Seagate Technology (NASDAQ:STX)‘s stock had its “market perform” rating restated by investment analysts at Wells Fargo & Co in a research report issued to clients and investors on Tuesday, January 9th, The Fly reports. They currently have a $45.00 target price on the data storage provider’s stock, up from their previous target price of $38.00. Wells Fargo & Co’s target price suggests a potential downside of 12.72% from the stock’s previous close.
A number of other brokerages have also commented on STX. Jefferies Group lowered shares of Seagate Technology from a “buy” rating to a “hold” rating and reduced their target price for the stock from $40.00 to $29.00 in a research report on Monday, September 11th. FBN Securities lowered shares of Seagate Technology from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from $40.00 to $32.00 in a report on Monday, September 11th. BidaskClub lowered shares of Seagate Technology from a “strong-buy” rating to a “buy” rating in a report on Tuesday, September 12th. Zacks Investment Research lowered shares of Seagate Technology from a “hold” rating to a “strong sell” rating in a report on Wednesday, September 20th. Finally, Craig Hallum raised shares of Seagate Technology from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Monday, October 2nd. Four analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. Seagate Technology presently has an average rating of “Hold” and a consensus target price of $43.39.
Shares of Seagate Technology (NASDAQ STX) traded up $0.30 during trading hours on Tuesday, hitting $51.56. 3,201,098 shares of the company were exchanged, compared to its average volume of 7,011,700. The company has a current ratio of 1.96, a quick ratio of 1.55 and a debt-to-equity ratio of 4.03. The company has a market cap of $14,980.00, a P/E ratio of 19.53, a price-to-earnings-growth ratio of 0.76 and a beta of 1.68. Seagate Technology has a 1 year low of $30.60 and a 1 year high of $51.88.
In related news, Chairman Stephen J. Luczo sold 100,000 shares of the company’s stock in a transaction dated Monday, January 8th. The shares were sold at an average price of $48.99, for a total transaction of $4,899,000.00. Following the completion of the sale, the chairman now owns 95,420 shares of the company’s stock, valued at approximately $4,674,625.80. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO David H. Morton, Jr. sold 40,263 shares of the company’s stock in a transaction dated Monday, January 8th. The shares were sold at an average price of $48.78, for a total transaction of $1,964,029.14. Following the sale, the chief financial officer now directly owns 65,824 shares of the company’s stock, valued at approximately $3,210,894.72. The disclosure for this sale can be found here. Insiders have sold 194,744 shares of company stock valued at $9,075,320 in the last three months. Corporate insiders own 0.87% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in STX. JPMorgan Chase & Co. boosted its holdings in Seagate Technology by 74.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,650,262 shares of the data storage provider’s stock valued at $63,947,000 after purchasing an additional 703,822 shares during the last quarter. Assetmark Inc. boosted its holdings in Seagate Technology by 43.5% in the 3rd quarter. Assetmark Inc. now owns 145,777 shares of the data storage provider’s stock valued at $4,835,000 after purchasing an additional 44,171 shares during the last quarter. Cetera Investment Advisers acquired a new position in Seagate Technology in the 2nd quarter valued at about $344,000. Iat Reinsurance Co. LTD. acquired a new position in Seagate Technology in the 3rd quarter valued at about $12,455,000. Finally, Cibc World Markets Corp boosted its holdings in Seagate Technology by 1,268.5% in the 2nd quarter. Cibc World Markets Corp now owns 444,022 shares of the data storage provider’s stock valued at $17,206,000 after purchasing an additional 411,575 shares during the last quarter. 91.45% of the stock is owned by institutional investors.
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Seagate Technology Company Profile
Seagate Technology public limited company is a provider of electronic data storage technology and solutions. The Company’s principal products are hard disk drives (HDDs). In addition to HDDs, it produces a range of electronic data storage products, including solid state hybrid drives, solid state drives, peripheral component interconnect express (PCIe) cards and serial advanced technology architecture (SATA) controllers.
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