Seagate Technology (NASDAQ:STX) Upgraded to Buy at StockNews.com

Seagate Technology (NASDAQ:STX) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Friday.

A number of other analysts have also recently commented on the stock. Wells Fargo & Company upped their target price on shares of Seagate Technology from $90.00 to $120.00 and gave the company an “equal weight” rating in a report on Wednesday. Wedbush upped their target price on shares of Seagate Technology from $100.00 to $130.00 and gave the company an “outperform” rating in a report on Monday. Susquehanna upped their target price on shares of Seagate Technology from $55.00 to $65.00 and gave the company a “negative” rating in a report on Wednesday. Rosenblatt Securities raised their price objective on shares of Seagate Technology from $115.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Cantor Fitzgerald raised their price objective on shares of Seagate Technology from $120.00 to $125.00 and gave the company a “neutral” rating in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $115.94.

Seagate Technology Stock Performance

Shares of STX traded down $0.28 during mid-day trading on Friday, hitting $103.68. 3,069,246 shares of the company traded hands, compared to its average volume of 2,638,344. The stock has a 50-day moving average price of $101.15 and a two-hundred day moving average price of $92.91. Seagate Technology has a 1 year low of $57.79 and a 1 year high of $113.57. The stock has a market cap of $21.77 billion, a price-to-earnings ratio of -80.37 and a beta of 1.02.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.29. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.41%. The business had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.87 billion. During the same period in the prior year, the company earned ($0.29) earnings per share. The firm’s revenue was up 17.8% on a year-over-year basis. On average, analysts forecast that Seagate Technology will post 5.65 EPS for the current year.

Insiders Place Their Bets

In other Seagate Technology news, EVP Ban Seng Teh sold 9,703 shares of Seagate Technology stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $95.00, for a total value of $921,785.00. Following the completion of the transaction, the executive vice president now directly owns 15,185 shares of the company’s stock, valued at approximately $1,442,575. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Seagate Technology news, SVP John Christopher Morris sold 5,928 shares of Seagate Technology stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $99.99, for a total value of $592,740.72. Following the completion of the transaction, the senior vice president now directly owns 12,185 shares of the company’s stock, valued at approximately $1,218,378.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Ban Seng Teh sold 9,703 shares of Seagate Technology stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $95.00, for a total transaction of $921,785.00. Following the completion of the transaction, the executive vice president now directly owns 15,185 shares of the company’s stock, valued at $1,442,575. The disclosure for this sale can be found here. Insiders sold 47,648 shares of company stock valued at $4,705,816 in the last three months. Corporate insiders own 0.89% of the company’s stock.

Hedge Funds Weigh In On Seagate Technology

Large investors have recently made changes to their positions in the company. New York State Common Retirement Fund boosted its stake in shares of Seagate Technology by 68.8% during the 4th quarter. New York State Common Retirement Fund now owns 143,049 shares of the data storage provider’s stock worth $12,212,000 after purchasing an additional 58,300 shares during the period. Stratos Wealth Partners LTD. boosted its stake in shares of Seagate Technology by 8.8% during the 4th quarter. Stratos Wealth Partners LTD. now owns 6,941 shares of the data storage provider’s stock worth $593,000 after purchasing an additional 561 shares during the period. Baader Bank Aktiengesellschaft purchased a new position in shares of Seagate Technology during the 4th quarter worth about $230,000. Chapin Davis Inc. boosted its stake in shares of Seagate Technology by 210.8% during the 1st quarter. Chapin Davis Inc. now owns 29,152 shares of the data storage provider’s stock worth $2,713,000 after purchasing an additional 19,773 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Seagate Technology by 1.1% during the 4th quarter. The Manufacturers Life Insurance Company now owns 136,111 shares of the data storage provider’s stock worth $11,620,000 after purchasing an additional 1,419 shares during the period. 92.87% of the stock is owned by hedge funds and other institutional investors.

Seagate Technology Company Profile

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.