Seagate Technology (STX) Given New $60.00 Price Target at Loop Capital

Seagate Technology (NASDAQ:STX) had its price target reduced by Loop Capital to $60.00 in a note issued to investors on Monday, The Fly reports. The brokerage presently has a “buy” rating on the data storage provider’s stock. Loop Capital’s price target suggests a potential upside of 54.44% from the company’s current price. The analysts noted that the move was a valuation call.

STX has been the subject of a number of other reports. Goldman Sachs Group set a $39.00 price target on Seagate Technology and gave the company a “sell” rating in a research report on Wednesday, September 12th. Royal Bank of Canada restated a “hold” rating and issued a $62.00 price target on shares of Seagate Technology in a research report on Monday, July 30th. BidaskClub lowered Seagate Technology from a “buy” rating to a “hold” rating in a research report on Friday, September 28th. ValuEngine lowered Seagate Technology from a “hold” rating to a “sell” rating in a research report on Tuesday, October 2nd. Finally, Zacks Investment Research upgraded Seagate Technology from a “sell” rating to a “hold” rating in a research report on Monday, October 8th. Five equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and five have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $53.43.

STX stock opened at $38.85 on Monday. The company has a quick ratio of 1.02, a current ratio of 1.35 and a debt-to-equity ratio of 2.59. The company has a market capitalization of $11.17 billion, a PE ratio of 7.05, a P/E/G ratio of 0.50 and a beta of 1.70. Seagate Technology has a 1 year low of $36.07 and a 1 year high of $62.70.



In other news, Director Holdings L.P. Valueact purchased 125,000 shares of the firm’s stock in a transaction on Thursday, August 2nd. The shares were bought at an average cost of $52.87 per share, for a total transaction of $6,608,750.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Kathryn R. Scolnick sold 10,577 shares of the company’s stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $53.12, for a total value of $561,850.24. Following the transaction, the chief financial officer now owns 759 shares in the company, valued at $40,318.08. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 5,707,648 shares of company stock valued at $295,778,805 and sold 46,086 shares valued at $2,529,660. Corporate insiders own 1.00% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in STX. Millennium Management LLC lifted its stake in Seagate Technology by 231.2% during the first quarter. Millennium Management LLC now owns 277,082 shares of the data storage provider’s stock worth $16,215,000 after purchasing an additional 193,420 shares in the last quarter. Summit Trail Advisors LLC lifted its stake in Seagate Technology by 19.5% during the first quarter. Summit Trail Advisors LLC now owns 32,370 shares of the data storage provider’s stock worth $1,118,000 after purchasing an additional 5,283 shares in the last quarter. Allianz Asset Management GmbH lifted its stake in Seagate Technology by 567.0% during the first quarter. Allianz Asset Management GmbH now owns 104,689 shares of the data storage provider’s stock worth $6,127,000 after purchasing an additional 88,993 shares in the last quarter. Suntrust Banks Inc. lifted its stake in Seagate Technology by 4.3% during the first quarter. Suntrust Banks Inc. now owns 33,073 shares of the data storage provider’s stock worth $1,934,000 after purchasing an additional 1,352 shares in the last quarter. Finally, Dorsey Wright & Associates acquired a new position in Seagate Technology during the second quarter worth $2,934,000. Institutional investors own 83.24% of the company’s stock.

Seagate Technology Company Profile

Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It manufactures and distributes hard disk drives; solid state drives (SSDs), including serial attached small computer system interface and non-volatile memory express SSDs; solid state hybrid drives; and storage subsystems.

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