Seagate Technology (NASDAQ:STX) Upgraded by StockNews.com to “Buy”

Seagate Technology (NASDAQ:STX) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Monday.

STX has been the topic of several other research reports. Barclays lifted their price target on Seagate Technology from $80.00 to $95.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 24th. Bank of America reiterated a “buy” rating and issued a $110.00 target price on shares of Seagate Technology in a report on Wednesday, June 5th. Morgan Stanley raised their price target on shares of Seagate Technology from $115.00 to $133.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. TD Cowen upped their price objective on Seagate Technology from $110.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Finally, Northland Securities upped their price target on Seagate Technology from $119.00 to $142.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $115.94.

Seagate Technology Price Performance

Shares of NASDAQ:STX traded up $0.79 during trading hours on Monday, hitting $109.53. The company’s stock had a trading volume of 1,600,482 shares, compared to its average volume of 2,539,047. The company has a market capitalization of $23.00 billion, a price-to-earnings ratio of -84.91 and a beta of 1.03. Seagate Technology has a 52 week low of $64.12 and a 52 week high of $113.57. The firm’s fifty day moving average price is $101.37 and its 200 day moving average price is $97.12.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data on Tuesday, July 23rd. The data storage provider reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.29. The company had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.87 billion. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.41%. Seagate Technology’s revenue was up 17.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.29) EPS. On average, equities research analysts predict that Seagate Technology will post 6.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $93.46, for a total value of $1,869,200.00. Following the completion of the transaction, the chief executive officer now directly owns 654,270 shares of the company’s stock, valued at approximately $61,148,074.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO William D. Mosley sold 20,000 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $93.46, for a total value of $1,869,200.00. Following the sale, the chief executive officer now directly owns 654,270 shares of the company’s stock, valued at approximately $61,148,074.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO William D. Mosley sold 141,785 shares of the firm’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $110.18, for a total transaction of $15,621,871.30. Following the transaction, the chief executive officer now owns 668,616 shares of the company’s stock, valued at $73,668,110.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 203,284 shares of company stock worth $21,647,287. 0.89% of the stock is owned by company insiders.

Institutional Investors Weigh In On Seagate Technology

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in shares of Seagate Technology by 3.1% during 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 buying an additional 746,395 shares in the last quarter. Capital Research Global Investors lifted its stake in shares of Seagate Technology by 39.3% during the 4th quarter. Capital Research Global Investors now owns 16,614,884 shares of the data storage provider’s stock worth $1,418,413,000 after purchasing an additional 4,685,454 shares during the period. Clearbridge Investments LLC boosted its holdings in shares of Seagate Technology by 14.5% during the first quarter. Clearbridge Investments LLC now owns 2,656,828 shares of the data storage provider’s stock worth $247,218,000 after purchasing an additional 337,464 shares during the last quarter. Duquesne Family Office LLC increased its stake in Seagate Technology by 22.0% in 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 purchasing an additional 316,295 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Seagate Technology by 0.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,019,657 shares of the data storage provider’s stock worth $105,306,000 after buying an additional 9,062 shares during the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

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.