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

Seagate Technology (NASDAQ:STX) had its target price boosted by research analysts at Citigroup from $120.00 to $125.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the data storage provider’s stock. Citigroup’s price objective would suggest a potential upside of 23.46% from the company’s previous close.

Several other research analysts have also recently weighed in on the stock. Rosenblatt Securities boosted their price objective on shares of Seagate Technology from $140.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday. Cantor Fitzgerald reissued a “neutral” rating and set a $125.00 price target on shares of Seagate Technology in a report on Wednesday, October 23rd. Benchmark restated a “hold” rating on shares of Seagate Technology in a research note on Wednesday, October 23rd. Mizuho lowered their price objective on shares of Seagate Technology from $130.00 to $110.00 and set an “outperform” rating on the stock in a research note on Friday, January 10th. Finally, Evercore ISI boosted their target price on shares of Seagate Technology from $125.00 to $135.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $123.71.

Seagate Technology Trading Up 3.7 %

Shares of STX opened at $101.25 on Wednesday. The company has a market cap of $21.42 billion, a price-to-earnings ratio of 26.44 and a beta of 1.06. The business’s fifty day simple moving average is $94.32 and its two-hundred day simple moving average is $100.28. Seagate Technology has a 12 month low of $82.31 and a 12 month high of $115.32.

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 company had revenue of $2.17 billion during the quarter, compared to the consensus estimate of $2.13 billion. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. Seagate Technology’s revenue for the quarter was up 49.1% on a year-over-year basis. During the same period last year, the company earned ($0.34) EPS. As a group, research analysts forecast that Seagate Technology will post 7.18 EPS for the current year.

Insider Activity

In related news, Director Jay L. Geldmacher sold 4,100 shares of the business’s stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $103.30, for a total value of $423,530.00. Following the sale, the director now directly owns 2,852 shares in the company, valued at approximately $294,611.60. The trade was a 58.98 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William D. Mosley sold 20,000 shares of the 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 directly owns 642,497 shares of the company’s stock, valued at approximately $63,947,726.41. The trade was a 3.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 54,173 shares of company stock worth $5,529,679 over the last quarter. Insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of STX. Sanders Capital LLC increased its stake in Seagate Technology by 0.9% during the third quarter. Sanders Capital LLC now owns 16,367,591 shares of the data storage provider’s stock worth $1,792,742,000 after acquiring an additional 150,115 shares during the last quarter. State Street Corp boosted its holdings 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 worth $937,081,000 after purchasing an additional 541,585 shares during the period. Geode Capital Management LLC raised its holdings in Seagate Technology by 8.3% during 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 buying an additional 318,416 shares during the period. Franklin Resources Inc. boosted its stake in Seagate Technology by 29.5% during the third quarter. Franklin Resources Inc. now owns 1,778,811 shares of the data storage provider’s stock worth $197,844,000 after buying an additional 405,232 shares during the period. Finally, Duquesne Family Office LLC increased its position in 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 valued at $181,268,000 after acquiring an additional 316,295 shares during the last quarter. 92.87% of the stock is currently owned by institutional investors.

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.