Northland Securities Lowers Seagate Technology (NASDAQ:STX) Price Target to $88.00

Seagate Technology (NASDAQ:STXGet Rating) had its price objective reduced by research analysts at Northland Securities from $105.00 to $88.00 in a report released on Thursday, The Fly reports. The brokerage presently has an “outperform” rating on the data storage provider’s stock. Northland Securities’ target price would indicate a potential upside of 34.41% from the company’s previous close.

STX has been the subject of a number of other research reports. Benchmark lowered shares of Seagate Technology from a “buy” rating to a “hold” rating in a report on Thursday. Susquehanna decreased their price objective on shares of Seagate Technology from $67.00 to $58.00 in a report on Friday, July 22nd. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Seagate Technology from $75.00 to $72.00 and set a “hold” rating for the company in a report on Thursday. Wedbush decreased their price objective on shares of Seagate Technology from $85.00 to $75.00 in a report on Friday, July 22nd. Finally, Fox Advisors lowered shares of Seagate Technology from an “overweight” rating to an “equal weight” rating in a report on Friday, July 22nd. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $81.95.

Seagate Technology Price Performance

STX stock opened at $65.47 on Thursday. Seagate Technology has a 12 month low of $63.50 and a 12 month high of $117.67. The company has a current ratio of 1.13, a quick ratio of 0.69 and a debt-to-equity ratio of 46.44. The company has a 50-day moving average price of $76.69 and a 200 day moving average price of $84.07. The stock has a market cap of $13.67 billion, a PE ratio of 8.98, a P/E/G ratio of 8.84 and a beta of 1.07.

Seagate Technology (NASDAQ:STXGet Rating) last released its quarterly earnings results on Thursday, July 21st. The data storage provider reported $1.41 EPS for the quarter, missing analysts’ consensus estimates of $1.74 by ($0.33). Seagate Technology had a return on equity of 412.90% and a net margin of 14.14%. The firm had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.80 billion. During the same period in the prior year, the firm posted $1.92 earnings per share. Equities research analysts anticipate that Seagate Technology will post 6.78 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Sanders Capital LLC increased its stake in Seagate Technology by 325.4% during the 4th quarter. Sanders Capital LLC now owns 3,998,452 shares of the data storage provider’s stock valued at $501,232,000 after purchasing an additional 3,058,553 shares in the last quarter. Norges Bank acquired a new position in shares of Seagate Technology in the 4th quarter valued at $221,348,000. JPMorgan Chase & Co. increased its position in shares of Seagate Technology by 10.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 14,358,118 shares of the data storage provider’s stock valued at $1,025,744,000 after acquiring an additional 1,400,931 shares during the period. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in Seagate Technology in the 2nd quarter worth $83,163,000. Finally, Bank of New York Mellon Corp raised its stake in Seagate Technology by 41.1% in the 1st quarter. Bank of New York Mellon Corp now owns 3,898,164 shares of the data storage provider’s stock worth $350,445,000 after acquiring an additional 1,134,751 shares during the last quarter. Institutional investors own 83.07% of the company’s stock.

Seagate Technology Company Profile

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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.

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