Wells Fargo & Company Cuts Seagate Technology (NASDAQ:STX) Price Target to $110.00

Seagate Technology (NASDAQ:STX) had its price target cut by research analysts at Wells Fargo & Company from $120.00 to $110.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the data storage provider’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 12.62% from the stock’s previous close.

Several other research firms also recently weighed in on STX. StockNews.com downgraded shares of Seagate Technology from a “buy” rating to a “hold” rating in a report on Tuesday. Benchmark restated a “hold” rating on shares of Seagate Technology in a research report on Wednesday, October 23rd. Rosenblatt Securities increased their target price on Seagate Technology from $125.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. The Goldman Sachs Group cut their price target on Seagate Technology from $112.00 to $99.00 and set a “neutral” rating for the company in a report on Friday, January 10th. Finally, Citigroup increased their price objective on Seagate Technology from $125.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $120.94.

Seagate Technology Trading Up 2.7 %

Shares of Seagate Technology stock opened at $97.67 on Thursday. The company has a 50-day moving average of $94.40 and a two-hundred day moving average of $100.33. The stock has a market cap of $20.66 billion, a PE ratio of 25.50 and a beta of 1.06. Seagate Technology has a 12-month low of $82.31 and a 12-month high of $115.32.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.30 by $0.28. The firm had revenue of $2.17 billion during the quarter, compared to analysts’ expectations of $2.13 billion. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. Seagate Technology’s revenue was up 49.1% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.34) earnings per share. On average, sell-side analysts forecast that Seagate Technology will post 7.18 EPS for the current fiscal year.

Insider Buying and Selling at Seagate Technology

In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $102.83, for a total value of $2,056,600.00. Following the transaction, the chief executive officer now directly owns 622,497 shares of the company’s stock, valued at $64,011,366.51. This trade represents a 3.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Yolanda Lee Conyers sold 750 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $101.82, for a total value of $76,365.00. Following the completion of the sale, the director now directly owns 6,555 shares of the company’s stock, valued at $667,430.10. The trade was a 10.27 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 55,304 shares of company stock valued at $5,656,238. Company insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Seagate Technology

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Brown Brothers Harriman & Co. boosted its stake in shares of Seagate Technology by 200.2% in the second quarter. Brown Brothers Harriman & Co. now owns 3,326 shares of the data storage provider’s stock valued at $343,000 after purchasing an additional 2,218 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Seagate Technology by 0.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,019,657 shares of the data storage provider’s stock worth $105,306,000 after buying an additional 9,062 shares in the last quarter. Renaissance Technologies LLC purchased a new position in Seagate Technology in the 2nd quarter valued at about $12,485,000. E Fund Management Co. Ltd. acquired a new stake in shares of Seagate Technology during the second quarter valued at about $233,000. Finally, Mercer Global Advisors Inc. ADV increased its position in shares of Seagate Technology by 0.6% during the second quarter. Mercer Global Advisors Inc. ADV now owns 28,646 shares of the data storage provider’s stock worth $2,958,000 after acquiring an additional 183 shares during the last quarter. 92.87% of the stock is owned by institutional investors and hedge funds.

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.