Seagate Technology (NASDAQ:STX) Given New $68.00 Price Target at Susquehanna

Seagate Technology (NASDAQ:STX) had its target price raised by Susquehanna from $65.00 to $68.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “negative” rating on the data storage provider’s stock. Susquehanna’s price target suggests a potential downside of 32.84% from the stock’s previous close.

STX has been the subject of a number of other research reports. StockNews.com downgraded Seagate Technology from a “buy” rating to a “hold” rating in a research report on Tuesday, January 14th. Citigroup increased their price target on Seagate Technology from $120.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday. Summit Insights upgraded Seagate Technology from a “hold” rating to a “buy” rating in a report on Wednesday. Cantor Fitzgerald reiterated a “neutral” rating and issued a $125.00 target price on shares of Seagate Technology in a report on Wednesday, October 23rd. Finally, The Goldman Sachs Group cut their price target on shares of Seagate Technology from $112.00 to $99.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. 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 company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $123.67.

Seagate Technology Trading Up 3.7 %

Shares of Seagate Technology stock opened at $101.25 on Wednesday. Seagate Technology has a 52 week low of $82.31 and a 52 week high of $115.32. The company’s 50-day moving average price is $94.32 and its two-hundred day moving average price is $100.28. The stock has a market cap of $21.42 billion, a PE ratio of 26.44 and a beta of 1.06.

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

Insider Activity at Seagate Technology

In other Seagate Technology news, Director Jay L. Geldmacher sold 4,100 shares of the company’s stock in a transaction that occurred on Thursday, October 24th. The stock was sold at an average price of $103.30, for a total transaction of $423,530.00. Following the completion of the sale, the director now owns 2,852 shares of the company’s stock, valued at $294,611.60. This represents a 58.98 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William D. Mosley sold 20,000 shares of Seagate Technology stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $99.53, for a total transaction of $1,990,600.00. Following the completion of the transaction, the chief executive officer now directly owns 642,497 shares in the company, valued at approximately $63,947,726.41. This represents a 3.02 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 54,173 shares of company stock valued at $5,529,679. 0.81% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Seagate Technology

Large investors have recently made changes to their positions in the business. Ashton Thomas Securities LLC acquired a new stake in Seagate Technology in the 3rd quarter worth $26,000. Quarry LP bought a new stake in shares of Seagate Technology in the second quarter valued at about $27,000. Kayne Anderson Rudnick Investment Management LLC grew its position in Seagate Technology by 2,407.1% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider’s stock worth $36,000 after buying an additional 337 shares in the last quarter. Advisors Asset Management Inc. increased its stake in Seagate Technology by 177.9% during the third quarter. Advisors Asset Management Inc. now owns 403 shares of the data storage provider’s stock valued at $44,000 after acquiring an additional 258 shares during the period. Finally, JFS Wealth Advisors LLC raised its holdings in Seagate Technology by 232.5% in the 3rd quarter. JFS Wealth Advisors LLC now owns 419 shares of the data storage provider’s stock valued at $46,000 after acquiring an additional 293 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.