Seagate Technology (NASDAQ:STX) Given New $140.00 Price Target at Rosenblatt Securities

Seagate Technology (NASDAQ:STX) had its price target lifted by analysts at Rosenblatt Securities from $125.00 to $140.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the data storage provider’s stock. Rosenblatt Securities’ price target points to a potential upside of 34.64% from the stock’s previous close.

A number of other research analysts have also commented on STX. StockNews.com raised Seagate Technology from a “hold” rating to a “buy” rating in a report on Thursday, October 17th. Susquehanna raised their price target on Seagate Technology from $55.00 to $65.00 and gave the company a “negative” rating in a report on Wednesday, July 24th. Northland Securities raised their price target on Seagate Technology from $119.00 to $142.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Loop Capital raised their price target on Seagate Technology from $105.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Finally, Citigroup raised their price target on Seagate Technology from $120.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $118.83.

Seagate Technology Price Performance

Shares of STX opened at $103.98 on Wednesday. The business’s fifty day moving average price is $105.13 and its 200 day moving average price is $99.58. Seagate Technology has a 12-month low of $64.12 and a 12-month high of $115.32. The stock has a market capitalization of $21.83 billion, a PE ratio of -80.60 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.30 by $0.28. The company had revenue of $2.17 billion for the quarter, compared to analysts’ expectations of $2.13 billion. Seagate Technology had a negative return on equity of 30.18% and a net margin of 11.34%. The firm’s quarterly revenue was up 49.1% compared to the same quarter last year. During the same period last year, the business posted ($0.34) earnings per share. As a group, research analysts anticipate that Seagate Technology will post 7.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Yolanda Lee Conyers sold 750 shares of Seagate Technology stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $96.10, for a total transaction of $72,075.00. Following the completion of the sale, the director now directly owns 3,034 shares in the company, valued at $291,567.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Yolanda Lee Conyers sold 750 shares of Seagate Technology stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $96.10, for a total transaction of $72,075.00. Following the completion of the sale, the director now directly owns 3,034 shares in the company, valued at $291,567.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP John Christopher Morris sold 1,131 shares of Seagate Technology stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $111.90, for a total value of $126,558.90. Following the sale, the senior vice president now owns 7,191 shares of the company’s stock, valued at approximately $804,672.90. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 218,398 shares of company stock worth $23,238,106. 0.89% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in Seagate Technology by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 24,753,076 shares of the data storage provider’s stock worth $2,303,274,000 after buying an additional 746,395 shares during the period. Delta Global Management LP bought a new position in Seagate Technology in the 1st quarter worth approximately $33,478,000. Point72 Hong Kong Ltd bought a new position in Seagate Technology in the 2nd quarter worth approximately $35,349,000. Clearbridge Investments LLC increased its position in 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 buying an additional 337,464 shares during the period. Finally, Duquesne Family Office LLC increased its position in Seagate Technology by 22.0% in the 2nd quarter. Duquesne Family Office LLC now owns 1,755,278 shares of the data storage provider’s stock worth $181,268,000 after buying an additional 316,295 shares during the period. 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.