Seagate Technology (NASDAQ:STX) Lifted to “Buy” at StockNews.com

Seagate Technology (NASDAQ:STX) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Thursday.

STX has been the subject of several other research reports. UBS Group lifted their price objective on Seagate Technology from $110.00 to $120.00 and gave the company a “neutral” rating in a research report on Wednesday, July 24th. Loop Capital raised their target price on Seagate Technology from $105.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Rosenblatt Securities upped their price target on shares of Seagate Technology from $115.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Wells Fargo & Company raised their price objective on shares of Seagate Technology from $90.00 to $120.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 24th. Finally, Wedbush upped their target price on shares of Seagate Technology from $100.00 to $130.00 and gave the stock an “outperform” rating in a research report on Monday, July 22nd. 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. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $115.94.

Seagate Technology Price Performance

Seagate Technology stock opened at $112.12 on Thursday. Seagate Technology has a 52-week low of $64.12 and a 52-week high of $115.32. The stock has a fifty day moving average price of $104.29 and a two-hundred day moving average price of $99.10. The firm has a market capitalization of $23.60 billion, a P/E ratio of 72.81 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.29. The firm had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.87 billion. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.41%. The firm’s quarterly revenue was up 17.8% on a year-over-year basis. During the same period last year, the firm posted ($0.29) EPS. On average, equities research analysts predict that Seagate Technology will post 7.09 EPS for the current fiscal year.

Insider Activity

In related news, EVP Ban Seng Teh sold 10,117 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $110.00, for a total transaction of $1,112,870.00. Following the completion of the transaction, the executive vice president now owns 5,387 shares in the company, valued at approximately $592,570. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $107.68, for a total transaction of $2,153,600.00. Following the sale, the chief executive officer now owns 648,616 shares of the company’s stock, valued at $69,842,970.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Ban Seng Teh sold 10,117 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $110.00, for a total value of $1,112,870.00. Following the completion of the transaction, the executive vice president now owns 5,387 shares of the company’s stock, valued at $592,570. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 223,284 shares of company stock valued at $23,800,887 in the last ninety days. 0.81% of the stock is owned by insiders.

Hedge Funds Weigh In On Seagate Technology

A number of large investors have recently added to or reduced their stakes in STX. Quarry LP bought a new stake in shares of Seagate Technology in the second quarter valued at about $27,000. Kayne Anderson Rudnick Investment Management LLC boosted its position in 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 acquiring an additional 337 shares during the last quarter. Family Firm Inc. acquired a new position in Seagate Technology during the 2nd quarter worth approximately $41,000. Larson Financial Group LLC grew its stake in shares of Seagate Technology by 15,766.7% during the 2nd quarter. Larson Financial Group LLC now owns 476 shares of the data storage provider’s stock worth $49,000 after acquiring an additional 473 shares in the last quarter. Finally, Viking Fund Management LLC raised its holdings in shares of Seagate Technology by 722.2% in the first quarter. Viking Fund Management LLC now owns 740 shares of the data storage provider’s stock valued at $69,000 after purchasing an additional 650 shares during the last quarter. Institutional investors own 92.87% of the company’s stock.

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.