Morgan Stanley Increases Seagate Technology (NASDAQ:STX) Price Target to $133.00

Seagate Technology (NASDAQ:STX) had its price target hoisted by investment analysts at Morgan Stanley from $115.00 to $133.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the data storage provider’s stock. Morgan Stanley’s price objective points to a potential upside of 27.93% from the company’s current price.

Several other equities research analysts have also recently commented on the stock. UBS Group lifted their price target 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. Citigroup upped their target price on shares of Seagate Technology from $110.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Bank of America restated a “buy” rating and issued a $110.00 price target on shares of Seagate Technology in a research report on Wednesday, June 5th. Susquehanna increased their target price on Seagate Technology from $50.00 to $55.00 and gave the company a “negative” rating in a research note on Wednesday, April 10th. Finally, Wedbush boosted their target price on Seagate Technology from $100.00 to $130.00 and gave the stock an “outperform” rating in a research report on Monday. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $115.94.

Seagate Technology Price Performance

Shares of Seagate Technology stock opened at $103.96 on Wednesday. The firm has a 50 day simple moving average of $101.15 and a 200 day simple moving average of $92.91. Seagate Technology has a fifty-two week low of $57.32 and a fifty-two week high of $113.57. The firm has a market cap of $21.83 billion, a P/E ratio of -80.59 and a beta of 1.02.

Seagate Technology (NASDAQ:STX) last released its earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.29. The company had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.87 billion. Seagate Technology had a negative return on equity of 8.05% and a net margin of 5.11%. The firm’s quarterly revenue was up 17.8% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.29) earnings per share. On average, sell-side analysts expect that Seagate Technology will post 5.11 EPS for the current year.

Insider Buying and Selling at Seagate Technology

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

Institutional Investors Weigh In On Seagate Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sigma Investment Counselors Inc. bought a new position in shares of Seagate Technology in the 2nd quarter valued at about $216,000. Family Firm Inc. acquired a new position in Seagate Technology during the second quarter valued at approximately $41,000. My Legacy Advisors LLC bought a new position in Seagate Technology in the second quarter valued at approximately $348,000. DT Investment Partners LLC increased its position in shares of Seagate Technology by 921.5% during the 2nd quarter. DT Investment Partners LLC now owns 2,993 shares of the data storage provider’s stock worth $309,000 after purchasing an additional 2,700 shares during the last quarter. Finally, 1620 Investment Advisors Inc. raised its stake in shares of Seagate Technology by 2,982.7% during the 2nd quarter. 1620 Investment Advisors Inc. now owns 4,809 shares of the data storage provider’s stock worth $497,000 after purchasing an additional 4,653 shares in the last quarter. 92.87% of the stock is owned by 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.