UBS Group Increases Seagate Technology (NASDAQ:STX) Price Target to $105.00

Seagate Technology (NASDAQ:STX) had its price target increased by UBS Group from $95.00 to $105.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the data storage provider’s stock. UBS Group’s price target indicates a potential downside of 4.47% from the stock’s previous close.

Several other brokerages have also recently commented on STX. Rosenblatt Securities raised their target price on shares of Seagate Technology from $140.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday. The Goldman Sachs Group decreased their target price on shares of Seagate Technology from $112.00 to $99.00 and set a “neutral” rating for the company in a report on Friday, January 10th. Northland Securities restated an “outperform” rating and set a $160.00 price target (up from $144.00) on shares of Seagate Technology in a report on Wednesday. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $125.00 price objective on shares of Seagate Technology in a research report on Wednesday, October 23rd. Finally, Susquehanna lifted their price target on shares of Seagate Technology from $65.00 to $68.00 and gave the company a “negative” 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 assigned a buy rating to the company’s stock. According to MarketBeat.com, Seagate Technology currently has an average rating of “Moderate Buy” and an average target price of $122.83.

Seagate Technology Stock Performance

Shares of NASDAQ:STX traded up $8.66 during trading hours on Wednesday, hitting $109.91. 2,573,553 shares of the company’s stock traded hands, compared to its average volume of 3,253,068. Seagate Technology has a 52 week low of $82.31 and a 52 week high of $115.32. The company’s fifty day simple moving average is $94.32 and its two-hundred day simple moving average is $100.28. The company has a market cap of $23.25 billion, a price-to-earnings ratio of 28.54 and a beta of 1.06.

Seagate Technology (NASDAQ:STX) last announced its earnings results 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. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. The company had revenue of $2.17 billion during the quarter, compared to analysts’ expectations of $2.13 billion. During the same period last year, the company posted ($0.34) earnings per share. The business’s revenue for the quarter was up 49.1% on a year-over-year basis. On average, analysts anticipate that Seagate Technology will post 7.18 EPS for the current fiscal year.

Insiders Place Their Bets

In other Seagate Technology news, SVP Kian Fatt Chong sold 9,182 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $105.50, for a total transaction of $968,701.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Yolanda Lee Conyers sold 750 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $101.82, for a total value of $76,365.00. Following the transaction, the director now owns 6,555 shares in the company, valued at $667,430.10. The trade was a 10.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 54,173 shares of company stock valued at $5,529,679 in the last quarter. 0.81% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in STX. Blair William & Co. IL acquired a new stake in shares of Seagate Technology during the 2nd quarter worth $314,000. Canada Pension Plan Investment Board grew its holdings in shares of Seagate Technology by 96,580.0% during the 2nd quarter. Canada Pension Plan Investment Board now owns 9,668 shares of the data storage provider’s stock worth $998,000 after purchasing an additional 9,658 shares in the last quarter. Sei Investments Co. boosted its stake in Seagate Technology by 33.7% in the second quarter. Sei Investments Co. now owns 14,484 shares of the data storage provider’s stock valued at $1,496,000 after buying an additional 3,647 shares in the last quarter. Thrivent Financial for Lutherans boosted its stake in Seagate Technology by 26.1% in the second quarter. Thrivent Financial for Lutherans now owns 10,475 shares of the data storage provider’s stock valued at $1,081,000 after buying an additional 2,165 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC boosted its stake 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 in the last quarter. 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.