Seagate Technology (NASDAQ:STX) Lifted to Buy at StockNews.com

Seagate Technology (NASDAQ:STX) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Thursday.

Other equities analysts have also issued research reports about the stock. Barclays increased their target price on shares of Seagate Technology from $80.00 to $95.00 and gave the company an “equal weight” rating in a report on Wednesday, July 24th. Benchmark reaffirmed a “hold” rating on shares of Seagate Technology in a report on Wednesday, July 24th. Robert W. Baird increased their target price on shares of Seagate Technology from $100.00 to $120.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. UBS Group raised their price target on shares of Seagate Technology from $110.00 to $120.00 and gave the stock a “neutral” rating in a report on Wednesday, July 24th. Finally, Citigroup raised their price target on shares of Seagate Technology from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $115.94.

Seagate Technology Price Performance

NASDAQ STX opened at $111.73 on Thursday. The company’s 50 day simple moving average is $103.64 and its two-hundred day simple moving average is $98.86. The stock has a market capitalization of $23.46 billion, a PE ratio of -86.61 and a beta of 1.04. Seagate Technology has a 1 year low of $64.12 and a 1 year high of $115.32.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data on Tuesday, July 23rd. The data storage provider reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.29. The firm had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.87 billion. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.41%. The business’s quarterly revenue was up 17.8% on a year-over-year basis. During the same quarter last year, the company posted ($0.29) EPS. On average, research analysts anticipate that Seagate Technology will post 6.72 EPS for the current year.

Insiders Place Their Bets

In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of Seagate Technology stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $93.46, for a total value of $1,869,200.00. Following the completion of the transaction, the chief executive officer now directly owns 654,270 shares of the company’s stock, valued at approximately $61,148,074.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO William D. Mosley sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $93.46, for a total transaction of $1,869,200.00. Following the completion of the transaction, the chief executive officer now directly owns 654,270 shares of the company’s stock, valued at $61,148,074.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ban Seng Teh sold 10,117 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $110.00, for a total transaction of $1,112,870.00. Following the transaction, the executive vice president now directly owns 5,387 shares of the company’s stock, valued at $592,570. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 223,284 shares of company stock valued at $23,800,887. Insiders own 0.89% of the company’s stock.

Institutional Trading of Seagate Technology

Several large investors have recently added to or reduced their stakes in STX. American International Group Inc. grew its position in Seagate Technology by 1.0% during the fourth quarter. American International Group Inc. now owns 95,401 shares of the data storage provider’s stock valued at $8,144,000 after buying an additional 958 shares during the period. SageView Advisory Group LLC bought a new stake in Seagate Technology during the fourth quarter valued at approximately $329,000. HighPoint Advisor Group LLC bought a new stake in Seagate Technology during the fourth quarter valued at approximately $219,000. Los Angeles Capital Management LLC bought a new stake in Seagate Technology during the first quarter valued at approximately $7,356,000. Finally, GAMMA Investing LLC boosted its position in shares of Seagate Technology by 37.5% in the first quarter. GAMMA Investing LLC now owns 931 shares of the data storage provider’s stock worth $87,000 after purchasing an additional 254 shares during the period. 92.87% of the stock is currently owned by institutional investors.

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.