Seagate Technology (NASDAQ:STX) Upgraded by Summit Insights to “Buy” Rating

Seagate Technology (NASDAQ:STX) was upgraded by Summit Insights from a “hold” rating to a “buy” rating in a report released on Wednesday.

A number of other research analysts have also recently weighed in on the stock. Northland Securities reiterated an “outperform” rating and set a $160.00 price objective (up previously from $144.00) on shares of Seagate Technology in a research report on Wednesday. Bank of America increased their price objective on shares of Seagate Technology from $124.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday. Rosenblatt Securities boosted their target price on Seagate Technology from $140.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday. Barclays increased their price target on Seagate Technology from $95.00 to $105.00 and gave the stock an “equal weight” rating in a report on Wednesday. Finally, Evercore ISI boosted their price objective on Seagate Technology from $125.00 to $135.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $123.67.

Seagate Technology Trading Up 3.7 %

STX opened at $101.25 on Wednesday. Seagate Technology has a 12 month low of $82.31 and a 12 month high of $115.32. The stock has a 50-day moving average of $94.32 and a 200 day moving average of $100.28. The firm has a market cap of $21.42 billion, a P/E ratio of 26.44 and a beta of 1.06.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. On average, research analysts forecast that Seagate Technology will post 7.18 earnings per share for the current fiscal year.

Insider Buying and Selling at Seagate Technology

In other news, SVP Kian Fatt Chong sold 9,182 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $105.50, for a total transaction of $968,701.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jay L. Geldmacher sold 4,100 shares of the business’s stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $103.30, for a total value of $423,530.00. Following the transaction, the director now owns 2,852 shares in the company, valued at approximately $294,611.60. This trade represents a 58.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 54,173 shares of company stock worth $5,529,679 over the last quarter. Insiders own 0.81% of the company’s stock.

Institutional Trading of Seagate Technology

A number of institutional investors have recently bought and sold shares of the stock. Sanders Capital LLC raised its holdings in shares of Seagate Technology by 0.9% in the third quarter. Sanders Capital LLC now owns 16,367,591 shares of the data storage provider’s stock worth $1,792,742,000 after buying an additional 150,115 shares during the last quarter. State Street Corp increased its position in shares of Seagate Technology by 6.8% in the 3rd quarter. State Street Corp now owns 8,502,674 shares of the data storage provider’s stock valued at $937,081,000 after acquiring an additional 541,585 shares during the period. Geode Capital Management LLC raised its stake in Seagate Technology by 8.3% in the 3rd quarter. Geode Capital Management LLC now owns 4,162,512 shares of the data storage provider’s stock worth $454,477,000 after acquiring an additional 318,416 shares during the last quarter. Franklin Resources Inc. lifted its position in Seagate Technology by 29.5% during the 3rd quarter. Franklin Resources Inc. now owns 1,778,811 shares of the data storage provider’s stock worth $197,844,000 after acquiring an additional 405,232 shares during the period. Finally, Duquesne Family Office LLC grew its stake in Seagate Technology by 22.0% during the 2nd quarter. Duquesne Family Office LLC now owns 1,755,278 shares of the data storage provider’s stock valued at $181,268,000 after purchasing an additional 316,295 shares during the last quarter. 92.87% of the stock is currently owned by institutional investors and hedge funds.

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.