Evercore ISI Boosts Seagate Technology (NASDAQ:STX) Price Target to $135.00

Seagate Technology (NASDAQ:STX) had its target price hoisted by investment analysts at Evercore ISI from $125.00 to $135.00 in a report issued on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the data storage provider’s stock. Evercore ISI’s target price would suggest a potential upside of 24.95% from the company’s previous close.

STX has been the subject of several other research reports. Wells Fargo & Company upped their target price on shares of Seagate Technology from $90.00 to $120.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 24th. Citigroup upped their target price on shares of Seagate Technology from $125.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday. Cantor Fitzgerald upped their target price on shares of Seagate Technology from $120.00 to $125.00 and gave the company a “neutral” rating in a research report on Wednesday, July 24th. Loop Capital boosted their price target on shares of Seagate Technology from $105.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Finally, The Goldman Sachs Group boosted their price target on shares of Seagate Technology from $96.00 to $107.00 and gave the company a “neutral” rating in a report on Wednesday, July 24th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $117.61.

Seagate Technology Price Performance

STX stock opened at $108.04 on Wednesday. The company has a 50 day moving average price of $104.92 and a 200 day moving average price of $99.52. Seagate Technology has a fifty-two week low of $64.12 and a fifty-two week high of $115.32. The stock has a market capitalization of $22.74 billion, a PE ratio of 70.16 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.30 by $0.28. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.41%. The firm had revenue of $2.17 billion during the quarter, compared to analysts’ expectations of $2.13 billion. During the same quarter in the previous year, the company posted ($0.34) EPS. Seagate Technology’s revenue was up 49.1% on a year-over-year basis. As a group, equities analysts expect that Seagate Technology will post 7.09 earnings per share for the current fiscal year.

Insider Activity

In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $93.46, for a total value of $1,869,200.00. Following the transaction, the chief executive officer now directly owns 654,270 shares of the company’s stock, valued at $61,148,074.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $93.46, for a total transaction of $1,869,200.00. Following the transaction, the chief executive officer now directly owns 654,270 shares of the company’s stock, valued at approximately $61,148,074.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Yolanda Lee Conyers sold 750 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $96.10, for a total transaction of $72,075.00. Following the transaction, the director now directly owns 3,034 shares in the company, valued at $291,567.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 214,298 shares of company stock valued at $22,814,576. 0.81% of the stock is owned by company insiders.

Institutional Trading of Seagate Technology

Several large investors have recently made changes to their positions in STX. Vanguard Group Inc. boosted its position in shares of Seagate Technology by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 24,753,076 shares of the data storage provider’s stock worth $2,303,274,000 after acquiring an additional 746,395 shares in the last quarter. Delta Global Management LP acquired a new stake in Seagate Technology in the first quarter valued at approximately $33,478,000. Point72 Hong Kong Ltd acquired a new stake in Seagate Technology in the second quarter valued at approximately $35,349,000. Clearbridge Investments LLC boosted its position in Seagate Technology by 14.5% in the first quarter. Clearbridge Investments LLC now owns 2,656,828 shares of the data storage provider’s stock valued at $247,218,000 after buying an additional 337,464 shares in the last quarter. Finally, Duquesne Family Office LLC boosted its position in Seagate Technology by 22.0% in the second quarter. Duquesne Family Office LLC now owns 1,755,278 shares of the data storage provider’s stock valued at $181,268,000 after buying an additional 316,295 shares in the last quarter. Institutional investors and hedge funds 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.