Barclays Boosts Seagate Technology (NASDAQ:STX) Price Target to $95.00

Seagate Technology (NASDAQ:STX) had its price objective raised by stock analysts at Barclays from $80.00 to $95.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has an “equal weight” rating on the data storage provider’s stock. Barclays‘s price target points to a potential downside of 13.80% from the company’s current price.

Several other research firms have also recently commented on STX. The Goldman Sachs Group boosted their price target on Seagate Technology from $96.00 to $107.00 and gave the stock a “neutral” rating in a research note on Wednesday. Cantor Fitzgerald upped their price objective on Seagate Technology from $120.00 to $125.00 and gave the company a “neutral” rating in a research note on Wednesday. Benchmark reaffirmed a “hold” rating on shares of Seagate Technology in a report on Wednesday. Susquehanna increased their price target on Seagate Technology from $55.00 to $65.00 and gave the stock a “negative” rating in a research report on Wednesday. Finally, UBS Group raised their price target on Seagate Technology from $110.00 to $120.00 and gave the stock a “neutral” rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, Seagate Technology currently has an average rating of “Hold” and an average target price of $112.94.

Seagate Technology Stock Up 4.7 %

Shares of STX stock traded up $4.91 during mid-day trading on Wednesday, reaching $110.21. The company’s stock had a trading volume of 5,156,268 shares, compared to its average volume of 2,594,165. The firm has a market capitalization of $23.14 billion, a PE ratio of -85.43 and a beta of 1.02. The company’s 50 day simple moving average is $100.82 and its 200-day simple moving average is $92.71. Seagate Technology has a 12-month low of $57.32 and a 12-month high of $113.57.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.30. The firm had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.87 billion. During the same quarter last year, the company posted ($0.29) earnings per share. Seagate Technology’s revenue for the quarter was up 17.8% compared to the same quarter last year. As a group, research analysts anticipate that Seagate Technology will post 0.44 EPS for the current fiscal year.

Insider Transactions at Seagate Technology

In related news, SVP John Christopher Morris sold 11,158 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $90.00, for a total transaction of $1,004,220.00. Following the completion of the transaction, the senior vice president now owns 17,767 shares of the company’s stock, valued at $1,599,030. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Seagate Technology news, SVP John Christopher Morris sold 11,158 shares of Seagate Technology stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $90.00, for a total value of $1,004,220.00. Following the transaction, the senior vice president now owns 17,767 shares in the company, valued at $1,599,030. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Ban Seng Teh sold 10,742 shares of the stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $100.00, for a total value of $1,074,200.00. Following the sale, the executive vice president now owns 5,042 shares of the company’s stock, valued at approximately $504,200. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 37,531 shares of company stock valued at $3,592,946. Corporate insiders own 0.89% of the company’s stock.

Hedge Funds Weigh In On Seagate Technology

A number of institutional investors have recently bought and sold shares of STX. Farmers & Merchants Trust Co of Chambersburg PA purchased a new stake in Seagate Technology during the fourth quarter valued at about $26,000. CVA Family Office LLC acquired a new stake in shares of Seagate Technology during the fourth quarter valued at approximately $27,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Seagate Technology in the 4th quarter valued at approximately $28,000. Northwest Financial Advisors acquired a new position in Seagate Technology in the 4th quarter worth approximately $31,000. Finally, Valley National Advisers Inc. boosted its stake in Seagate Technology by 39.7% in the 4th quarter. Valley National Advisers Inc. now owns 507 shares of the data storage provider’s stock worth $43,000 after purchasing an additional 144 shares during the period. Hedge funds and other institutional investors own 92.87% of the company’s stock.

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.