Citigroup Increases Seagate Technology (NASDAQ:STX) Price Target to $130.00

Seagate Technology (NASDAQ:STX) had its price target boosted by equities researchers at Citigroup from $125.00 to $130.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the data storage provider’s stock. Citigroup’s price target indicates a potential upside of 25.02% from the company’s previous close.

Several other equities research analysts also recently issued reports on the company. Benchmark restated a “hold” rating on shares of Seagate Technology in a research report on Wednesday, July 24th. Wells Fargo & Company increased their price objective on Seagate Technology from $90.00 to $120.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 24th. Loop Capital increased their price objective on Seagate Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Wedbush increased their price objective on Seagate Technology from $100.00 to $130.00 and gave the stock an “outperform” rating in a research report on Monday, July 22nd. Finally, Northland Securities increased their price objective on Seagate Technology from $119.00 to $142.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Seagate Technology has an average rating of “Hold” and a consensus price target of $118.83.

Seagate Technology Price Performance

NASDAQ:STX opened at $103.98 on Wednesday. The company has a market cap of $21.83 billion, a P/E ratio of -80.60 and a beta of 1.04. The stock’s fifty day moving average price is $105.13 and its two-hundred day moving average price is $99.58. Seagate Technology has a 1 year low of $64.12 and a 1 year high of $115.32.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.30 by $0.28. The firm had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.13 billion. Seagate Technology had a negative return on equity of 30.18% and a net margin of 11.34%. The business’s quarterly revenue was up 49.1% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.34) earnings per share. On average, analysts expect that Seagate Technology will post 7.09 earnings per share for the current fiscal year.

Insider Transactions at Seagate Technology

In other news, SVP John Christopher Morris sold 1,131 shares of Seagate Technology stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $111.90, for a total value of $126,558.90. Following the transaction, the senior vice president now owns 7,191 shares in the company, valued at approximately $804,672.90. 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. In related news, SVP John Christopher Morris sold 1,131 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $111.90, for a total value of $126,558.90. Following the sale, the senior vice president now directly owns 7,191 shares of the company’s stock, valued at $804,672.90. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $93.46, for a total value of $1,869,200.00. Following the completion of the sale, the chief executive officer now directly owns 654,270 shares in the company, valued at $61,148,074.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 218,398 shares of company stock worth $23,238,106. Company insiders own 0.89% of the company’s stock.

Institutional Trading of Seagate Technology

Several large investors have recently bought and sold shares of STX. Quarry LP bought a new stake in Seagate Technology during the 2nd quarter valued at approximately $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 valued at $36,000 after acquiring an additional 337 shares in the last quarter. Family Firm Inc. bought a new stake in Seagate Technology during the 2nd quarter valued at approximately $41,000. Larson Financial Group LLC boosted its position in 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 valued at $49,000 after acquiring an additional 473 shares in the last quarter. Finally, Gilliland Jeter Wealth Management LLC bought a new stake in Seagate Technology during the 3rd quarter valued at approximately $55,000. 92.87% of the stock is owned by institutional investors.

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.