Mizuho Has Lowered Expectations for Seagate Technology (NASDAQ:STX) Stock Price

Seagate Technology (NASDAQ:STX) had its target price dropped by stock analysts at Mizuho from $130.00 to $110.00 in a research report issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the data storage provider’s stock. Mizuho’s price objective points to a potential upside of 23.78% from the company’s previous close.

Other equities analysts have also recently issued reports about the stock. Northland Securities upped their price objective on shares of Seagate Technology from $142.00 to $144.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Evercore ISI upped their price target on shares of Seagate Technology from $125.00 to $135.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Citigroup lifted their price objective on Seagate Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a 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. Finally, The Goldman Sachs Group lowered their price target on Seagate Technology from $112.00 to $99.00 and set a “neutral” rating on the stock in a research note on Friday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $121.53.

Seagate Technology Stock Performance

Shares of Seagate Technology stock opened at $88.87 on Friday. The firm has a 50-day simple moving average of $95.35 and a two-hundred day simple moving average of $100.67. Seagate Technology has a fifty-two week low of $79.39 and a fifty-two week high of $115.32. The company has a market cap of $18.80 billion, a P/E ratio of 23.20 and a beta of 1.06.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.30 by $0.28. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. The company 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 firm posted ($0.34) EPS. Seagate Technology’s quarterly revenue was up 49.1% compared to the same quarter last year. Equities research analysts forecast that Seagate Technology will post 7.18 EPS for the current year.

Insider Activity at Seagate Technology

In other Seagate Technology news, SVP John Christopher Morris sold 1,131 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $111.90, for a total value of $126,558.90. Following the transaction, the senior vice president now owns 7,191 shares of the company’s stock, valued at $804,672.90. This represents a 13.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Kian Fatt Chong sold 9,182 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $105.50, for a total transaction of $968,701.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 55,304 shares of company stock worth $5,656,238. Insiders own 0.81% of the company’s stock.

Institutional Trading of Seagate Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sanders Capital LLC grew its stake in shares of Seagate Technology by 0.9% in 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 buying an additional 150,115 shares in the last quarter. State Street Corp grew its position in Seagate Technology by 6.8% in the 3rd quarter. State Street Corp now owns 8,502,674 shares of the data storage provider’s stock valued at $937,081,000 after acquiring an additional 541,585 shares in the last quarter. Geode Capital Management LLC increased its stake in Seagate Technology by 8.3% during the third quarter. Geode Capital Management LLC now owns 4,162,512 shares of the data storage provider’s stock worth $454,477,000 after purchasing an additional 318,416 shares during the period. Franklin Resources Inc. lifted its position in shares of Seagate Technology by 29.5% during the third quarter. Franklin Resources Inc. now owns 1,778,811 shares of the data storage provider’s stock worth $197,844,000 after purchasing an additional 405,232 shares in the last quarter. Finally, Duquesne Family Office LLC lifted its position in shares of Seagate Technology by 22.0% during the second quarter. Duquesne Family Office LLC now owns 1,755,278 shares of the data storage provider’s stock worth $181,268,000 after purchasing an additional 316,295 shares in the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

About Seagate Technology

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.