Susquehanna Increases Seagate Technology (NASDAQ:STX) Price Target to $65.00

Seagate Technology (NASDAQ:STX) had its target price boosted by equities research analysts at Susquehanna from $55.00 to $65.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “negative” rating on the data storage provider’s stock. Susquehanna’s target price indicates a potential downside of 37.48% from the stock’s previous close.

Other research analysts have also issued research reports about the company. Evercore ISI raised their target price on Seagate Technology from $110.00 to $125.00 and gave the company an “outperform” rating in a report on Tuesday, July 16th. Rosenblatt Securities upped their target price on shares of Seagate Technology from $115.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday. Citigroup lifted their target price on shares of Seagate Technology from $110.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. Benchmark restated a “hold” rating on shares of Seagate Technology in a research report on Wednesday, April 24th. Finally, Loop Capital increased their target price on shares of Seagate Technology from $105.00 to $110.00 and gave the company a “buy” rating in a research report on Tuesday, June 4th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $115.94.

Seagate Technology Trading Down 5.1 %

NASDAQ STX opened at $103.96 on Wednesday. The company has a market cap of $21.83 billion, a P/E ratio of -80.59 and a beta of 1.02. The company has a fifty day simple moving average of $101.15 and a 200 day simple moving average of $92.91. Seagate Technology has a 12-month low of $57.32 and a 12-month high of $113.57.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings data on Tuesday, July 23rd. The data storage provider reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.29. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.05%. The firm had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.87 billion. During the same period last year, the company earned ($0.29) earnings per share. The business’s revenue was up 17.8% on a year-over-year basis. Sell-side analysts predict that Seagate Technology will post 5.11 EPS for the current year.

Insider Activity

In related news, EVP Ban Seng Teh sold 9,703 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $95.00, for a total transaction of $921,785.00. Following the completion of the transaction, the executive vice president now owns 15,185 shares of the company’s stock, valued at $1,442,575. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, SVP John Christopher Morris sold 5,928 shares of Seagate Technology stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $99.99, for a total transaction of $592,740.72. Following the completion of the sale, the senior vice president now owns 12,185 shares of the company’s stock, valued at $1,218,378.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Ban Seng Teh sold 9,703 shares of the business’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $95.00, for a total value of $921,785.00. Following the transaction, the executive vice president now owns 15,185 shares of the company’s stock, valued at $1,442,575. The disclosure for this sale can be found here. Insiders have sold a total of 37,531 shares of company stock worth $3,592,946 over the last ninety days. Company insiders own 0.89% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of STX. Vanguard Group Inc. lifted its position in Seagate Technology by 3.1% during the first quarter. Vanguard Group Inc. now owns 24,753,076 shares of the data storage provider’s stock valued at $2,303,274,000 after purchasing an additional 746,395 shares during the last quarter. Capital Research Global Investors raised its position in shares of Seagate Technology by 39.3% during the 4th quarter. Capital Research Global Investors now owns 16,614,884 shares of the data storage provider’s stock valued at $1,418,413,000 after buying an additional 4,685,454 shares in the last quarter. Sanders Capital LLC lifted its holdings in shares of Seagate Technology by 3.0% during the 4th quarter. Sanders Capital LLC now owns 15,486,153 shares of the data storage provider’s stock worth $1,322,053,000 after acquiring an additional 443,768 shares during the last quarter. Clearbridge Investments LLC grew its position in Seagate Technology by 14.5% in the first quarter. Clearbridge Investments LLC now owns 2,656,828 shares of the data storage provider’s stock worth $247,218,000 after acquiring an additional 337,464 shares in the last quarter. Finally, Norges Bank bought a new position in Seagate Technology in the fourth quarter valued at $188,834,000. Hedge funds and other 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.