Seagate Technology (NASDAQ:STX) Price Target Lowered to $99.00 at The Goldman Sachs Group

Seagate Technology (NASDAQ:STX) had its price target cut by The Goldman Sachs Group from $112.00 to $99.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the data storage provider’s stock. The Goldman Sachs Group’s price target would indicate a potential upside of 11.40% from the stock’s current price.

A number of other equities analysts have also weighed in on the stock. Cantor Fitzgerald reiterated a “neutral” rating and issued a $125.00 price target on shares of Seagate Technology in a research report on Wednesday, October 23rd. Wedbush reaffirmed an “outperform” rating and issued a $150.00 target price on shares of Seagate Technology in a report on Wednesday, October 23rd. Northland Securities raised their price target on Seagate Technology from $142.00 to $144.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Citigroup boosted their price objective on Seagate Technology from $125.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Finally, Evercore ISI increased their target price on Seagate Technology from $125.00 to $135.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, six have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $121.53.

Seagate Technology Stock Performance

NASDAQ STX opened at $88.87 on Friday. The business’s fifty day moving average is $95.35 and its 200 day moving average is $100.67. Seagate Technology has a fifty-two week low of $79.39 and a fifty-two week high of $115.32. The company has a market capitalization of $18.80 billion, a PE ratio of 23.20 and a beta of 1.06.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, topping the consensus estimate of $1.30 by $0.28. The firm had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.13 billion. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. The business’s revenue for the quarter was up 49.1% compared to the same quarter last year. During the same quarter last year, the company earned ($0.34) earnings per share. On average, sell-side analysts forecast that Seagate Technology will post 7.18 EPS for the current year.

Insider Buying and Selling at Seagate Technology

In other news, Director Yolanda Lee Conyers sold 750 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $101.82, for a total value of $76,365.00. Following the completion of the sale, the director now owns 6,555 shares in the company, valued at approximately $667,430.10. This trade represents a 10.27 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William D. Mosley sold 20,000 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $102.83, for a total transaction of $2,056,600.00. Following the transaction, the chief executive officer now owns 622,497 shares in the company, valued at $64,011,366.51. The trade was a 3.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 55,304 shares of company stock worth $5,656,238 over the last ninety days. Company insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Seagate Technology

A number of institutional investors and hedge funds have recently modified their holdings of STX. Sanders Capital LLC grew its stake 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 worth $1,792,742,000 after acquiring an additional 150,115 shares in the last quarter. State Street Corp grew its stake in 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 in the last quarter. Geode Capital Management LLC increased its holdings in Seagate Technology by 8.3% during the 3rd 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 period. Franklin Resources Inc. raised its position in Seagate Technology by 29.5% during the 3rd quarter. Franklin Resources Inc. now owns 1,778,811 shares of the data storage provider’s stock valued at $197,844,000 after purchasing an additional 405,232 shares in the last quarter. Finally, Duquesne Family Office LLC lifted its holdings in shares of 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.