The Goldman Sachs Group Has Lowered Expectations for Seagate Technology (NASDAQ:STX) Stock Price

Seagate Technology (NASDAQ:STX) had its price objective decreased by The Goldman Sachs Group from $112.00 to $99.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “neutral” rating on the data storage provider’s stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 13.04% from the company’s previous close.

A number of other equities research analysts have also recently commented on the stock. Citigroup raised their target price on shares of Seagate Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Rosenblatt Securities raised their target price on shares of Seagate Technology from $125.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Benchmark reaffirmed a “hold” rating on shares of Seagate Technology in a report on Wednesday, October 23rd. StockNews.com raised shares of Seagate Technology from a “hold” rating to a “buy” rating in a report on Thursday, October 17th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $125.00 price objective on shares of Seagate Technology in a report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $118.39.

Seagate Technology Stock Down 1.3 %

STX traded down $1.11 during midday trading on Friday, hitting $87.58. 666,598 shares of the company traded hands, compared to its average volume of 2,179,252. The company’s 50-day moving average is $95.55 and its 200 day moving average is $100.77. Seagate Technology has a 52 week low of $79.39 and a 52 week high of $115.32. The firm has a market capitalization of $18.53 billion, a PE ratio of 22.87 and a beta of 1.06.

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

Insider Activity at Seagate Technology

In other news, Director Yolanda Lee Conyers sold 750 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $101.82, for a total transaction of $76,365.00. Following the sale, the director now owns 6,555 shares in the company, valued at approximately $667,430.10. The trade was a 10.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William D. Mosley sold 20,000 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $99.53, for a total value of $1,990,600.00. Following the sale, the chief executive officer now owns 642,497 shares in the company, valued at $63,947,726.41. The trade was a 3.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 55,304 shares of company stock worth $5,656,238 over the last three months. 0.81% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Seagate Technology

A number of large investors have recently modified their holdings of the business. Ashton Thomas Securities LLC purchased a new stake in Seagate Technology in the third quarter valued at approximately $26,000. Quarry LP purchased a new stake in Seagate Technology in the second quarter valued at approximately $27,000. Kayne Anderson Rudnick Investment Management LLC boosted its position in Seagate Technology by 2,407.1% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider’s stock valued at $36,000 after buying an additional 337 shares during the last quarter. Advisors Asset Management Inc. boosted its position in Seagate Technology by 177.9% in the third quarter. Advisors Asset Management Inc. now owns 403 shares of the data storage provider’s stock valued at $44,000 after buying an additional 258 shares during the last quarter. Finally, JFS Wealth Advisors LLC boosted its position in Seagate Technology by 232.5% in the third quarter. JFS Wealth Advisors LLC now owns 419 shares of the data storage provider’s stock valued at $46,000 after buying an additional 293 shares during the last quarter. 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.