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

Seagate Technology (NASDAQ:STX) had its price objective lifted by investment analysts at China Renaissance from $325.00 to $452.00 in a research note issued on Thursday,MarketScreener reports. The brokerage presently has a “buy” rating on the data storage provider’s stock. China Renaissance’s price objective would suggest a potential upside of 41.11% from the company’s current price.

Several other research analysts have also commented on STX. Sanford C. Bernstein lifted their price target on Seagate Technology from $275.00 to $370.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. Susquehanna lifted their target price on shares of Seagate Technology from $80.00 to $150.00 and gave the company a “negative” rating in a report on Wednesday, October 29th. Mizuho upped their price target on shares of Seagate Technology from $245.00 to $280.00 and gave the company an “outperform” rating in a research report on Friday, October 17th. Wedbush raised their price objective on shares of Seagate Technology from $260.00 to $290.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 29th. Finally, Wells Fargo & Company lifted their price objective on shares of Seagate Technology from $250.00 to $360.00 and gave the company an “equal weight” rating in a research note on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Seagate Technology currently has an average rating of “Moderate Buy” and an average price target of $314.74.

Seagate Technology Stock Performance

Shares of STX stock traded up $8.04 during mid-day trading on Thursday, hitting $320.32. 3,178,128 shares of the stock were exchanged, compared to its average volume of 3,647,680. The stock’s fifty day simple moving average is $281.33 and its two-hundred day simple moving average is $220.88. Seagate Technology has a 12-month low of $63.19 and a 12-month high of $332.00. The stock has a market capitalization of $68.41 billion, a price-to-earnings ratio of 41.12, a P/E/G ratio of 1.25 and a beta of 1.60.

Insider Buying and Selling

In other Seagate Technology news, CFO Gianluca Romano sold 54,021 shares of the firm’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $285.16, for a total transaction of $15,404,628.36. Following the sale, the chief financial officer directly owned 56,293 shares of the company’s stock, valued at $16,052,511.88. This trade represents a 48.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Ban Seng Teh sold 6,000 shares of Seagate Technology stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $270.00, for a total transaction of $1,620,000.00. Following the sale, the executive vice president owned 12,041 shares of the company’s stock, valued at approximately $3,251,070. This trade represents a 33.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 132,557 shares of company stock valued at $36,847,793. Company insiders own 0.79% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of STX. Frank Rimerman Advisors LLC boosted its position in Seagate Technology by 7.6% during the 4th quarter. Frank Rimerman Advisors LLC now owns 2,076 shares of the data storage provider’s stock worth $572,000 after purchasing an additional 146 shares during the period. Three Seasons Wealth LLC raised its stake in shares of Seagate Technology by 354.8% during the fourth quarter. Three Seasons Wealth LLC now owns 9,542 shares of the data storage provider’s stock valued at $2,635,000 after purchasing an additional 7,444 shares during the period. Affinity Wealth Management LLC lifted its position in shares of Seagate Technology by 9.5% during the fourth quarter. Affinity Wealth Management LLC now owns 32,021 shares of the data storage provider’s stock worth $8,818,000 after purchasing an additional 2,784 shares in the last quarter. Brookstone Capital Management boosted its stake in shares of Seagate Technology by 20.0% in the fourth quarter. Brookstone Capital Management now owns 12,176 shares of the data storage provider’s stock valued at $3,353,000 after purchasing an additional 2,031 shares during the period. Finally, Retirement Systems of Alabama boosted its stake in shares of Seagate Technology by 2.2% in the fourth quarter. Retirement Systems of Alabama now owns 46,349 shares of the data storage provider’s stock valued at $12,764,000 after purchasing an additional 982 shares during the period. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Seagate Technology Company Profile

Seagate Technology (NASDAQ: STX) is a global data storage company that designs, manufactures and sells a broad range of storage products and systems. The firm’s product portfolio includes traditional hard disk drives (HDDs), solid-state drives (SSDs), hybrid storage devices and integrated storage systems aimed at enterprise, cloud, OEM and consumer markets. Seagate also provides services that support its hardware offerings, including data recovery and storage management solutions.

Seagate’s products are used in a wide array of applications, from large-scale data centers and cloud infrastructure to desktop and portable consumer devices.