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

Seagate Technology (NASDAQ:STX) had its target price upped by equities researchers at Barclays from $95.00 to $105.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the data storage provider’s stock. Barclays‘s price objective would suggest a potential upside of 3.70% from the stock’s current price.

A number of other brokerages have also recently weighed in on STX. Wedbush restated an “outperform” rating and issued a $150.00 price objective on shares of Seagate Technology in a report on Wednesday, October 23rd. Cantor Fitzgerald restated a “neutral” rating and issued a $125.00 price target on shares of Seagate Technology in a research note on Wednesday, October 23rd. Citigroup increased their price objective on Seagate Technology from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday. Northland Securities reissued an “outperform” rating and set a $160.00 target price (up from $144.00) on shares of Seagate Technology in a research note on Wednesday. Finally, Bank of America lifted their price objective on Seagate Technology from $124.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, Seagate Technology has an average rating of “Moderate Buy” and an average target price of $123.71.

Seagate Technology Stock Up 3.7 %

Shares of NASDAQ STX opened at $101.25 on Wednesday. The business’s 50 day moving average is $94.32 and its two-hundred day moving average is $100.28. Seagate Technology has a 52-week low of $82.31 and a 52-week high of $115.32. The firm has a market cap of $21.42 billion, a price-to-earnings ratio of 26.44 and a beta of 1.06.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter in the previous year, the business earned ($0.34) EPS. The company’s quarterly revenue was up 49.1% compared to the same quarter last year. Analysts anticipate that Seagate Technology will post 7.18 EPS for the current fiscal year.

Insider Activity

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

Institutional Investors Weigh In On Seagate Technology

Several institutional investors and hedge funds have recently made changes to their positions in the business. Sequoia Financial Advisors LLC raised its position in Seagate Technology by 3.6% during the third quarter. Sequoia Financial Advisors LLC now owns 2,560 shares of the data storage provider’s stock worth $281,000 after acquiring an additional 89 shares during the last quarter. Affinity Capital Advisors LLC increased its stake in shares of Seagate Technology by 1.5% during the 3rd quarter. Affinity Capital Advisors LLC now owns 6,620 shares of the data storage provider’s stock worth $725,000 after purchasing an additional 100 shares in the last quarter. My Legacy Advisors LLC lifted its stake in Seagate Technology by 3.9% in the 4th quarter. My Legacy Advisors LLC now owns 3,113 shares of the data storage provider’s stock valued at $294,000 after buying an additional 118 shares in the last quarter. AdvisorNet Financial Inc grew its holdings in Seagate Technology by 3.7% during the 4th quarter. AdvisorNet Financial Inc now owns 3,377 shares of the data storage provider’s stock valued at $291,000 after buying an additional 122 shares during the last quarter. Finally, Ballentine Partners LLC increased its position in Seagate Technology by 3.6% during the third quarter. Ballentine Partners LLC now owns 3,671 shares of the data storage provider’s stock worth $402,000 after buying an additional 129 shares in the last quarter. 92.87% of the stock is currently owned by hedge funds and other 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.