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

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

A number of other research analysts have also recently commented on STX. Benchmark reiterated a “hold” rating on shares of Seagate Technology in a research report on Wednesday, July 24th. Loop Capital increased their target price on shares of Seagate Technology from $105.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. UBS Group boosted their price target on shares of Seagate Technology from $110.00 to $120.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 24th. Barclays raised their price objective on Seagate Technology from $80.00 to $95.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 24th. Finally, Northland Securities boosted their target price on Seagate Technology from $119.00 to $142.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $115.94.

Seagate Technology Trading Up 0.7 %

Shares of STX stock traded up $0.79 during trading hours on Monday, reaching $109.53. The stock had a trading volume of 1,600,482 shares, compared to its average volume of 2,539,047. The stock’s fifty day simple moving average is $101.37 and its 200 day simple moving average is $97.12. The firm has a market capitalization of $23.00 billion, a PE ratio of -84.91 and a beta of 1.03. Seagate Technology has a 12 month low of $64.12 and a 12 month high of $113.57.

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

Insider Transactions at Seagate Technology

In other Seagate Technology news, EVP Ban Seng Teh sold 10,117 shares of the company’s stock in a transaction that occurred on 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 transaction, the executive vice president now directly owns 5,387 shares in the company, valued at $592,570. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, EVP Ban Seng Teh sold 10,117 shares of the business’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $110.00, for a total value of $1,112,870.00. Following the transaction, the executive vice president now directly owns 5,387 shares in the company, valued at $592,570. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William D. Mosley sold 20,000 shares of the stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $93.46, for a total value of $1,869,200.00. Following the sale, the chief executive officer now owns 654,270 shares of the company’s stock, valued at approximately $61,148,074.20. The disclosure for this sale can be found here. Insiders have sold 203,284 shares of company stock valued at $21,647,287 over the last quarter. 0.89% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Seagate Technology

A number of hedge funds have recently made changes to their positions in STX. Capital Research Global Investors lifted its position in Seagate Technology by 39.3% during the fourth 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 purchasing an additional 4,685,454 shares during the last quarter. Vanguard Group Inc. grew its position in Seagate Technology by 3.1% in the first quarter. Vanguard Group Inc. now owns 24,753,076 shares of the data storage provider’s stock worth $2,303,274,000 after acquiring an additional 746,395 shares in the last quarter. Putnam Investments LLC grew its position in Seagate Technology by 124.3% in the fourth quarter. Putnam Investments LLC now owns 680,456 shares of the data storage provider’s stock worth $58,091,000 after acquiring an additional 377,148 shares in the last quarter. Delta Global Management LP bought a new stake in Seagate Technology during the first quarter worth approximately $33,478,000. Finally, Point72 Hong Kong Ltd bought a new stake in shares of Seagate Technology in the 2nd quarter valued at approximately $35,349,000. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

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.