Citigroup Raises Seagate Technology (NASDAQ:STX) Price Target to $120.00

Seagate Technology (NASDAQ:STX) had its price target increased by research analysts at Citigroup from $110.00 to $120.00 in a research note issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the data storage provider’s stock. Citigroup’s price target indicates a potential upside of 10.67% from the company’s previous close.

Other analysts also recently issued reports about the stock. Wedbush raised shares of Seagate Technology from a “neutral” rating to an “outperform” rating and set a $100.00 price objective for the company in a report on Wednesday, May 1st. Barclays decreased their target price on shares of Seagate Technology from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Monday, April 22nd. Morgan Stanley upgraded shares of Seagate Technology from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $73.00 to $115.00 in a research report on Tuesday, March 26th. UBS Group lifted their target price on shares of Seagate Technology from $90.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 24th. Finally, Cantor Fitzgerald lifted their target price on shares of Seagate Technology from $95.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 24th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $98.88.

Seagate Technology Stock Performance

Seagate Technology stock traded up $2.32 during mid-day trading on Friday, reaching $108.43. The company’s stock had a trading volume of 1,284,891 shares, compared to its average volume of 2,575,752. The firm’s fifty day moving average price is $98.51 and its two-hundred day moving average price is $91.37. Seagate Technology has a 12-month low of $57.32 and a 12-month high of $108.97. The company has a market capitalization of $22.77 billion, a P/E ratio of -84.43 and a beta of 1.02.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 EPS for the quarter, beating the consensus estimate of $0.29 by $0.04. The firm had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the previous year, the business earned ($0.43) earnings per share. The firm’s revenue for the quarter was down 11.0% on a year-over-year basis. On average, research analysts predict that Seagate Technology will post 0.44 EPS for the current fiscal year.

Insider Activity at Seagate Technology

In related news, SVP John Christopher Morris sold 11,158 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $90.00, for a total transaction of $1,004,220.00. Following the sale, the senior vice president now owns 17,767 shares of the company’s stock, valued at $1,599,030. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, SVP John Christopher Morris sold 11,158 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $90.00, for a total transaction of $1,004,220.00. Following the sale, the senior vice president now owns 17,767 shares of the company’s stock, valued at $1,599,030. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Ban Seng Teh sold 10,742 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $100.00, for a total transaction of $1,074,200.00. Following the completion of the transaction, the executive vice president now owns 5,042 shares in the company, valued at approximately $504,200. The disclosure for this sale can be found here. Insiders have sold 37,531 shares of company stock worth $3,592,946 over the last 90 days. 0.89% of the stock is owned by company insiders.

Institutional Trading of Seagate Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in shares of Seagate Technology by 3.1% in the first quarter. Vanguard Group Inc. now owns 24,753,076 shares of the data storage provider’s stock worth $2,303,274,000 after purchasing an additional 746,395 shares in the last quarter. Capital Research Global Investors lifted its position in Seagate Technology by 39.3% during the fourth quarter. Capital Research Global Investors now owns 16,614,884 shares of the data storage provider’s stock valued at $1,418,413,000 after purchasing an additional 4,685,454 shares during the last quarter. Sanders Capital LLC lifted its position in Seagate Technology by 3.0% during the fourth quarter. Sanders Capital LLC now owns 15,486,153 shares of the data storage provider’s stock valued at $1,322,053,000 after purchasing an additional 443,768 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Seagate Technology by 3.0% in the 3rd quarter. Wellington Management Group LLP now owns 4,381,497 shares of the data storage provider’s stock worth $288,960,000 after acquiring an additional 127,214 shares during the last quarter. Finally, Clearbridge Investments LLC lifted its holdings in shares of Seagate Technology by 14.5% in the 1st quarter. Clearbridge Investments LLC now owns 2,656,828 shares of the data storage provider’s stock worth $247,218,000 after acquiring an additional 337,464 shares during the last quarter. 92.87% of the stock is owned by hedge funds and other 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.