Seagate Technology (NASDAQ:STX) Stock Price Expected to Rise, Barclays Analyst Says

Seagate Technology (NASDAQ:STX) had its target price upped by stock analysts at Barclays from $95.00 to $105.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the data storage provider’s stock. Barclays‘s target price would indicate a potential upside of 3.70% from the stock’s current price.

STX has been the topic of a number of other reports. Mizuho cut their price objective on Seagate Technology from $130.00 to $110.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. Citigroup raised their price target on shares of Seagate Technology from $120.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday. The Goldman Sachs Group decreased 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 cut 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, 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 report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $123.71.

Seagate Technology Trading Up 3.7 %

Seagate Technology stock opened at $101.25 on Wednesday. The stock has a fifty day moving average price of $94.32 and a 200 day moving average price of $100.28. Seagate Technology has a 52 week low of $82.31 and a 52 week high of $115.32. The firm has a market capitalization of $21.42 billion, a P/E ratio of 26.44 and a beta of 1.06.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results 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 company had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.13 billion. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. Seagate Technology’s revenue was up 49.1% on a year-over-year basis. During the same quarter last year, the firm posted ($0.34) earnings per share. As a group, equities analysts predict that Seagate Technology will post 7.18 EPS for the current year.

Insider Buying and Selling

In other Seagate Technology news, SVP Kian Fatt Chong sold 9,182 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $105.50, for a total transaction of $968,701.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Yolanda Lee Conyers sold 750 shares of the firm’s stock in a transaction dated 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 transaction, the director now owns 6,555 shares in the company, valued at approximately $667,430.10. The trade was a 10.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 54,173 shares of company stock worth $5,529,679. Corporate 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 STX. Ashton Thomas Securities LLC bought a new stake in shares of Seagate Technology in the 3rd quarter worth approximately $26,000. Quarry LP bought a new stake in Seagate Technology in the 2nd quarter valued at about $27,000. Kayne Anderson Rudnick Investment Management LLC boosted its stake in Seagate Technology by 2,407.1% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider’s stock valued at $36,000 after purchasing an additional 337 shares during the period. Advisors Asset Management Inc. grew its position in Seagate Technology by 177.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 403 shares of the data storage provider’s stock worth $44,000 after purchasing an additional 258 shares during the last quarter. Finally, JFS Wealth Advisors LLC increased its stake in shares of Seagate Technology by 232.5% in the third quarter. JFS Wealth Advisors LLC now owns 419 shares of the data storage provider’s stock valued at $46,000 after purchasing an additional 293 shares during the period. 92.87% of the stock is currently owned by institutional investors and hedge funds.

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.