Cantor Fitzgerald Reaffirms Neutral Rating for Seagate Technology (NASDAQ:STX)

Seagate Technology (NASDAQ:STX)‘s stock had its “neutral” rating restated by equities research analysts at Cantor Fitzgerald in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $120.00 price target on the data storage provider’s stock. Cantor Fitzgerald’s target price would indicate a potential upside of 10.68% from the stock’s previous close. Cantor Fitzgerald also issued estimates for Seagate Technology’s FY2025 earnings at $6.75 EPS.

STX has been the topic of several other research reports. Bank of America raised their price target on shares of Seagate Technology from $124.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday. Susquehanna lifted their price target on Seagate Technology from $65.00 to $68.00 and gave the company a “negative” rating in a research note on Wednesday. Benchmark upgraded Seagate Technology from a “hold” rating to a “buy” rating and set a $120.00 price target on the stock in a research report on Wednesday. Morgan Stanley dropped their price objective on Seagate Technology from $133.00 to $129.00 and set an “overweight” rating on the stock in a report on Tuesday. Finally, Summit Insights raised Seagate Technology from a “hold” rating to a “buy” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $122.56.

Seagate Technology Stock Up 0.2 %

Shares of STX stock opened at $108.42 on Wednesday. Seagate Technology has a 52-week low of $82.31 and a 52-week high of $115.32. The stock has a market cap of $22.93 billion, a PE ratio of 19.82 and a beta of 1.06. The business has a 50-day simple moving average of $94.55 and a 200-day simple moving average of $100.33.

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

Insiders Place Their Bets

In related news, SVP Kian Fatt Chong sold 9,182 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $105.50, for a total value of $968,701.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Yolanda Lee Conyers sold 750 shares of the firm’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 of the company’s stock, valued at approximately $667,430.10. The trade was a 10.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 50,073 shares of company stock valued at $5,106,149. Insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Ashton Thomas Securities LLC acquired a new position in shares of Seagate Technology in the 3rd quarter valued at $26,000. Quarry LP purchased a new stake in Seagate Technology in the 2nd quarter valued at about $27,000. Kayne Anderson Rudnick Investment Management LLC lifted 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 stake in Seagate Technology by 177.9% during the third 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 increased its position 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 valued at $46,000 after acquiring an additional 293 shares during the last quarter. 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.