Seagate Technology (NASDAQ:STX) Stock Price Expected to Rise, Bank of America Analyst Says

Seagate Technology (NASDAQ:STX) had its target price lifted by analysts at Bank of America from $124.00 to $130.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the data storage provider’s stock. Bank of America‘s price objective would suggest a potential upside of 19.90% from the company’s current price.

Other equities analysts have also recently issued research reports about the company. Wedbush reiterated an “outperform” rating and set a $150.00 price objective on shares of Seagate Technology in a report on Wednesday, October 23rd. The Goldman Sachs Group cut their price target on shares of Seagate Technology from $112.00 to $99.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. Northland Securities raised their price objective on shares of Seagate Technology from $142.00 to $144.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Benchmark reaffirmed a “hold” rating on shares of Seagate Technology in a research report on Wednesday, October 23rd. Finally, StockNews.com cut Seagate Technology from a “buy” rating to a “hold” rating in a report on Tuesday, January 14th. One analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, Seagate Technology has an average rating of “Moderate Buy” and a consensus target price of $122.56.

Seagate Technology Stock Performance

Shares of NASDAQ STX opened at $108.42 on Wednesday. Seagate Technology has a 52-week low of $82.31 and a 52-week high of $115.32. The stock has a market cap of $22.93 billion, a P/E ratio of 19.82 and a beta of 1.06. The firm has a 50 day moving average price of $94.55 and a 200 day moving average price of $100.33.

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, beating analysts’ consensus estimates of $1.30 by $0.28. The business 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 firm’s quarterly revenue was up 49.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.34) EPS. Analysts predict that Seagate Technology will post 7.18 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Yolanda Lee Conyers sold 750 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $101.82, for a total value of $76,365.00. Following the sale, the director now owns 6,555 shares in the company, valued at approximately $667,430.10. This represents a 10.27 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William D. Mosley sold 20,000 shares of Seagate Technology stock in a transaction on 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 transaction, the chief executive officer now directly owns 642,497 shares of the company’s stock, valued at approximately $63,947,726.41. This trade represents a 3.02 % decrease in their ownership of the stock. 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 quarter. Company insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Seagate Technology

Several large investors have recently modified their holdings of the stock. Blair William & Co. IL acquired a new position in Seagate Technology in the 2nd quarter valued at about $314,000. Canada Pension Plan Investment Board boosted its holdings in shares of 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 worth $998,000 after acquiring an additional 9,658 shares during the period. Sei Investments Co. boosted its holdings in shares of Seagate Technology by 33.7% during the second quarter. Sei Investments Co. now owns 14,484 shares of the data storage provider’s stock worth $1,496,000 after acquiring an additional 3,647 shares during the period. Thrivent Financial for Lutherans grew its position 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 valued at $1,081,000 after purchasing an additional 2,165 shares during the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC increased its stake 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 during the period. 92.87% of the stock is owned by 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.