Northland Securities Reiterates “Outperform” Rating for Seagate Technology (NASDAQ:STX)

Seagate Technology (NASDAQ:STX)‘s stock had its “outperform” rating restated by research analysts at Northland Securities in a research note issued on Wednesday,Benzinga reports. They currently have a $160.00 price target on the data storage provider’s stock, up from their prior price target of $144.00. Northland Securities’ price objective suggests a potential upside of 58.02% from the stock’s previous close.

Several other research analysts have also issued reports on STX. Rosenblatt Securities increased their price target on shares of Seagate Technology from $140.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday. Mizuho cut their target price on Seagate Technology from $130.00 to $110.00 and set an “outperform” rating for the company in a research report on Friday, January 10th. Wedbush reiterated an “outperform” rating and issued a $150.00 price target on shares of Seagate Technology in a research report on Wednesday, October 23rd. Wells Fargo & Company dropped their price objective on Seagate Technology from $120.00 to $110.00 and set an “equal weight” rating for the company in a research note on Thursday, January 16th. Finally, Morgan Stanley reduced their target price on shares of Seagate Technology from $133.00 to $129.00 and set an “overweight” rating on the stock in a research note on Tuesday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $123.71.

Seagate Technology Trading Up 3.7 %

Shares of STX stock opened at $101.25 on Wednesday. The company has a market capitalization of $21.42 billion, a P/E ratio of 26.44 and a beta of 1.06. 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 two-hundred day moving average of $100.28.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results 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. The firm had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.13 billion. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. The business’s revenue for the quarter was up 49.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.34) EPS. Sell-side analysts predict that Seagate Technology will post 7.18 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Jay L. Geldmacher sold 4,100 shares of Seagate Technology stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $103.30, for a total transaction of $423,530.00. Following the completion of the sale, the director now owns 2,852 shares in the company, valued at $294,611.60. The trade was a 58.98 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Yolanda Lee Conyers sold 750 shares of the business’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $667,430.10. This trade represents a 10.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 54,173 shares of company stock valued at $5,529,679. Company insiders own 0.81% of the company’s stock.

Institutional Trading of Seagate Technology

Several institutional investors and hedge funds have recently made changes to their positions in the business. Ashton Thomas Securities LLC acquired a new stake in shares of Seagate Technology during the third quarter worth $26,000. Quarry LP bought a new position in Seagate Technology during the second quarter worth about $27,000. Kayne Anderson Rudnick Investment Management LLC grew its position in shares of 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 worth $36,000 after buying an additional 337 shares during the period. Advisors Asset Management Inc. increased its stake in shares of Seagate Technology by 177.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 403 shares of the data storage provider’s stock valued at $44,000 after acquiring an additional 258 shares during the last quarter. Finally, JFS Wealth Advisors LLC boosted its stake in Seagate Technology by 232.5% during the 3rd quarter. JFS Wealth Advisors LLC now owns 419 shares of the data storage provider’s stock worth $46,000 after acquiring an additional 293 shares during the last quarter. Institutional investors 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.