Seagate Technology (NASDAQ:STX) Given New $1,035.00 Price Target at Morgan Stanley

by · The Cerbat Gem

Seagate Technology (NASDAQ:STX – Get Free Report) had its price target raised by equities research analysts at Morgan Stanley from $767.00 to $1,035.00 in a note issued to investors on Monday,MarketScreener reports. The firm currently has an “overweight” rating on the data storage provider’s stock. Morgan Stanley’s target price would indicate a potential upside of 2.37% from the company’s previous close.

STX has been the topic of a number of other research reports. Susquehanna boosted their price target on shares of Seagate Technology from $485.00 to $615.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 29th. Sanford C. Bernstein lifted their target price on shares of Seagate Technology from $620.00 to $1,000.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 29th. Loop Capital boosted their target price on shares of Seagate Technology from $950.00 to $1,140.00 and gave the company a “buy” rating in a report on Friday, May 15th. Bank of America upped their price target on shares of Seagate Technology from $900.00 to $1,000.00 in a research report on Monday, June 8th. Finally, Zacks Research raised Seagate Technology from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $831.79.

Get Our Latest Stock Report on STX

Seagate Technology Stock Up 8.6%

Shares of STX opened at $1,010.99 on Monday. The stock’s 50-day moving average price is $709.54 and its two-hundred day moving average price is $477.38. Seagate Technology has a 12 month low of $127.61 and a 12 month high of $998.07. The company has a market capitalization of $226.69 billion, a PE ratio of 94.69 and a beta of 2.04. The company has a current ratio of 1.33, a quick ratio of 0.85 and a debt-to-equity ratio of 3.16.

Seagate Technology (NASDAQ:STX – Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The data storage provider reported $4.10 earnings per share for the quarter, beating the consensus estimate of $3.51 by $0.59. Seagate Technology had a return on equity of 1,005.65% and a net margin of 21.60%.The company had revenue of $3.11 billion during the quarter, compared to analysts’ expectations of $2.96 billion. During the same quarter in the prior year, the firm posted $1.90 earnings per share. The business’s quarterly revenue was up 44.1% on a year-over-year basis. Seagate Technology has set its Q4 2026 guidance at 4.800-5.200 EPS. On average, analysts anticipate that Seagate Technology will post 14.14 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Gianluca Romano sold 1,350 shares of the business’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $821.76, for a total transaction of $1,109,376.00. Following the completion of the sale, the chief financial officer owned 41,380 shares in the company, valued at $34,004,428.80. The trade was a 3.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Ban Seng Teh sold 663 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $821.86, for a total value of $544,893.18. Following the transaction, the executive vice president directly owned 4,290 shares in the company, valued at $3,525,779.40. The trade was a 13.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 160,629 shares of company stock worth $112,739,671 over the last three months. Insiders own 0.79% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in STX. Salomon & Ludwin LLC increased its holdings in Seagate Technology by 124.4% during the 4th quarter. Salomon & Ludwin LLC now owns 92 shares of the data storage provider’s stock worth $27,000 after purchasing an additional 51 shares in the last quarter. Rakuten Securities Inc. grew its holdings in shares of Seagate Technology by 884.2% in the second quarter. Rakuten Securities Inc. now owns 187 shares of the data storage provider’s stock valued at $27,000 after acquiring an additional 168 shares in the last quarter. Armstrong Advisory Group Inc. purchased a new stake in shares of Seagate Technology during the 4th quarter valued at $28,000. Avion Wealth increased its holdings in Seagate Technology by 343.5% during the fourth quarter. Avion Wealth now owns 102 shares of the data storage provider’s stock worth $28,000 after buying an additional 79 shares during the last quarter. Finally, Concord Wealth Partners bought a new stake in shares of Seagate Technology in the 4th quarter worth approximately $28,000. 92.87% of the stock is owned by institutional investors.

About Seagate Technology

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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.

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