Mizuho Has Lowered Expectations for Seagate Technology (NASDAQ:STX) Stock Price

Seagate Technology (NASDAQ:STX) had its price target reduced by equities researchers at Mizuho from $130.00 to $110.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the data storage provider’s stock. Mizuho’s price objective points to a potential upside of 25.81% from the company’s current price.

Other research analysts have also issued research reports about the stock. Evercore ISI upped their price objective on shares of Seagate Technology from $125.00 to $135.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Rosenblatt Securities boosted their price target on shares of Seagate Technology from $125.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. StockNews.com upgraded Seagate Technology from a “hold” rating to a “buy” rating in a report on Thursday, October 17th. The Goldman Sachs Group reduced their price objective on Seagate Technology from $112.00 to $99.00 and set a “neutral” rating for the company in a research report on Friday. Finally, Northland Securities upped their target price on Seagate Technology from $142.00 to $144.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Seagate Technology currently has an average rating of “Moderate Buy” and an average price target of $118.39.

Seagate Technology Price Performance

NASDAQ STX traded down $1.26 on Friday, hitting $87.43. 899,817 shares of the stock were exchanged, compared to its average volume of 2,222,582. The company’s 50-day moving average price is $95.55 and its two-hundred day moving average price is $100.77. The company has a market capitalization of $18.49 billion, a price-to-earnings ratio of 22.83 and a beta of 1.06. Seagate Technology has a 52-week low of $79.39 and a 52-week high of $115.32.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.30 by $0.28. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. The firm had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same period in the previous year, the firm earned ($0.34) earnings per share. Seagate Technology’s quarterly revenue was up 49.1% on a year-over-year basis. Equities analysts predict that Seagate Technology will post 7.18 EPS for the current fiscal year.

Insider Activity at Seagate Technology

In related news, SVP John Christopher Morris sold 1,131 shares of the stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $111.90, for a total value of $126,558.90. Following the completion of the transaction, the senior vice president now owns 7,191 shares of the company’s stock, valued at $804,672.90. This represents a 13.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jay L. Geldmacher sold 4,100 shares of the firm’s stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $103.30, for a total transaction of $423,530.00. Following the transaction, the director now owns 2,852 shares of the company’s stock, valued at approximately $294,611.60. This represents a 58.98 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 55,304 shares of company stock worth $5,656,238 over the last three months. Company insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Sequoia Financial Advisors LLC grew its position in Seagate Technology by 3.6% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 2,560 shares of the data storage provider’s stock worth $281,000 after acquiring an additional 89 shares during the last quarter. Affinity Capital Advisors LLC grew its holdings in shares of Seagate Technology by 1.5% during the third quarter. Affinity Capital Advisors LLC now owns 6,620 shares of the data storage provider’s stock worth $725,000 after purchasing an additional 100 shares during the last quarter. Ballentine Partners LLC grew its holdings in shares of Seagate Technology by 3.6% during the third quarter. Ballentine Partners LLC now owns 3,671 shares of the data storage provider’s stock worth $402,000 after purchasing an additional 129 shares during the last quarter. Mercer Global Advisors Inc. ADV increased its stake in shares of Seagate Technology by 0.6% in the second quarter. Mercer Global Advisors Inc. ADV now owns 28,646 shares of the data storage provider’s stock valued at $2,958,000 after buying an additional 183 shares in the last quarter. Finally, QRG Capital Management Inc. raised its holdings in shares of Seagate Technology by 1.8% in the third quarter. QRG Capital Management Inc. now owns 10,330 shares of the data storage provider’s stock valued at $1,131,000 after buying an additional 183 shares during the last quarter. 92.87% of the stock is currently owned by institutional investors and hedge funds.

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.