Seagate Technology (NASDAQ:STX) Rating Lowered to Hold at StockNews.com

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

A number of other equities analysts have also recently commented on STX. Susquehanna raised their target price on Seagate Technology from $65.00 to $68.00 and gave the company a “negative” rating in a report on Wednesday, January 22nd. Summit Insights raised Seagate Technology from a “hold” rating to a “buy” rating in a research report on Wednesday, January 22nd. Mizuho lowered their price objective on Seagate Technology from $130.00 to $110.00 and set an “outperform” rating for the company in a research report on Friday, January 10th. Benchmark raised Seagate Technology from a “hold” rating to a “buy” rating and set a $120.00 price objective for the company in a research report on Wednesday, January 22nd. Finally, Wells Fargo & Company lowered their price objective on Seagate Technology from $120.00 to $110.00 and set an “equal weight” rating for the company in a research report on Thursday, January 16th. One analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $122.56.

Seagate Technology Price Performance

Shares of Seagate Technology stock opened at $101.91 on Friday. The business has a 50-day moving average of $95.95 and a 200 day moving average of $100.00. Seagate Technology has a 12 month low of $82.31 and a 12 month high of $115.32. The stock has a market capitalization of $21.58 billion, a price-to-earnings ratio of 18.63 and a beta of 1.07.

Insider Buying and Selling at Seagate Technology

In other news, CEO William D. Mosley sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $102.83, for a total transaction of $2,056,600.00. Following the completion of the sale, the chief executive officer now owns 622,497 shares in the company, valued at $64,011,366.51. This represents a 3.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 sale, the director now owns 6,555 shares of the company’s stock, valued at $667,430.10. This trade represents a 10.27 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 20,891 shares of company stock worth $2,146,848. 0.81% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Victory Capital Management Inc. grew its holdings in Seagate Technology by 133.8% during the third quarter. Victory Capital Management Inc. now owns 171,952 shares of the data storage provider’s stock worth $18,834,000 after acquiring an additional 98,418 shares during the period. Versor Investments LP acquired a new stake in Seagate Technology in the third quarter valued at $2,146,000. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Seagate Technology by 9.5% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 48,834 shares of the data storage provider’s stock valued at $4,215,000 after purchasing an additional 4,229 shares during the last quarter. Forte Capital LLC ADV grew its holdings in Seagate Technology by 29.8% in the third quarter. Forte Capital LLC ADV now owns 28,972 shares of the data storage provider’s stock valued at $3,173,000 after purchasing an additional 6,653 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Seagate Technology by 341.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,308,958 shares of the data storage provider’s stock valued at $143,370,000 after purchasing an additional 1,012,638 shares during the last quarter. Institutional investors and hedge funds 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.