Barclays Forecasts Strong Price Appreciation for Seagate Technology (NASDAQ:STX) Stock

Seagate Technology (NASDAQ:STX) had its price target upped by stock analysts at Barclays from $95.00 to $105.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the data storage provider’s stock. Barclays‘s target price points to a potential downside of 3.15% from the stock’s previous close.

A number of other equities research analysts have also issued reports on the company. Wedbush reaffirmed an “outperform” rating and set a $150.00 target price on shares of Seagate Technology in a research report on Wednesday, October 23rd. Bank of America boosted their price objective on Seagate Technology from $124.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday. Wells Fargo & Company dropped their target price on shares of Seagate Technology from $120.00 to $110.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 16th. StockNews.com downgraded shares of Seagate Technology from a “buy” rating to a “hold” rating in a research report on Tuesday, January 14th. Finally, Rosenblatt Securities lifted their price objective on shares of Seagate Technology from $140.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $122.56.

Seagate Technology Price Performance

Shares of STX opened at $108.42 on Wednesday. The firm’s 50 day moving average is $94.55 and its 200-day moving average is $100.33. Seagate Technology has a 12-month low of $82.31 and a 12-month high of $115.32. The stock has a market capitalization of $22.93 billion, a P/E ratio of 19.82 and a beta of 1.06.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.30 by $0.28. Seagate Technology had a net margin of 14.67% and a negative return on equity of 58.59%. The firm had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same quarter in the previous year, the business posted ($0.34) earnings per share. The firm’s quarterly revenue was up 49.1% compared to the same quarter last year. As a group, equities research analysts forecast that Seagate Technology will post 7.18 EPS for the current fiscal year.

Insider Buying and Selling at Seagate Technology

In other news, Director Yolanda Lee Conyers sold 750 shares of the 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 transaction, the director now owns 6,555 shares of the company’s stock, valued at approximately $667,430.10. This represents a 10.27 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William D. Mosley sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $102.83, for a total value of $2,056,600.00. Following the completion of the sale, the chief executive officer now owns 622,497 shares of the company’s stock, valued at approximately $64,011,366.51. This trade represents a 3.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 50,073 shares of company stock worth $5,106,149 over the last ninety days. 0.81% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Ashton Thomas Securities LLC acquired a new stake in shares of Seagate Technology in the third quarter valued at about $26,000. Quarry LP bought a new stake in Seagate Technology during the 2nd quarter valued at approximately $27,000. Kayne Anderson Rudnick Investment Management LLC boosted its stake in Seagate Technology by 2,407.1% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider’s stock valued at $36,000 after purchasing an additional 337 shares during the period. Advisors Asset Management Inc. increased its position in Seagate Technology by 177.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 403 shares of the data storage provider’s stock worth $44,000 after buying an additional 258 shares during the period. Finally, JFS Wealth Advisors LLC lifted its holdings in shares of Seagate Technology by 232.5% during the third quarter. JFS Wealth Advisors LLC now owns 419 shares of the data storage provider’s stock worth $46,000 after buying an additional 293 shares during the last quarter. 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.