UBS Group Boosts Seagate Technology (NASDAQ:STX) Price Target to $105.00

Seagate Technology (NASDAQ:STX) had its price objective hoisted by research analysts at UBS Group from $95.00 to $105.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the data storage provider’s stock. UBS Group’s price target would indicate a potential downside of 3.15% from the company’s current price.

A number of other analysts have also weighed in on the company. Susquehanna increased their price objective on Seagate Technology from $65.00 to $68.00 and gave the company a “negative” rating in a research note on Wednesday. Cantor Fitzgerald reissued a “neutral” rating and issued a $125.00 price target on shares of Seagate Technology in a report on Wednesday, October 23rd. Wedbush reaffirmed an “outperform” rating and set a $150.00 price objective on shares of Seagate Technology in a research note on Wednesday, October 23rd. Northland Securities reissued an “outperform” rating and issued a $160.00 target price (up from $144.00) on shares of Seagate Technology in a research note on Wednesday. Finally, StockNews.com lowered Seagate Technology from a “buy” rating to a “hold” rating in a research report on Tuesday, January 14th. One equities 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 company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $122.56.

Seagate Technology Stock Performance

STX stock opened at $108.42 on Wednesday. The firm has a market cap of $22.93 billion, a P/E ratio of 19.82 and a beta of 1.06. The firm’s fifty day moving average is $94.55 and its 200 day moving average is $100.33. Seagate Technology has a 52 week low of $82.31 and a 52 week high of $115.32.

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

Insider Activity at Seagate Technology

In other Seagate Technology news, Director Yolanda Lee Conyers sold 750 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were 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 in the company, valued at approximately $667,430.10. This trade represents a 10.27 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Kian Fatt Chong sold 9,182 shares of the company’s 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 disclosure for this sale can be found here. Insiders sold a total of 50,073 shares of company stock valued at $5,106,149 in the last 90 days. Corporate insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Seagate Technology

Hedge funds have recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC increased its holdings in shares of Seagate Technology by 3.6% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 2,560 shares of the data storage provider’s stock worth $281,000 after purchasing an additional 89 shares in the last quarter. Affinity Capital Advisors LLC boosted its position in shares of Seagate Technology by 1.5% during the third quarter. Affinity Capital Advisors LLC now owns 6,620 shares of the data storage provider’s stock valued at $725,000 after buying an additional 100 shares during the last quarter. Berkshire Bank increased its holdings in Seagate Technology by 2.6% in the 4th quarter. Berkshire Bank now owns 4,118 shares of the data storage provider’s stock worth $355,000 after buying an additional 103 shares in the last quarter. My Legacy Advisors LLC raised its position in Seagate Technology by 3.9% in the 4th quarter. My Legacy Advisors LLC now owns 3,113 shares of the data storage provider’s stock worth $294,000 after buying an additional 118 shares during the last quarter. Finally, AdvisorNet Financial Inc boosted its holdings in shares of Seagate Technology by 3.7% during the 4th quarter. AdvisorNet Financial Inc now owns 3,377 shares of the data storage provider’s stock valued at $291,000 after acquiring an additional 122 shares during the last quarter. 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.