technology in the 3rd quarter valued at $2,146,000. Lighthouse Investment Partners LLC purchased a new stake in shares of Seagate Technology during the 2nd quarter valued at $499,000. Forte Capital LLC ADV increased its holdings in shares of Seagate Technology by 29.8% during the 3rd quarter. Forte Capital LLC ADV now owns 28,972 shares of the data storage provider’s stock worth $3,173,000 after buying an additional 6,653 shares during the last quarter. Finally, International Assets Investment Management LLC raised its position in shares of Seagate Technology by 3,549.7% in the 3rd quarter. International Assets Investment Management LLC now owns 204,493 shares of the data storage provider’s stock worth $22,398,000 after buying an additional 198,890 shares during the period. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

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.