Barclays Raises Seagate Technology (NASDAQ:STX) Price Target to $105.00

Seagate Technology (NASDAQ:STXGet Free Report) had its price target hoisted by investment analysts at Barclays from $95.00 to $105.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the data storage provider’s stock. Barclays‘s target price would suggest a potential downside of 3.15% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the company. Wells Fargo & Company decreased their price target on Seagate Technology from $120.00 to $110.00 and set an “equal weight” rating for the company in a report on Thursday, January 16th. Morgan Stanley lowered their price target on shares of Seagate Technology from $133.00 to $129.00 and set an “overweight” rating for the company in a report on Tuesday. Bank of America boosted their price objective on shares of Seagate Technology from $124.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday. Rosenblatt Securities raised their target price on Seagate Technology from $140.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, The Goldman Sachs Group cut their price target on Seagate Technology from $112.00 to $99.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. One analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $122.56.

Get Our Latest Research Report on STX

Seagate Technology Stock Up 0.2 %

Seagate Technology stock opened at $108.42 on Wednesday. The firm has a market capitalization of $22.93 billion, a P/E ratio of 19.82 and a beta of 1.06. The firm has a fifty day moving average of $94.55 and a 200-day moving average of $100.33. Seagate Technology has a 52-week low of $82.31 and a 52-week high of $115.32.

Seagate Technology (NASDAQ:STXGet Free Report) last released its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, beating the consensus estimate of $1.30 by $0.28. Seagate Technology had a negative return on equity of 58.59% and a net margin of 14.67%. The company 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) earnings per share. The firm’s revenue was up 49.1% compared to the same quarter last year. On average, research analysts expect that Seagate Technology will post 7.18 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $99.53, for a total value of $1,990,600.00. Following the sale, the chief executive officer now owns 642,497 shares of the company’s stock, valued at approximately $63,947,726.41. This trade represents a 3.02 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Yolanda Lee Conyers sold 750 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $101.82, for a total value of $76,365.00. Following the transaction, the director now owns 6,555 shares of the company’s stock, valued at approximately $667,430.10. The trade was a 10.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 50,073 shares of company stock valued at $5,106,149 over the last quarter. Insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of STX. Blair William & Co. IL bought a new position in shares of Seagate Technology in the second quarter worth $314,000. Canada Pension Plan Investment Board grew its position in Seagate Technology by 96,580.0% in the 2nd quarter. Canada Pension Plan Investment Board now owns 9,668 shares of the data storage provider’s stock valued at $998,000 after buying an additional 9,658 shares in the last quarter. Sei Investments Co. increased its stake in Seagate Technology by 33.7% during the 2nd quarter. Sei Investments Co. now owns 14,484 shares of the data storage provider’s stock valued at $1,496,000 after buying an additional 3,647 shares during the period. Thrivent Financial for Lutherans raised its position in shares of Seagate Technology by 26.1% during the 2nd quarter. Thrivent Financial for Lutherans now owns 10,475 shares of the data storage provider’s stock worth $1,081,000 after buying an additional 2,165 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC lifted its stake in shares of Seagate Technology by 2,407.1% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider’s stock worth $36,000 after acquiring an additional 337 shares during the period. 92.87% of the stock is owned by institutional investors and hedge funds.

About Seagate Technology

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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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