Citigroup Issues Positive Forecast for Seagate Technology (NASDAQ:STX) Stock Price

Seagate Technology (NASDAQ:STX) had its price objective boosted by equities researchers at Citigroup from $120.00 to $125.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the data storage provider’s stock. Citigroup’s price objective indicates a potential upside of 15.29% from the company’s previous close.

Other equities analysts also recently issued research reports about the company. Wedbush reiterated an “outperform” rating and set a $150.00 price objective on shares of Seagate Technology in a research report on Wednesday, October 23rd. StockNews.com cut shares of Seagate Technology from a “buy” rating to a “hold” rating in a research report on Tuesday, January 14th. Northland Securities raised their price objective on shares of Seagate Technology from $142.00 to $144.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Wells Fargo & Company reduced 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 note on Thursday, January 16th. Finally, Rosenblatt Securities increased their price target on shares of Seagate Technology from $140.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $122.56.

Seagate Technology Stock Up 0.2 %

Seagate Technology stock opened at $108.42 on Wednesday. The company has a fifty day simple moving average of $94.55 and a 200-day simple moving average of $100.33. The firm has a market capitalization of $22.93 billion, a price-to-earnings ratio of 19.82 and a beta of 1.06. Seagate Technology has a 52-week low of $82.31 and a 52-week high of $115.32.

Seagate Technology (NASDAQ:STX) last released its 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. The business had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.13 billion. Seagate Technology had a net margin of 14.67% and a negative return on equity of 58.59%. The business’s revenue was up 49.1% on a year-over-year basis. During the same period last year, the company posted ($0.34) EPS. On average, research analysts anticipate that Seagate Technology will post 7.18 EPS for the current fiscal year.

Insider Activity

In other news, CEO William D. Mosley sold 20,000 shares of the stock in a transaction on Friday, November 1st. The stock was 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 directly owns 642,497 shares in the company, valued at approximately $63,947,726.41. This trade represents a 3.02 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Kian Fatt Chong sold 9,182 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $105.50, for a total value of $968,701.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 50,073 shares of company stock valued at $5,106,149. 0.81% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Seagate Technology

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Sanders Capital LLC raised its holdings in Seagate Technology by 0.9% in the third quarter. Sanders Capital LLC now owns 16,367,591 shares of the data storage provider’s stock valued at $1,792,742,000 after acquiring an additional 150,115 shares in the last quarter. State Street Corp increased its position in shares of Seagate Technology by 6.8% in the 3rd quarter. State Street Corp now owns 8,502,674 shares of the data storage provider’s stock valued at $937,081,000 after purchasing an additional 541,585 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Seagate Technology by 8.3% in the 3rd quarter. Geode Capital Management LLC now owns 4,162,512 shares of the data storage provider’s stock valued at $454,477,000 after purchasing an additional 318,416 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of Seagate Technology by 29.5% during the 3rd quarter. Franklin Resources Inc. now owns 1,778,811 shares of the data storage provider’s stock worth $197,844,000 after purchasing an additional 405,232 shares during the last quarter. Finally, Duquesne Family Office LLC grew its stake in shares of Seagate Technology by 22.0% during the second quarter. Duquesne Family Office LLC now owns 1,755,278 shares of the data storage provider’s stock worth $181,268,000 after purchasing an additional 316,295 shares in the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

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.