Bank of America Raises Seagate Technology (NASDAQ:STX) Price Target to $605.00
by Teresa Graham · The Cerbat GemSeagate Technology (NASDAQ:STX – Get Free Report) had its price target increased by equities researchers at Bank of America from $450.00 to $605.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the data storage provider’s stock. Bank of America‘s target price suggests a potential upside of 13.05% from the stock’s current price.
Several other equities analysts have also weighed in on the stock. Robert W. Baird increased their price objective on shares of Seagate Technology from $270.00 to $505.00 and gave the company an “outperform” rating in a report on Thursday, January 29th. Wells Fargo & Company upped their target price on shares of Seagate Technology from $360.00 to $450.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 28th. Jefferies Financial Group reissued a “hold” rating on shares of Seagate Technology in a research note on Wednesday, February 4th. JPMorgan Chase & Co. raised their price target on Seagate Technology from $525.00 to $600.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, Susquehanna upped their price objective on Seagate Technology from $420.00 to $485.00 and gave the company a “neutral” rating in a report on Friday, April 10th. Nineteen equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $502.67.
View Our Latest Stock Analysis on Seagate Technology
Seagate Technology Trading Down 2.3%
STX stock traded down $12.58 during midday trading on Monday, reaching $535.17. The stock had a trading volume of 475,192 shares, compared to its average volume of 4,051,945. The business has a fifty day simple moving average of $422.54 and a two-hundred day simple moving average of $334.96. The company has a quick ratio of 0.72, a current ratio of 1.12 and a debt-to-equity ratio of 7.63. The firm has a market cap of $116.71 billion, a price-to-earnings ratio of 60.82, a PEG ratio of 1.19 and a beta of 1.61. Seagate Technology has a twelve month low of $72.62 and a twelve month high of $553.57.
Seagate Technology (NASDAQ:STX – Get Free Report) last released its earnings results on Tuesday, January 27th. The data storage provider reported $3.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.77 by $0.34. The company had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.73 billion. Seagate Technology had a net margin of 19.59% and a negative return on equity of 936.38%. The company’s revenue was up 21.5% compared to the same quarter last year. During the same period in the prior year, the company posted $2.03 EPS. Seagate Technology has set its Q3 2026 guidance at 3.200-3.600 EPS. As a group, research analysts expect that Seagate Technology will post 6.83 EPS for the current fiscal year.
Insider Buying and Selling
In related news, CEO William D. Mosley sold 24,584 shares of the company’s stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $406.77, for a total value of $10,000,033.68. Following the completion of the sale, the chief executive officer owned 375,591 shares in the company, valued at $152,779,151.07. This represents a 6.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP James Ci Lee sold 673 shares of the firm’s stock in a transaction on Monday, January 26th. The stock was sold at an average price of $348.85, for a total value of $234,776.05. Following the sale, the executive vice president directly owned 257 shares in the company, valued at $89,654.45. The trade was a 72.37% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 112,223 shares of company stock worth $46,711,217 over the last ninety days. Insiders own 0.79% of the company’s stock.
Hedge Funds Weigh In On Seagate Technology
Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in Seagate Technology by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 28,140,287 shares of the data storage provider’s stock worth $6,642,796,000 after buying an additional 442,749 shares during the period. State Street Corp boosted its holdings in shares of Seagate Technology by 1.0% in the fourth quarter. State Street Corp now owns 9,370,805 shares of the data storage provider’s stock valued at $2,587,535,000 after buying an additional 94,527 shares during the period. Morgan Stanley increased its position in shares of Seagate Technology by 5.1% during the fourth quarter. Morgan Stanley now owns 5,317,516 shares of the data storage provider’s stock worth $1,464,391,000 after acquiring an additional 258,151 shares in the last quarter. WCM Investment Management LLC acquired a new stake in shares of Seagate Technology during the third quarter worth $1,187,621,000. Finally, Geode Capital Management LLC lifted its position in Seagate Technology by 5.0% in the 4th quarter. Geode Capital Management LLC now owns 4,896,815 shares of the data storage provider’s stock valued at $1,343,683,000 after acquiring an additional 234,436 shares in the last quarter. 92.87% of the stock is currently owned by institutional investors and hedge funds.
Seagate Technology Company Profile
Seagate Technology (NASDAQ: STX) is a global data storage company that designs, manufactures and sells a broad range of storage products and systems. The firm’s product portfolio includes traditional hard disk drives (HDDs), solid-state drives (SSDs), hybrid storage devices and integrated storage systems aimed at enterprise, cloud, OEM and consumer markets. Seagate also provides services that support its hardware offerings, including data recovery and storage management solutions.
Seagate’s products are used in a wide array of applications, from large-scale data centers and cloud infrastructure to desktop and portable consumer devices.