Seagate Technology (NASDAQ:STX) Price Target Raised to $68.00 at Susquehanna

Seagate Technology (NASDAQ:STX) had its price target upped by stock analysts at Susquehanna from $65.00 to $68.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “negative” rating on the data storage provider’s stock. Susquehanna’s price target indicates a potential downside of 32.84% from the stock’s current price.

A number of other brokerages have also recently issued reports on STX. Northland Securities reiterated an “outperform” rating and set a $160.00 target price (up previously from $144.00) on shares of Seagate Technology in a report on Wednesday. Wells Fargo & Company dropped their price objective on shares of 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. Summit Insights upgraded shares of Seagate Technology from a “hold” rating to a “buy” rating in a report on Wednesday. Wedbush reaffirmed an “outperform” rating and set a $150.00 price target on shares of Seagate Technology in a research report on Wednesday, October 23rd. Finally, Evercore ISI raised their price objective on Seagate Technology from $125.00 to $135.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $123.67.

Seagate Technology Stock Performance

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

Seagate Technology (NASDAQ:STX) last issued its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.30 by $0.28. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. The business had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same period last year, the company posted ($0.34) EPS. The business’s quarterly revenue was up 49.1% on a year-over-year basis. As a group, equities analysts forecast that Seagate Technology will post 7.18 EPS for the current fiscal year.

Insider Activity at Seagate Technology

In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $99.53, for a total value of $1,990,600.00. Following the transaction, the chief executive officer now owns 642,497 shares of the company’s stock, valued at $63,947,726.41. This trade represents a 3.02 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Yolanda Lee Conyers sold 750 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $101.82, for a total value of $76,365.00. Following the transaction, the director now directly owns 6,555 shares of the company’s stock, valued at $667,430.10. This trade represents a 10.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 54,173 shares of company stock valued at $5,529,679 over the last three months. 0.81% of the stock is owned by insiders.

Institutional Investors Weigh In On Seagate Technology

Large investors have recently added to or reduced their stakes in the stock. Ashton Thomas Securities LLC bought a new position in shares of Seagate Technology in the third quarter worth $26,000. Quarry LP acquired a new position in Seagate Technology during the 2nd quarter valued at about $27,000. Kayne Anderson Rudnick Investment Management LLC raised its position in shares of 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 worth $36,000 after buying an additional 337 shares in the last quarter. Advisors Asset Management Inc. lifted its stake in shares of 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 acquiring an additional 258 shares during the period. Finally, JFS Wealth Advisors LLC boosted its holdings 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 acquiring an additional 293 shares in the last quarter. 92.87% of the stock is owned by institutional investors and hedge funds.

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.