Rosenblatt Securities Forecasts Strong Price Appreciation for Seagate Technology (NASDAQ:STX) Stock

Seagate Technology (NASDAQ:STX) had its target price raised by stock analysts at Rosenblatt Securities from $140.00 to $150.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the data storage provider’s stock. Rosenblatt Securities’ target price would indicate a potential upside of 38.35% from the company’s current price.

STX has been the topic of several other reports. Wells Fargo & Company dropped their target price on Seagate Technology from $120.00 to $110.00 and set an “equal weight” rating on the stock in a report on Thursday, January 16th. Evercore ISI upped their price target on shares of Seagate Technology from $125.00 to $135.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. The Goldman Sachs Group reduced their price objective on shares of Seagate Technology from $112.00 to $99.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. Morgan Stanley dropped their target price on shares of Seagate Technology from $133.00 to $129.00 and set an “overweight” rating on the stock in a research note on Tuesday. Finally, Mizuho decreased their price objective on shares of Seagate Technology from $130.00 to $110.00 and set an “outperform” rating for the company in a report on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Seagate Technology has a consensus rating of “Moderate Buy” and a consensus target price of $122.56.

Seagate Technology Price Performance

Shares of Seagate Technology stock opened at $108.42 on Wednesday. Seagate Technology has a 1 year low of $82.31 and a 1 year high of $115.32. The company has a 50-day moving average of $94.55 and a 200 day moving average of $100.33. The firm has a market cap of $22.93 billion, a price-to-earnings ratio of 19.82 and a beta of 1.06.

Seagate Technology (NASDAQ:STX) last released its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.28. The firm had revenue of $2.17 billion during the quarter, compared to analyst estimates of $2.13 billion. Seagate Technology had a net margin of 14.67% and a negative return on equity of 58.59%. The business’s revenue was up 49.1% on a year-over-year basis. During the same period last year, the business earned ($0.34) earnings per share. On average, equities analysts anticipate that Seagate Technology will post 7.18 EPS for the current year.

Insider Buying and Selling at Seagate Technology

In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $99.53, for a total transaction of $1,990,600.00. Following the completion of the sale, the chief executive officer now owns 642,497 shares of the company’s stock, valued at approximately $63,947,726.41. The trade was a 3.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Kian Fatt Chong sold 9,182 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $105.50, for a total value of $968,701.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 50,073 shares of company stock valued at $5,106,149. Insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Seagate Technology

A number of hedge funds have recently modified their holdings of the company. Blair William & Co. IL bought a new stake in shares of Seagate Technology during the 2nd quarter valued at $314,000. Canada Pension Plan Investment Board raised its holdings in Seagate Technology by 96,580.0% during the second quarter. Canada Pension Plan Investment Board now owns 9,668 shares of the data storage provider’s stock valued at $998,000 after acquiring an additional 9,658 shares during the period. Sei Investments Co. lifted its position in shares of Seagate Technology by 33.7% in the second quarter. Sei Investments Co. now owns 14,484 shares of the data storage provider’s stock valued at $1,496,000 after acquiring an additional 3,647 shares in the last quarter. Thrivent Financial for Lutherans boosted its stake in shares of Seagate Technology by 26.1% in the second quarter. Thrivent Financial for Lutherans now owns 10,475 shares of the data storage provider’s stock worth $1,081,000 after acquiring an additional 2,165 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC grew its position in shares of Seagate Technology by 2,407.1% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider’s stock worth $36,000 after purchasing an additional 337 shares in the last quarter. 92.87% of the stock is currently owned by institutional investors.

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.