Seagate Technology (NASDAQ:STX) Shares Gap Up After Analyst Upgrade

Shares of Seagate Technology Holdings plc (NASDAQ:STX) gapped up prior to trading on Wednesday after UBS Group raised their price target on the stock from $95.00 to $105.00. The stock had previously closed at $101.25, but opened at $108.63. UBS Group currently has a neutral rating on the stock. Seagate Technology shares last traded at $110.40, with a volume of 2,573,553 shares trading hands.

Other research analysts also recently issued research reports about the company. Cantor Fitzgerald reissued a “neutral” rating and set a $125.00 target price on shares of Seagate Technology in a research note on Wednesday, October 23rd. Bank of America raised their price objective on shares of Seagate Technology from $124.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday. Rosenblatt Securities increased their target price on shares of Seagate Technology from $140.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday. Wells Fargo & Company reduced their price target on shares of Seagate Technology from $120.00 to $110.00 and set an “equal weight” rating for the company in a research report on Thursday, January 16th. Finally, Susquehanna boosted their target price on shares of Seagate Technology from $65.00 to $68.00 and gave the stock a “negative” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $122.83.

Insider Buying and Selling

In related news, SVP Kian Fatt Chong sold 9,182 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $105.50, for a total transaction of $968,701.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $99.53, for a total transaction of $1,990,600.00. Following the completion of the transaction, the chief executive officer now owns 642,497 shares in the company, valued at $63,947,726.41. This represents a 3.02 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 54,173 shares of company stock valued at $5,529,679. Company insiders own 0.81% of the company’s stock.

Institutional Trading of Seagate Technology

Institutional investors have recently bought and sold shares of the company. Victory Capital Management Inc. grew its holdings in Seagate Technology by 133.8% during the 3rd quarter. Victory Capital Management Inc. now owns 171,952 shares of the data storage provider’s stock valued at $18,834,000 after buying an additional 98,418 shares in the last quarter. Versor Investments LP purchased a new position in shares of Seagate Technology during the third quarter valued at approximately $2,146,000. Lighthouse Investment Partners LLC bought a new position in Seagate Technology in the 2nd quarter valued at $499,000. Forte Capital LLC ADV increased its stake in Seagate Technology by 29.8% in the third quarter. Forte Capital LLC ADV now owns 28,972 shares of the data storage provider’s stock worth $3,173,000 after purchasing an additional 6,653 shares during the period. Finally, International Assets Investment Management LLC increased its holdings in Seagate Technology by 3,549.7% during the third quarter. International Assets Investment Management LLC now owns 204,493 shares of the data storage provider’s stock valued at $22,398,000 after buying an additional 198,890 shares during the period. 92.87% of the stock is owned by hedge funds and other institutional investors.

Seagate Technology Price Performance

The company has a market cap of $23.21 billion, a PE ratio of 28.65 and a beta of 1.06. The business has a fifty day simple moving average of $94.32 and a two-hundred day simple moving average of $100.28.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $2.17 billion for the quarter, compared to analysts’ expectations of $2.13 billion. During the same period last year, the business earned ($0.34) EPS. The company’s revenue was up 49.1% compared to the same quarter last year. On average, equities research analysts predict that Seagate Technology Holdings plc will post 7.18 EPS for the current year.

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.