UBS Group Increases Seagate Technology (NASDAQ:STX) Price Target to $95.00

Seagate Technology (NASDAQ:STX) had its price objective upped by stock analysts at UBS Group from $90.00 to $95.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the data storage provider’s stock. UBS Group’s target price indicates a potential upside of 8.87% from the company’s previous close.

Several other equities analysts have also recently commented on the stock. Wedbush reissued a “neutral” rating and set a $100.00 target price on shares of Seagate Technology in a research note on Wednesday. Cantor Fitzgerald raised their price objective on shares of Seagate Technology from $95.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday. BNP Paribas lowered shares of Seagate Technology from a “neutral” rating to an “underperform” rating and set a $65.00 price objective for the company. in a research report on Thursday, January 11th. Benchmark restated a “hold” rating on shares of Seagate Technology in a research report on Wednesday. Finally, TD Cowen raised their price objective on shares of Seagate Technology from $85.00 to $110.00 and gave the company an “outperform” rating in a research report on Thursday, January 25th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Seagate Technology has a consensus rating of “Hold” and a consensus target price of $94.53.

Seagate Technology Trading Up 0.2 %

Seagate Technology stock opened at $87.26 on Wednesday. The stock has a market cap of $18.28 billion, a price-to-earnings ratio of -67.64, a PEG ratio of 719.92 and a beta of 1.04. The company’s 50-day moving average price is $89.28 and its two-hundred day moving average price is $82.67. Seagate Technology has a 52 week low of $54.47 and a 52 week high of $101.26.

Seagate Technology (NASDAQ:STX) last released its earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 EPS for the quarter, beating the consensus estimate of $0.29 by $0.04. The company had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.68 billion. The firm’s quarterly revenue was down 11.0% on a year-over-year basis. During the same period in the previous year, the business posted ($0.43) EPS. Research analysts expect that Seagate Technology will post 0.1 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in STX. JPMorgan Chase & Co. lifted its position in shares of Seagate Technology by 9.2% in the third quarter. JPMorgan Chase & Co. now owns 17,680,400 shares of the data storage provider’s stock worth $1,166,022,000 after purchasing an additional 1,485,937 shares in the last quarter. Stratos Wealth Partners LTD. lifted its position in shares of Seagate Technology by 8.8% in the fourth quarter. Stratos Wealth Partners LTD. now owns 6,941 shares of the data storage provider’s stock worth $593,000 after purchasing an additional 561 shares in the last quarter. Gotham Asset Management LLC lifted its position in shares of Seagate Technology by 51.1% in the third quarter. Gotham Asset Management LLC now owns 86,680 shares of the data storage provider’s stock worth $5,717,000 after purchasing an additional 29,323 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of Seagate Technology by 78.4% in the fourth quarter. SG Americas Securities LLC now owns 38,563 shares of the data storage provider’s stock worth $3,292,000 after purchasing an additional 16,950 shares in the last quarter. Finally, Nordea Investment Management AB lifted its position in shares of Seagate Technology by 5.0% in the fourth quarter. Nordea Investment Management AB now owns 13,293 shares of the data storage provider’s stock worth $1,144,000 after purchasing an additional 630 shares in 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.