Cantor Fitzgerald Reaffirms Neutral Rating for Seagate Technology (NASDAQ:STX)

Seagate Technology (NASDAQ:STX)‘s stock had its “neutral” rating reissued by equities research analysts at Cantor Fitzgerald in a research report issued on Wednesday,Benzinga reports. They presently have a $120.00 price objective on the data storage provider’s stock. Cantor Fitzgerald’s target price indicates a potential upside of 10.68% from the stock’s current price. Cantor Fitzgerald also issued estimates for Seagate Technology’s FY2025 earnings at $6.75 EPS.

STX has been the topic of a number of other research reports. Morgan Stanley cut their price objective on Seagate Technology from $133.00 to $129.00 and set an “overweight” rating on the stock in a research report on Tuesday. Rosenblatt Securities increased their price target on Seagate Technology from $140.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday. Citigroup boosted their price objective on Seagate Technology from $120.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday. Barclays raised their target price on shares of Seagate Technology from $95.00 to $105.00 and gave the company an “equal weight” rating in a report on Wednesday. Finally, Susquehanna boosted their price target on shares of Seagate Technology from $65.00 to $68.00 and gave the stock a “negative” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $122.56.

Seagate Technology Price Performance

NASDAQ STX opened at $108.42 on Wednesday. The company has a market cap of $22.93 billion, a P/E ratio of 19.82 and a beta of 1.06. The stock has a 50-day moving average of $94.55 and a two-hundred day moving average of $100.33. Seagate Technology has a 1-year low of $82.31 and a 1-year high of $115.32.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.30 by $0.28. The firm had revenue of $2.17 billion during 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 business’s quarterly revenue was up 49.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.34) earnings per share. On average, analysts anticipate that Seagate Technology will post 7.18 EPS for the current fiscal year.

Insider Buying and Selling

In other Seagate Technology news, Director Yolanda Lee Conyers sold 750 shares of the stock in a transaction that occurred 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. This trade represents a 10.27 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Kian Fatt Chong sold 9,182 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were 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. Insiders sold a total of 50,073 shares of company stock worth $5,106,149 in the last 90 days. Company insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Seagate Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Point72 Asset Management L.P. purchased a new position in Seagate Technology during the 3rd quarter worth $133,031,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Seagate Technology by 341.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,308,958 shares of the data storage provider’s stock worth $143,370,000 after purchasing an additional 1,012,638 shares in the last quarter. State Street Corp lifted its position 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 purchasing an additional 541,585 shares during the period. Franklin Resources Inc. lifted its position in Seagate Technology by 29.5% in the third 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 period. Finally, Point72 Hong Kong Ltd purchased a new stake in Seagate Technology in the 2nd quarter valued at approximately $35,349,000. 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.