Seagate Technology (NASDAQ:STX) Earns “Buy” Rating from Bank of America

Seagate Technology (NASDAQ:STXGet Free Report)‘s stock had its “buy” rating reissued by investment analysts at Bank of America in a research report issued on Wednesday, Marketbeat.com reports. They presently have a $110.00 price objective on the data storage provider’s stock. Bank of America‘s price objective points to a potential upside of 14.58% from the company’s previous close.

Several other analysts also recently weighed in on STX. Loop Capital lifted their target price on shares of Seagate Technology from $105.00 to $110.00 and gave the company a “buy” rating in a report on Tuesday. Susquehanna lifted their target price on shares of Seagate Technology from $50.00 to $55.00 and gave the company a “negative” rating in a report on Wednesday, April 10th. Barclays lowered their target price on shares of Seagate Technology from $85.00 to $80.00 and set an “equal weight” rating on the stock in a report on Monday, April 22nd. Mizuho lifted their target price on shares of Seagate Technology from $100.00 to $110.00 and gave the company a “buy” rating in a report on Friday, May 31st. Finally, Morgan Stanley raised shares of Seagate Technology from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $73.00 to $115.00 in a report on Tuesday, March 26th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Seagate Technology presently has an average rating of “Hold” and a consensus target price of $98.29.

View Our Latest Research Report on STX

Seagate Technology Trading Down 0.6 %

Shares of STX opened at $96.00 on Wednesday. Seagate Technology has a twelve month low of $57.06 and a twelve month high of $101.26. The firm’s fifty day simple moving average is $90.54 and its 200-day simple moving average is $87.38. The firm has a market capitalization of $20.16 billion, a price-to-earnings ratio of -74.42 and a beta of 1.03.

Seagate Technology (NASDAQ:STXGet Free Report) last posted its earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.04. The company had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.68 billion. During the same period last year, the business earned ($0.43) earnings per share. The company’s quarterly revenue was down 11.0% on a year-over-year basis. On average, analysts predict that Seagate Technology will post 0.4 earnings per share for the current fiscal year.

Insider Activity at Seagate Technology

In related news, EVP Ban Seng Teh sold 9,703 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president now directly owns 15,185 shares in the company, valued at $1,442,575. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Seagate Technology news, SVP John Christopher Morris sold 11,158 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $90.00, for a total transaction of $1,004,220.00. Following the completion of the sale, the senior vice president now directly owns 17,767 shares in the company, valued at $1,599,030. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Ban Seng Teh sold 9,703 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president now owns 15,185 shares of the company’s stock, valued at $1,442,575. The disclosure for this sale can be found here. 0.89% of the stock is owned by insiders.

Institutional Investors Weigh In On Seagate Technology

Several institutional investors have recently bought and sold shares of the business. Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in shares of Seagate Technology during the fourth quarter worth $26,000. CVA Family Office LLC acquired a new stake in Seagate Technology in the fourth quarter valued at $27,000. Turtle Creek Wealth Advisors LLC acquired a new stake in Seagate Technology in the fourth quarter valued at $28,000. Northwest Financial Advisors acquired a new stake in Seagate Technology in the fourth quarter valued at $31,000. Finally, Parkside Financial Bank & Trust raised its holdings in Seagate Technology by 85.4% in the third quarter. Parkside Financial Bank & Trust now owns 445 shares of the data storage provider’s stock valued at $29,000 after acquiring an additional 205 shares in the last quarter. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

About Seagate Technology

(Get Free Report)

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.

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Analyst Recommendations for Seagate Technology (NASDAQ:STX)

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