Rosenblatt Securities Increases Seagate Technology (NASDAQ:STX) Price Target to $140.00

Seagate Technology (NASDAQ:STX) had its target price hoisted by investment analysts at Rosenblatt Securities from $125.00 to $140.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the data storage provider’s stock. Rosenblatt Securities’ price objective points to a potential upside of 34.64% from the stock’s previous close.

A number of other equities analysts have also weighed in on the stock. TD Cowen lifted their price objective on shares of Seagate Technology from $110.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Wedbush lifted their price objective on shares of Seagate Technology from $100.00 to $130.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd. Cantor Fitzgerald lifted their price objective on shares of Seagate Technology from $120.00 to $125.00 and gave the company a “neutral” rating in a research report on Wednesday, July 24th. Barclays lifted their price objective on shares of Seagate Technology from $80.00 to $95.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 24th. Finally, The Goldman Sachs Group lifted their price objective on shares of Seagate Technology from $96.00 to $107.00 and gave the company a “neutral” rating in a research report on Wednesday, July 24th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, Seagate Technology has an average rating of “Hold” and an average price target of $118.83.

Seagate Technology Stock Up 0.4 %

Shares of Seagate Technology stock opened at $103.98 on Wednesday. The firm has a market capitalization of $21.83 billion, a P/E ratio of -80.60 and a beta of 1.04. Seagate Technology has a 52 week low of $64.12 and a 52 week high of $115.32. The firm’s 50 day moving average is $105.13 and its two-hundred day moving average is $99.58.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, beating the consensus estimate of $1.30 by $0.28. The company had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.13 billion. Seagate Technology had a net margin of 11.34% and a negative return on equity of 30.18%. The firm’s revenue was up 49.1% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.34) earnings per share. As a group, research analysts expect that Seagate Technology will post 7.09 earnings per share for the current fiscal year.

Insider Activity at Seagate Technology

In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of Seagate Technology 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 completion of the sale, the chief executive officer now owns 654,270 shares in the company, valued at $61,148,074.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of Seagate Technology 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 completion of the sale, the chief executive officer now owns 654,270 shares in the company, valued at $61,148,074.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO William D. Mosley sold 141,785 shares of Seagate Technology stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $110.18, for a total value of $15,621,871.30. Following the completion of the sale, the chief executive officer now owns 668,616 shares of the company’s stock, valued at $73,668,110.88. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 218,398 shares of company stock valued at $23,238,106. 0.89% of the stock is owned by insiders.

Institutional Trading of Seagate Technology

A number of institutional investors and hedge funds have recently bought and sold shares of STX. Quarry LP acquired a new stake in Seagate Technology during the 2nd quarter worth approximately $27,000. Kayne Anderson Rudnick Investment Management LLC grew 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 acquiring an additional 337 shares in the last quarter. Family Firm Inc. acquired a new stake in Seagate Technology in the second quarter valued at approximately $41,000. Larson Financial Group LLC grew its position in Seagate Technology by 15,766.7% in the second quarter. Larson Financial Group LLC now owns 476 shares of the data storage provider’s stock valued at $49,000 after acquiring an additional 473 shares in the last quarter. Finally, Gilliland Jeter Wealth Management LLC acquired a new stake in Seagate Technology in the third quarter valued at approximately $55,000. Institutional investors and hedge funds 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.