Seagate Technology (NASDAQ:STX) Rating Increased to Buy at StockNews.com

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

Several other equities research analysts also recently issued reports on the company. 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 note on Wednesday, July 24th. Evercore ISI increased their price target on shares of Seagate Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 16th. Benchmark reaffirmed a “hold” rating on shares of Seagate Technology in a research report on Wednesday, July 24th. Cantor Fitzgerald lifted their target price on shares of Seagate Technology from $120.00 to $125.00 and gave the company a “neutral” rating in a research note on Wednesday, July 24th. Finally, UBS Group boosted their price target on shares of Seagate Technology from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Wednesday, July 24th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $115.94.

Seagate Technology Stock Down 0.3 %

NASDAQ:STX opened at $112.12 on Thursday. The stock has a fifty day simple moving average of $104.29 and a 200 day simple moving average of $99.10. The firm has a market capitalization of $23.60 billion, a price-to-earnings ratio of 72.81 and a beta of 1.04. Seagate Technology has a 1-year low of $64.12 and a 1-year high of $115.32.

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

Insiders Place Their Bets

In other news, CEO William D. Mosley sold 141,785 shares of the firm’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $110.18, for a total value of $15,621,871.30. Following the sale, the chief executive officer now directly owns 668,616 shares of the company’s stock, valued at approximately $73,668,110.88. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, EVP Ban Seng Teh sold 10,117 shares of the business’s stock in a transaction 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 transaction, the executive vice president now owns 5,387 shares of the company’s stock, valued at approximately $592,570. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO William D. Mosley sold 141,785 shares of the stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $110.18, for a total transaction of $15,621,871.30. Following the completion of the sale, the chief executive officer now directly owns 668,616 shares of the company’s stock, valued at approximately $73,668,110.88. This trade 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 quarter. Insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. CWM LLC raised its holdings in Seagate Technology by 3.0% in the 2nd quarter. CWM LLC now owns 3,307 shares of the data storage provider’s stock valued at $342,000 after acquiring an additional 97 shares in the last quarter. Affinity Capital Advisors LLC lifted its position in Seagate Technology by 1.5% in the third 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 during the period. Csenge Advisory Group boosted its stake in Seagate Technology by 1.4% during the first quarter. Csenge Advisory Group now owns 8,473 shares of the data storage provider’s stock worth $788,000 after buying an additional 119 shares in the last quarter. Kingswood Wealth Advisors LLC increased its holdings in Seagate Technology by 3.7% in the 2nd quarter. Kingswood Wealth Advisors LLC now owns 3,452 shares of the data storage provider’s stock valued at $357,000 after buying an additional 122 shares during the period. Finally, Burney Co. raised its stake in shares of Seagate Technology by 3.3% in the 1st quarter. Burney Co. now owns 3,948 shares of the data storage provider’s stock valued at $367,000 after buying an additional 125 shares in the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Seagate Technology Company Profile

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.