Seagate Technology (NASDAQ:STX) Price Target Cut to $129.00 by Analysts at Morgan Stanley

Seagate Technology (NASDAQ:STX) had its price target lowered by Morgan Stanley from $133.00 to $129.00 in a research note released on Tuesday morning, MarketBeat reports. The brokerage currently has an overweight rating on the data storage provider’s stock.

A number of other equities research analysts also recently weighed in on STX. StockNews.com downgraded Seagate Technology from a “buy” rating to a “hold” rating in a research report on Tuesday, January 14th. Rosenblatt Securities raised their target price on Seagate Technology from $125.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Citigroup boosted their price target on shares of Seagate Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Mizuho reduced their price objective on shares of Seagate Technology from $130.00 to $110.00 and set an “outperform” rating for the company in a research report on Friday, January 10th. Finally, Wedbush reiterated an “outperform” rating and issued a $150.00 target price on shares of Seagate Technology in a report on Wednesday, October 23rd. One investment 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’s stock. Based on data from MarketBeat.com, Seagate Technology currently has a consensus rating of “Moderate Buy” and an average price target of $120.71.

Seagate Technology Stock Up 3.7 %

STX stock opened at $101.25 on Tuesday. The company has a 50-day simple moving average of $94.32 and a 200 day simple moving average of $100.28. The company has a market capitalization of $21.42 billion, a P/E ratio of 26.44 and a beta of 1.06. Seagate Technology has a fifty-two week low of $82.31 and a fifty-two week high of $115.32.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $2.17 billion during the quarter, compared to analyst estimates of $2.13 billion. During the same period in the prior year, the business posted ($0.34) EPS. The business’s revenue for the quarter was up 49.1% compared to the same quarter last year. Equities analysts anticipate that Seagate Technology will post 7.18 EPS for the current year.

Insider Activity

In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of the company’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 transaction, the chief executive officer now owns 642,497 shares in the company, valued at approximately $63,947,726.41. This represents a 3.02 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Yolanda Lee Conyers sold 750 shares of Seagate Technology stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $101.82, for a total transaction of $76,365.00. Following the sale, the director now directly owns 6,555 shares of the company’s stock, valued at $667,430.10. This trade represents a 10.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 54,173 shares of company stock worth $5,529,679 over the last quarter. Corporate insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Seagate Technology

Hedge funds have recently modified their holdings of the stock. Stablepoint Partners LLC grew its stake in Seagate Technology by 2.3% in the fourth quarter. Stablepoint Partners LLC now owns 51,652 shares of the data storage provider’s stock valued at $4,458,000 after purchasing an additional 1,170 shares in the last quarter. Exchange Traded Concepts LLC lifted its holdings in shares of Seagate Technology by 6.3% during the 4th quarter. Exchange Traded Concepts LLC now owns 2,293 shares of the data storage provider’s stock valued at $198,000 after buying an additional 136 shares during the last quarter. Janney Montgomery Scott LLC grew its stake in shares of Seagate Technology by 12.7% in the 4th quarter. Janney Montgomery Scott LLC now owns 82,326 shares of the data storage provider’s stock valued at $7,106,000 after buying an additional 9,262 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in Seagate Technology by 11.6% in the fourth quarter. Nisa Investment Advisors LLC now owns 34,310 shares of the data storage provider’s stock worth $2,986,000 after buying an additional 3,576 shares during the last quarter. Finally, Perpetual Ltd raised its position in Seagate Technology by 54.8% during the fourth quarter. Perpetual Ltd now owns 6,504 shares of the data storage provider’s stock valued at $561,000 after acquiring an additional 2,303 shares in the last quarter. 92.87% of the stock is owned by institutional investors and hedge funds.

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.