Seagate Technology (NASDAQ:STX) Price Target Raised to $144.00 at Northland Securities

Seagate Technology (NASDAQ:STX) had its target price increased by analysts at Northland Securities from $142.00 to $144.00 in a report released on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the data storage provider’s stock. Northland Securities’ price objective points to a potential upside of 39.74% from the stock’s current price.

A number of other research firms have also weighed in on STX. Rosenblatt Securities upped their target price on shares of Seagate Technology from $125.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday. Susquehanna lifted their price target on shares of Seagate Technology from $55.00 to $65.00 and gave the company a “negative” rating in a research report on Wednesday, July 24th. Loop Capital boosted their target price on shares of Seagate Technology from $105.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. UBS Group upped their price target on shares of Seagate Technology from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Wednesday, July 24th. Finally, Cantor Fitzgerald upped their target price on Seagate Technology from $120.00 to $125.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 24th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, Seagate Technology presently has an average rating of “Hold” and a consensus target price of $117.72.

Seagate Technology Stock Down 8.5 %

STX stock traded down $9.59 during trading on Wednesday, hitting $103.05. The company had a trading volume of 2,531,074 shares, compared to its average volume of 2,487,178. Seagate Technology has a 52-week low of $64.12 and a 52-week high of $115.32. The company has a 50 day simple moving average of $104.92 and a 200-day simple moving average of $99.52. The firm has a market capitalization of $21.69 billion, a P/E ratio of 67.43 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.30 by $0.28. The company had revenue of $2.17 billion during the quarter, compared to analyst estimates of $2.13 billion. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.41%. Seagate Technology’s revenue for the quarter was up 49.1% compared to the same quarter last year. During the same period last year, the firm posted ($0.34) EPS. Sell-side analysts forecast that Seagate Technology will post 7.09 earnings per share for the current year.

Insider Activity

In related news, CEO William D. Mosley sold 141,785 shares of the stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $110.18, for a total transaction of $15,621,871.30. Following the completion of the transaction, the chief executive officer now directly owns 668,616 shares of the company’s stock, valued at approximately $73,668,110.88. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Yolanda Lee Conyers sold 750 shares of Seagate Technology stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $96.10, for a total value of $72,075.00. Following the transaction, the director now owns 3,034 shares in the company, valued at approximately $291,567.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William D. Mosley sold 141,785 shares of the business’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $110.18, for a total value of $15,621,871.30. Following the completion of the sale, the chief executive officer now directly owns 668,616 shares in the company, valued at approximately $73,668,110.88. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 214,298 shares of company stock worth $22,814,576. Company insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Seagate Technology

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of Seagate Technology by 3.1% in the first quarter. Vanguard Group Inc. now owns 24,753,076 shares of the data storage provider’s stock worth $2,303,274,000 after buying an additional 746,395 shares during the last quarter. Delta Global Management LP acquired a new position in Seagate Technology during the first quarter worth about $33,478,000. Point72 Hong Kong Ltd acquired a new position in Seagate Technology in the 2nd quarter valued at about $35,349,000. Clearbridge Investments LLC increased its stake in Seagate Technology by 14.5% during the 1st quarter. Clearbridge Investments LLC now owns 2,656,828 shares of the data storage provider’s stock worth $247,218,000 after buying an additional 337,464 shares during the period. Finally, Duquesne Family Office LLC increased its stake in Seagate Technology by 22.0% during the 2nd quarter. Duquesne Family Office LLC now owns 1,755,278 shares of the data storage provider’s stock worth $181,268,000 after buying an additional 316,295 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.