Seagate Technology’s (STX) Neutral Rating Reaffirmed at Cantor Fitzgerald

Seagate Technology (NASDAQ:STX)‘s stock had its “neutral” rating reissued by research analysts at Cantor Fitzgerald in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $120.00 price target on the data storage provider’s stock. Cantor Fitzgerald’s target price suggests a potential upside of 7.57% from the company’s current price.

STX has been the subject of several other research reports. Wedbush reaffirmed an “outperform” rating and issued a $150.00 price target on shares of Seagate Technology in a research report on Wednesday, October 23rd. Mizuho decreased their target price on shares of Seagate Technology from $130.00 to $110.00 and set an “outperform” rating for the company in a research report on Friday, January 10th. Northland Securities reaffirmed an “outperform” rating and issued a $160.00 price target (up previously from $144.00) on shares of Seagate Technology in a report on Wednesday. Morgan Stanley decreased their price target on shares of Seagate Technology from $133.00 to $129.00 and set an “overweight” rating for the company in a report on Tuesday. Finally, Wells Fargo & Company dropped their price target on shares of Seagate Technology from $120.00 to $110.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $122.56.

Seagate Technology Price Performance

STX stock traded up $10.31 during mid-day trading on Wednesday, reaching $111.56. The company had a trading volume of 4,797,611 shares, compared to its average volume of 3,453,130. The company has a market capitalization of $23.60 billion, a PE ratio of 29.13 and a beta of 1.06. The firm has a 50 day moving average of $94.32 and a 200 day moving average of $100.28. Seagate Technology has a 12 month low of $82.31 and a 12 month high of $115.32.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results 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 11.34% and a negative return on equity of 32.19%. 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 prior year, the company earned ($0.34) EPS. The company’s revenue was up 49.1% compared to the same quarter last year. Analysts anticipate that Seagate Technology will post 7.18 EPS for the current year.

Insider Transactions at Seagate Technology

In related news, Director Yolanda Lee Conyers sold 750 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $101.82, for a total value of $76,365.00. Following the sale, the director now directly owns 6,555 shares of the company’s stock, valued at approximately $667,430.10. This represents a 10.27 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jay L. Geldmacher sold 4,100 shares of the stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $103.30, for a total transaction of $423,530.00. Following the transaction, the director now owns 2,852 shares in the company, valued at approximately $294,611.60. The trade was a 58.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 54,173 shares of company stock worth $5,529,679. 0.81% of the stock is currently owned by insiders.

Institutional Trading of Seagate Technology

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Sanders Capital LLC increased its stake in Seagate Technology by 0.9% during the third quarter. Sanders Capital LLC now owns 16,367,591 shares of the data storage provider’s stock valued at $1,792,742,000 after purchasing an additional 150,115 shares during the last quarter. State Street Corp raised its holdings in Seagate Technology by 6.8% during the 3rd quarter. State Street Corp now owns 8,502,674 shares of the data storage provider’s stock worth $937,081,000 after buying an additional 541,585 shares during the period. Geode Capital Management LLC raised its holdings in Seagate Technology by 8.3% during the 3rd quarter. Geode Capital Management LLC now owns 4,162,512 shares of the data storage provider’s stock worth $454,477,000 after buying an additional 318,416 shares during the period. Franklin Resources Inc. increased its holdings in shares of Seagate Technology by 29.5% in the 3rd quarter. Franklin Resources Inc. now owns 1,778,811 shares of the data storage provider’s stock valued at $197,844,000 after purchasing an additional 405,232 shares during the period. Finally, Duquesne Family Office LLC increased its holdings in shares of Seagate Technology by 22.0% in the 2nd quarter. Duquesne Family Office LLC now owns 1,755,278 shares of the data storage provider’s stock valued at $181,268,000 after purchasing an additional 316,295 shares during the period. 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.