Wells Fargo & Company Lowers Seagate Technology (NASDAQ:STX) Price Target to $110.00

Seagate Technology (NASDAQ:STX) had its target price dropped by Wells Fargo & Company from $120.00 to $110.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the data storage provider’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 15.22% from the stock’s current price.

Several other research firms have also commented on STX. Wedbush reaffirmed an “outperform” rating and set a $150.00 price target on shares of Seagate Technology in a research report on Wednesday, October 23rd. Mizuho decreased their price target on Seagate Technology from $130.00 to $110.00 and set an “outperform” rating on the stock in a research note on Friday, January 10th. The Goldman Sachs Group cut 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, January 10th. Northland Securities upped their price target on shares of Seagate Technology from $142.00 to $144.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Finally, Rosenblatt Securities raised their price objective on shares of Seagate Technology from $125.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have assigned 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 $120.94.

Seagate Technology Stock Performance

Shares of STX traded up $1.13 during midday trading on Thursday, hitting $95.47. The company had a trading volume of 588,806 shares, compared to its average volume of 2,501,831. The company’s 50-day simple moving average is $94.75 and its 200-day simple moving average is $100.40. Seagate Technology has a 1 year low of $82.31 and a 1 year high of $115.32. The firm has a market capitalization of $20.19 billion, a P/E ratio of 24.93 and a beta of 1.06.

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

Insider Buying and Selling at Seagate Technology

In other Seagate Technology news, SVP John Christopher Morris sold 1,131 shares of the company’s 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 directly owns 7,191 shares of the company’s stock, valued at $804,672.90. This represents a 13.59 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were 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 of the company’s stock, valued at approximately $63,947,726.41. This trade represents a 3.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 55,304 shares of company stock worth $5,656,238 in the last quarter. 0.81% of the stock is owned by insiders.

Institutional Investors Weigh In On Seagate Technology

A number of institutional investors have recently modified their holdings of STX. Ashton Thomas Securities LLC bought a new stake in Seagate Technology in the third quarter valued at about $26,000. Quarry LP acquired a new position in shares of Seagate Technology in the 2nd quarter worth approximately $27,000. Kayne Anderson Rudnick Investment Management LLC grew its position in shares of 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 worth $36,000 after acquiring an additional 337 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in shares of Seagate Technology by 177.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 403 shares of the data storage provider’s stock valued at $44,000 after acquiring an additional 258 shares during the last quarter. Finally, JFS Wealth Advisors LLC raised its position in shares of Seagate Technology by 232.5% during the 3rd quarter. JFS Wealth Advisors LLC now owns 419 shares of the data storage provider’s stock valued at $46,000 after acquiring an additional 293 shares in the last quarter. Institutional investors and hedge funds 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.