Seagate Technology (NASDAQ:STX) Raised to “Buy” at Summit Insights

Seagate Technology (NASDAQ:STX) was upgraded by equities researchers at Summit Insights from a “hold” rating to a “buy” rating in a research note issued on Wednesday.

A number of other brokerages also recently issued reports on STX. Morgan Stanley lowered their price objective on Seagate Technology from $133.00 to $129.00 and set an “overweight” rating on the stock in a research report on Tuesday. Cantor Fitzgerald reiterated a “neutral” rating and issued a $125.00 target price on shares of Seagate Technology in a research report on Wednesday, October 23rd. Citigroup raised their price target on Seagate Technology from $120.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday. StockNews.com lowered Seagate Technology from a “buy” rating to a “hold” rating in a research note on Tuesday, January 14th. Finally, Wedbush reiterated an “outperform” rating and set a $150.00 price objective on shares of Seagate Technology in a research report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $123.67.

Seagate Technology Trading Up 3.7 %

Shares of NASDAQ STX opened at $101.25 on Wednesday. The stock has a fifty day simple moving average of $94.32 and a two-hundred day simple moving average of $100.28. Seagate Technology has a 1-year low of $82.31 and a 1-year high of $115.32. The firm has a market cap of $21.42 billion, a price-to-earnings ratio of 26.44 and a beta of 1.06.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.30 by $0.28. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. The company had revenue of $2.17 billion for the quarter, compared to analysts’ expectations of $2.13 billion. During the same period in the prior year, the company posted ($0.34) EPS. Seagate Technology’s revenue was up 49.1% compared to the same quarter last year. Analysts forecast that Seagate Technology will post 7.18 EPS for the current year.

Insiders Place Their Bets

In related news, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $102.83, for a total value of $2,056,600.00. Following the transaction, the chief executive officer now directly owns 622,497 shares of the company’s stock, valued at approximately $64,011,366.51. This trade represents a 3.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Yolanda Lee Conyers sold 750 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $101.82, for a total transaction of $76,365.00. Following the completion of the sale, the director now directly owns 6,555 shares of the company’s stock, valued at $667,430.10. This represents a 10.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 54,173 shares of company stock valued at $5,529,679. Corporate insiders own 0.81% of the company’s stock.

Institutional Trading of Seagate Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sanders Capital LLC increased its holdings in Seagate Technology by 0.9% in the 3rd quarter. Sanders Capital LLC now owns 16,367,591 shares of the data storage provider’s stock valued at $1,792,742,000 after acquiring an additional 150,115 shares during the last quarter. State Street Corp increased its holdings in shares of Seagate Technology by 6.8% in the third quarter. State Street Corp now owns 8,502,674 shares of the data storage provider’s stock worth $937,081,000 after purchasing an additional 541,585 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Seagate Technology by 8.3% in the third quarter. Geode Capital Management LLC now owns 4,162,512 shares of the data storage provider’s stock worth $454,477,000 after purchasing an additional 318,416 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Seagate Technology by 29.5% in the third quarter. Franklin Resources Inc. now owns 1,778,811 shares of the data storage provider’s stock worth $197,844,000 after buying an additional 405,232 shares in the last quarter. Finally, Duquesne Family Office LLC boosted its stake in Seagate Technology by 22.0% during the second quarter. Duquesne Family Office LLC now owns 1,755,278 shares of the data storage provider’s stock valued at $181,268,000 after buying an additional 316,295 shares during the last quarter. Institutional investors 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.