Seagate Technology (NASDAQ:STX) Price Target Raised to $150.00 at Rosenblatt Securities

Seagate Technology (NASDAQ:STX) had its price target lifted by analysts at Rosenblatt Securities from $140.00 to $150.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the data storage provider’s stock. Rosenblatt Securities’ target price suggests a potential upside of 48.15% from the company’s previous close.

STX has been the subject of a number of other research reports. Benchmark reaffirmed a “hold” rating on shares of Seagate Technology in a research report on Wednesday, October 23rd. Wells Fargo & Company reduced their price objective on Seagate Technology from $120.00 to $110.00 and set an “equal weight” rating for the company in a research report on Thursday, January 16th. Mizuho lowered their price objective on Seagate Technology from $130.00 to $110.00 and set an “outperform” rating on the stock in a research report on Friday, January 10th. Evercore ISI lifted their price target on shares of Seagate Technology from $125.00 to $135.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Finally, Northland Securities increased their price objective on shares of Seagate Technology from $142.00 to $144.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $123.71.

Seagate Technology Stock Performance

Shares of STX stock opened at $101.25 on Wednesday. The company has a market capitalization of $21.42 billion, a price-to-earnings ratio of 26.44 and a beta of 1.06. The stock’s 50 day simple moving average is $94.32 and its 200 day simple moving average is $100.28. Seagate Technology has a twelve month low of $82.31 and a twelve month high of $115.32.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.30 by $0.28. The company had revenue of $2.17 billion during the quarter, compared to analysts’ expectations of $2.13 billion. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. The business’s quarterly revenue was up 49.1% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.34) earnings per share. On average, analysts forecast that Seagate Technology will post 7.18 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Yolanda Lee Conyers sold 750 shares of Seagate Technology stock in a transaction 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 $667,430.10. The trade was a 10.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Kian Fatt Chong sold 9,182 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was 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 54,173 shares of company stock worth $5,529,679 over the last three months. 0.81% of the stock is currently owned by company insiders.

Institutional Trading of Seagate Technology

Large investors have recently bought and sold shares of the business. Blair William & Co. IL acquired a new position in shares of Seagate Technology during the second quarter worth about $314,000. Canada Pension Plan Investment Board grew its stake in shares of Seagate Technology by 96,580.0% during the 2nd 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 in the last quarter. Sei Investments Co. raised its holdings in shares of Seagate Technology by 33.7% in the second quarter. Sei Investments Co. now owns 14,484 shares of the data storage provider’s stock valued at $1,496,000 after purchasing an additional 3,647 shares during the last quarter. Thrivent Financial for Lutherans lifted 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 worth $1,081,000 after purchasing an additional 2,165 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC boosted its holdings in 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 last quarter. 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.