Seagate Technology (NASDAQ:STX) PT Raised to $130.00 at Citigroup

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

Several other brokerages have also issued reports on STX. Wells Fargo & Company lifted their price target on Seagate Technology from $90.00 to $120.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 24th. StockNews.com raised Seagate Technology from a “hold” rating to a “buy” rating in a report on Thursday, October 17th. The Goldman Sachs Group raised their price objective on Seagate Technology from $96.00 to $107.00 and gave the company a “neutral” rating in a report on Wednesday, July 24th. TD Cowen raised their price objective on Seagate Technology from $110.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Finally, Loop Capital lifted their target price on Seagate Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a 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 issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $118.83.

Seagate Technology Price Performance

Seagate Technology stock opened at $103.98 on Wednesday. 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 one year low of $64.12 and a one year high of $115.32. The firm has a market cap of $21.83 billion, a PE ratio of -80.60 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data 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 30.18% and a net margin of 11.34%. The firm had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same quarter last year, the company earned ($0.34) EPS. The company’s revenue was up 49.1% on a year-over-year basis. Sell-side analysts expect that Seagate Technology will post 7.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Seagate Technology news, Director Yolanda Lee Conyers sold 750 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $96.10, for a total transaction of $72,075.00. Following the completion of the sale, the director now directly owns 3,034 shares of the company’s stock, valued at approximately $291,567.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Seagate Technology news, Director Yolanda Lee Conyers sold 750 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $96.10, for a total transaction of $72,075.00. Following the completion of the sale, the director now directly owns 3,034 shares of the company’s stock, valued at approximately $291,567.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP John Christopher Morris sold 1,131 shares of the business’s stock in a transaction that occurred on 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 represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 218,398 shares of company stock valued at $23,238,106. Corporate insiders own 0.89% of the company’s stock.

Hedge Funds Weigh In On Seagate Technology

A number of hedge funds and other institutional investors have recently modified their holdings of STX. Vanguard Group Inc. boosted its stake in shares of Seagate Technology by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 24,753,076 shares of the data storage provider’s stock worth $2,303,274,000 after buying an additional 746,395 shares during the last quarter. Delta Global Management LP purchased a new position in shares of Seagate Technology in the 1st quarter worth approximately $33,478,000. Point72 Hong Kong Ltd purchased a new position in shares of Seagate Technology in the 2nd quarter worth approximately $35,349,000. Clearbridge Investments LLC boosted its stake in shares of Seagate Technology by 14.5% in the 1st quarter. Clearbridge Investments LLC now owns 2,656,828 shares of the data storage provider’s stock worth $247,218,000 after buying an additional 337,464 shares during the last quarter. Finally, Duquesne Family Office LLC boosted its stake in shares of Seagate Technology by 22.0% in the 2nd quarter. Duquesne Family Office LLC now owns 1,755,278 shares of the data storage provider’s stock worth $181,268,000 after buying an additional 316,295 shares during the last quarter. Hedge funds and other 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.