Seagate Technology (NASDAQ:STX) Upgraded at StockNews.com

Seagate Technology (NASDAQ:STX) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Monday.

STX has been the subject of several other research reports. Bank of America restated a “buy” rating and set a $110.00 target price on shares of Seagate Technology in a research report on Wednesday, June 5th. Wells Fargo & Company lifted their price objective on Seagate Technology from $90.00 to $120.00 and gave the company an “equal weight” rating in a report on Wednesday, July 24th. Evercore ISI upped their target price on shares of Seagate Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a report on Tuesday, July 16th. TD Cowen increased their target price on shares of Seagate Technology from $110.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Finally, Loop Capital boosted their price target on shares of Seagate Technology from $105.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Two research 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. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $115.94.

Seagate Technology Price Performance

STX opened at $107.82 on Monday. The company has a market capitalization of $22.70 billion, a P/E ratio of -83.43 and a beta of 1.03. The firm’s fifty day moving average price is $101.44 and its two-hundred day moving average price is $97.29. Seagate Technology has a fifty-two week low of $64.12 and a fifty-two week high of $113.57.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.29. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.41%. The business had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same period in the previous year, the business earned ($0.29) EPS. The firm’s revenue was up 17.8% on a year-over-year basis. On average, equities research analysts expect that Seagate Technology will post 6.72 EPS for the current fiscal year.

Insider Activity at Seagate Technology

In related news, CEO William D. Mosley sold 141,785 shares of the stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $110.18, for a total value of $15,621,871.30. Following the transaction, the chief executive officer now directly owns 668,616 shares in the company, valued at $73,668,110.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Seagate Technology news, CEO William D. Mosley sold 141,785 shares of the firm’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $110.18, for a total transaction of $15,621,871.30. Following the transaction, the chief executive officer now owns 668,616 shares in the company, valued at $73,668,110.88. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Ban Seng Teh sold 10,117 shares of the company’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $110.00, for a total value of $1,112,870.00. Following the completion of the sale, the executive vice president now directly owns 5,387 shares of the company’s stock, valued at $592,570. The disclosure for this sale can be found here. Insiders have sold a total of 203,284 shares of company stock worth $21,647,287 over the last 90 days. Insiders own 0.89% of the company’s stock.

Institutional Trading of Seagate Technology

A number of large investors have recently made changes to their positions in STX. Quarry LP acquired a new stake in Seagate Technology during the 2nd quarter worth approximately $27,000. Kayne Anderson Rudnick Investment Management LLC lifted its position in Seagate Technology by 2,407.1% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider’s stock valued at $36,000 after acquiring an additional 337 shares in the last quarter. Family Firm Inc. acquired a new position in Seagate Technology in the 2nd quarter worth $41,000. ICA Group Wealth Management LLC bought a new position in Seagate Technology during the 4th quarter worth about $47,000. Finally, Richardson Financial Services Inc. acquired a new stake in shares of Seagate Technology in the 4th quarter valued at about $47,000. 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.