Seagate Technology (NASDAQ:STX) Stock Rating Upgraded by Summit Insights

Seagate Technology (NASDAQ:STX) was upgraded by analysts at Summit Insights from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, Marketbeat reports.

STX has been the topic of a number of other research reports. Citigroup lifted their price target on Seagate Technology from $120.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday. The Goldman Sachs Group cut their target price on Seagate Technology from $112.00 to $99.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. StockNews.com cut Seagate Technology from a “buy” rating to a “hold” rating in a research note on Tuesday, January 14th. Wedbush restated an “outperform” rating and set a $150.00 price objective on shares of Seagate Technology in a research note on Wednesday, October 23rd. Finally, Rosenblatt Securities increased their target price on shares of Seagate Technology from $140.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $122.56.

Seagate Technology Price Performance

Shares of NASDAQ STX opened at $108.42 on Wednesday. The firm has a market capitalization of $22.93 billion, a PE ratio of 19.82 and a beta of 1.06. Seagate Technology has a 1-year low of $82.31 and a 1-year high of $115.32. The business’s fifty day moving average price is $94.55 and its two-hundred day moving average price is $100.33.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.30 by $0.28. The business had revenue of $2.17 billion for the quarter, compared to analysts’ expectations of $2.13 billion. Seagate Technology had a net margin of 14.67% and a negative return on equity of 58.59%. The company’s revenue for the quarter was up 49.1% compared to the same quarter last year. During the same quarter last year, the company earned ($0.34) EPS. Equities research analysts expect that Seagate Technology will post 7.18 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP Kian Fatt Chong sold 9,182 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $105.50, for a total value of $968,701.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William D. Mosley sold 20,000 shares of Seagate Technology stock in a transaction on Friday, November 1st. The shares were sold at an average price of $99.53, for a total value of $1,990,600.00. Following the transaction, the chief executive officer now owns 642,497 shares in the company, valued at $63,947,726.41. This represents a 3.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 50,073 shares of company stock valued at $5,106,149 over the last three months. Insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Seagate Technology

Several institutional investors and hedge funds have recently bought and sold shares of STX. Sanders Capital LLC raised its stake in shares of Seagate Technology by 0.9% in the 3rd quarter. Sanders Capital LLC now owns 16,367,591 shares of the data storage provider’s stock valued at $1,792,742,000 after acquiring an additional 150,115 shares in the last quarter. State Street Corp increased its stake in Seagate Technology by 6.8% in the third quarter. State Street Corp now owns 8,502,674 shares of the data storage provider’s stock valued at $937,081,000 after acquiring an additional 541,585 shares during the period. Geode Capital Management LLC lifted its holdings in Seagate Technology by 8.3% during the 3rd quarter. Geode Capital Management LLC now owns 4,162,512 shares of the data storage provider’s stock valued at $454,477,000 after purchasing an additional 318,416 shares during the last quarter. Franklin Resources Inc. raised its position in Seagate Technology by 29.5% in the 3rd quarter. Franklin Resources Inc. now owns 1,778,811 shares of the data storage provider’s stock valued at $197,844,000 after purchasing an additional 405,232 shares during the last quarter. Finally, Duquesne Family Office LLC increased its position in Seagate Technology by 22.0% in the 2nd quarter. Duquesne Family Office LLC now owns 1,755,278 shares of the data storage provider’s stock valued at $181,268,000 after acquiring an additional 316,295 shares in the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

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.