The Goldman Sachs Group Lowers Seagate Technology (NASDAQ:STX) Price Target to $99.00

Seagate Technology (NASDAQ:STX) had its price objective dropped by stock analysts at The Goldman Sachs Group from $112.00 to $99.00 in a report issued on Friday,Benzinga reports. The firm presently has a “neutral” rating on the data storage provider’s stock. The Goldman Sachs Group’s price objective points to a potential upside of 11.40% from the company’s previous close.

Several other brokerages have also recently weighed in on STX. 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. Cantor Fitzgerald restated a “neutral” rating and issued a $125.00 target price on shares of Seagate Technology in a report on Wednesday, October 23rd. Benchmark reaffirmed a “hold” rating on shares of Seagate Technology in a research note on Wednesday, October 23rd. Wedbush reissued an “outperform” rating and set a $150.00 price target on shares of Seagate Technology in a research report on Wednesday, October 23rd. Finally, Citigroup boosted their price objective on shares of Seagate Technology from $125.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $121.53.

Seagate Technology Stock Up 0.2 %

STX opened at $88.87 on Friday. The business’s fifty day simple moving average is $95.35 and its 200 day simple moving average is $100.67. Seagate Technology has a 52 week low of $79.39 and a 52 week high of $115.32. The stock has a market cap of $18.80 billion, a PE ratio of 23.20 and a beta of 1.06.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.30 by $0.28. The company had revenue of $2.17 billion for 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 for the quarter was up 49.1% compared to the same quarter last year. During the same period last year, the firm posted ($0.34) EPS. As a group, equities analysts anticipate that Seagate Technology will post 7.18 earnings per share for the current year.

Insider Buying and Selling at Seagate Technology

In related news, Director Yolanda Lee Conyers sold 750 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $101.82, for a total value of $76,365.00. Following the transaction, 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO William D. Mosley sold 20,000 shares of Seagate Technology stock in a transaction on Friday, November 1st. The stock was sold at an average price of $99.53, for a total value of $1,990,600.00. Following the completion of the sale, the chief executive officer now directly owns 642,497 shares of the company’s stock, valued at approximately $63,947,726.41. The trade was a 3.02 % 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 worth $5,656,238. 0.81% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of STX. Sequoia Financial Advisors LLC grew its position in Seagate Technology by 3.6% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 2,560 shares of the data storage provider’s stock worth $281,000 after purchasing an additional 89 shares during the period. Affinity Capital Advisors LLC grew its holdings in shares of Seagate Technology by 1.5% in the third quarter. Affinity Capital Advisors LLC now owns 6,620 shares of the data storage provider’s stock worth $725,000 after acquiring an additional 100 shares during the period. Ballentine Partners LLC increased its position in Seagate Technology by 3.6% during the third quarter. Ballentine Partners LLC now owns 3,671 shares of the data storage provider’s stock valued at $402,000 after acquiring an additional 129 shares during the last quarter. Mercer Global Advisors Inc. ADV lifted its holdings in Seagate Technology by 0.6% in the second quarter. Mercer Global Advisors Inc. ADV now owns 28,646 shares of the data storage provider’s stock valued at $2,958,000 after acquiring an additional 183 shares during the period. Finally, QRG Capital Management Inc. boosted its position in Seagate Technology by 1.8% in the third quarter. QRG Capital Management Inc. now owns 10,330 shares of the data storage provider’s stock worth $1,131,000 after purchasing an additional 183 shares during the last quarter. 92.87% of the stock is owned by institutional investors.

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.