Seagate Technology (NASDAQ:STX) Stock Rating Upgraded by Morgan Stanley

Seagate Technology (NASDAQ:STX) was upgraded by Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research report issued on Tuesday, Marketbeat reports. The firm presently has a $115.00 price objective on the data storage provider’s stock, up from their prior price objective of $73.00. Morgan Stanley’s price target would suggest a potential upside of 21.59% from the stock’s previous close.

A number of other research analysts have also recently weighed in on STX. Robert W. Baird lifted their price objective on Seagate Technology from $70.00 to $100.00 and gave the company an “outperform” rating in a research report on Thursday, January 25th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $95.00 price objective on shares of Seagate Technology in a research report on Monday, March 4th. StockNews.com raised Seagate Technology from a “sell” rating to a “hold” rating in a research report on Monday, December 4th. Bank of America lifted their target price on Seagate Technology from $80.00 to $87.00 and gave the company a “buy” rating in a research note on Wednesday, December 6th. Finally, Wedbush reissued a “neutral” rating and set a $100.00 target price on shares of Seagate Technology in a research note on Thursday, January 25th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $84.17.

Seagate Technology Price Performance

Seagate Technology stock opened at $94.58 on Tuesday. Seagate Technology has a one year low of $54.32 and a one year high of $101.26. The stock has a market capitalization of $19.82 billion, a PE ratio of -27.02 and a beta of 1.05. The business’s fifty day moving average is $89.17 and its 200 day moving average is $79.43.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Wednesday, January 24th. The data storage provider reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.19. The firm had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.56 billion. As a group, sell-side analysts expect that Seagate Technology will post -0.17 EPS for the current fiscal year.

Institutional Investors Weigh In On Seagate Technology

Hedge funds have recently made changes to their positions in the company. Farmers & Merchants Trust Co of Chambersburg PA bought a new position in shares of Seagate Technology in the 4th quarter worth $26,000. CVA Family Office LLC bought a new position in shares of Seagate Technology in the 4th quarter worth $27,000. Turtle Creek Wealth Advisors LLC bought a new position in shares of Seagate Technology in the 4th quarter worth $28,000. Parkside Financial Bank & Trust raised its position in shares of Seagate Technology by 85.4% in the 3rd quarter. Parkside Financial Bank & Trust now owns 445 shares of the data storage provider’s stock worth $29,000 after acquiring an additional 205 shares in the last quarter. Finally, Northwest Financial Advisors bought a new position in shares of Seagate Technology in the 4th quarter worth $31,000. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

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.