Seagate Technology (NASDAQ:STX) Price Target Lowered to $129.00 at Morgan Stanley

Seagate Technology (NASDAQ:STX) had its target price trimmed by Morgan Stanley from $133.00 to $129.00 in a report issued on Tuesday, MarketBeat reports. The brokerage currently has an overweight rating on the data storage provider’s stock.

Other analysts also recently issued research reports about the stock. Rosenblatt Securities increased their target price on shares of Seagate Technology from $125.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. The Goldman Sachs Group dropped their price objective on shares of Seagate Technology from $112.00 to $99.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. Mizuho reduced their target price on shares of Seagate Technology from $130.00 to $110.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. Northland Securities increased their price target on Seagate Technology from $142.00 to $144.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Finally, StockNews.com cut Seagate Technology from a “buy” rating to a “hold” rating in a research note on Tuesday, January 14th. 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 company. Based on data from MarketBeat, Seagate Technology presently has an average rating of “Moderate Buy” and an average target price of $120.71.

Seagate Technology Stock Up 3.7 %

Shares of NASDAQ STX opened at $101.25 on Tuesday. The stock has a market capitalization of $21.42 billion, a PE ratio of 26.44 and a beta of 1.06. The firm has a fifty day moving average of $94.32 and a 200-day moving average of $100.28. Seagate Technology has a 52-week low of $82.31 and a 52-week high of $115.32.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.30 by $0.28. The firm had revenue of $2.17 billion during the quarter, compared to the consensus estimate of $2.13 billion. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. The firm’s quarterly revenue was up 49.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.34) earnings per share. Equities research analysts expect that Seagate Technology will post 7.18 EPS for the current fiscal year.

Insider Transactions at Seagate Technology

In other Seagate Technology news, Director Jay L. Geldmacher sold 4,100 shares of the stock in a transaction on Thursday, October 24th. The shares were sold at an average price of $103.30, for a total transaction of $423,530.00. Following the sale, the director now directly owns 2,852 shares of the company’s stock, valued at approximately $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 at the SEC website. Also, Director Yolanda Lee Conyers sold 750 shares of Seagate Technology stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $101.82, for a total transaction of $76,365.00. Following the completion of the transaction, the director now directly owns 6,555 shares of the company’s stock, valued at $667,430.10. This trade represents a 10.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 54,173 shares of company stock valued at $5,529,679. Insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Seagate Technology

Several institutional investors and hedge funds have recently bought and sold shares of STX. Ashton Thomas Securities LLC bought a new stake in Seagate Technology in the third quarter valued at $26,000. Quarry LP acquired a new stake in shares of Seagate Technology in the 2nd quarter worth about $27,000. Kayne Anderson Rudnick Investment Management LLC lifted its position in Seagate Technology by 2,407.1% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider’s stock valued at $36,000 after purchasing an additional 337 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in Seagate Technology by 177.9% during the 3rd quarter. Advisors Asset Management Inc. now owns 403 shares of the data storage provider’s stock valued at $44,000 after purchasing an additional 258 shares during the period. Finally, JFS Wealth Advisors LLC grew its position 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 worth $46,000 after purchasing an additional 293 shares during 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.