Wedbush Boosts Seagate Technology (NASDAQ:STX) Price Target to $130.00

Seagate Technology (NASDAQ:STX) had its price target raised by Wedbush from $100.00 to $130.00 in a research report sent to investors on Monday, Benzinga reports. Wedbush currently has an outperform rating on the data storage provider’s stock.

Other analysts have also issued research reports about the stock. Evercore ISI boosted their price target on shares of Seagate Technology from $110.00 to $125.00 and gave the company an outperform rating in a research report on Tuesday, July 16th. Barclays reduced their price target on Seagate Technology from $85.00 to $80.00 and set an equal weight rating for the company in a research report on Monday, April 22nd. Cantor Fitzgerald boosted their price objective on Seagate Technology from $100.00 to $120.00 and gave the company a neutral rating in a research note on Tuesday, July 16th. Bank of America reaffirmed a buy rating and set a $110.00 target price on shares of Seagate Technology in a report on Wednesday, June 5th. Finally, Benchmark reissued a hold rating on shares of Seagate Technology in a report on Wednesday, April 24th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of Hold and a consensus price target of $115.94.

Seagate Technology Stock Performance

Shares of NASDAQ STX opened at $109.53 on Monday. The stock has a market cap of $23.00 billion, a price-to-earnings ratio of -84.91 and a beta of 1.02. Seagate Technology has a fifty-two week low of $57.32 and a fifty-two week high of $113.57. The firm’s 50-day simple moving average is $101.03 and its 200 day simple moving average is $92.83.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings data on Tuesday, July 23rd. The data storage provider reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.29. The firm had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same period in the previous year, the company posted ($0.29) earnings per share. The company’s revenue for the quarter was up 17.8% on a year-over-year basis. On average, sell-side analysts predict that Seagate Technology will post 0.44 EPS for the current year.

Insider Activity at Seagate Technology

In related news, SVP John Christopher Morris sold 11,158 shares of the business’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $90.00, for a total transaction of $1,004,220.00. Following the completion of the transaction, the senior vice president now owns 17,767 shares in the company, valued at approximately $1,599,030. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, SVP John Christopher Morris sold 11,158 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $90.00, for a total value of $1,004,220.00. Following the completion of the sale, the senior vice president now owns 17,767 shares in the company, valued at $1,599,030. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ban Seng Teh sold 9,703 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $95.00, for a total value of $921,785.00. Following the transaction, the executive vice president now owns 15,185 shares in the company, valued at $1,442,575. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 37,531 shares of company stock worth $3,592,946. Insiders own 0.89% of the company’s stock.

Institutional Trading of Seagate Technology

A number of institutional investors have recently modified their holdings of STX. Family Firm Inc. purchased a new stake in Seagate Technology during the 2nd quarter valued at about $41,000. My Legacy Advisors LLC purchased a new stake in Seagate Technology in the second quarter valued at approximately $348,000. DT Investment Partners LLC increased its holdings in Seagate Technology by 921.5% in the 2nd quarter. DT Investment Partners LLC now owns 2,993 shares of the data storage provider’s stock worth $309,000 after buying an additional 2,700 shares during the period. 1620 Investment Advisors Inc. raised its position in Seagate Technology by 2,982.7% during the 2nd quarter. 1620 Investment Advisors Inc. now owns 4,809 shares of the data storage provider’s stock worth $497,000 after buying an additional 4,653 shares during the last quarter. Finally, NewSquare Capital LLC lifted its stake in Seagate Technology by 17.5% during the 2nd quarter. NewSquare Capital LLC now owns 71,232 shares of the data storage provider’s stock valued at $7,274,000 after acquiring an additional 10,595 shares during the period. 92.87% of the stock is currently 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.