Seagate Technology (NASDAQ:STX) Price Target Cut to $129.00 by Analysts at Morgan Stanley

Seagate Technology (NASDAQ:STX) had its target price cut by analysts at Morgan Stanley from $133.00 to $129.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the data storage provider’s stock. Morgan Stanley’s price objective indicates a potential upside of 32.08% from the stock’s current price.

Several other research firms have also recently commented on STX. Northland Securities boosted their target price on Seagate Technology from $142.00 to $144.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Wedbush reissued an “outperform” rating and issued a $150.00 price objective on shares of Seagate Technology in a research report on Wednesday, October 23rd. Citigroup raised their target price on shares of Seagate Technology from $125.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Benchmark restated a “hold” rating on shares of Seagate Technology in a research note on Wednesday, October 23rd. Finally, The Goldman Sachs Group lowered their target price on Seagate Technology from $112.00 to $99.00 and set a “neutral” rating on the stock in a research report on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Seagate Technology has an average rating of “Moderate Buy” and a consensus target price of $120.71.

Seagate Technology Trading Up 2.7 %

STX stock opened at $97.67 on Tuesday. 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 $20.66 billion, a PE ratio of 25.50 and a beta of 1.06. The business’s 50-day moving average price is $94.32 and its two-hundred day moving average price is $100.28.

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

Insider Activity

In other news, Director Yolanda Lee Conyers sold 750 shares of Seagate Technology stock in a transaction 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 owns 6,555 shares of the company’s stock, valued at approximately $667,430.10. This trade represents a 10.27 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $99.53, for a total transaction of $1,990,600.00. Following the transaction, the chief executive officer now directly owns 642,497 shares in the company, valued at approximately $63,947,726.41. This represents a 3.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 54,173 shares of company stock valued at $5,529,679 over the last ninety days. 0.81% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in STX. Ashton Thomas Securities LLC bought a new position in shares of Seagate Technology in the third quarter worth $26,000. Quarry LP bought a new stake in Seagate Technology during the second quarter worth about $27,000. Kayne Anderson Rudnick Investment Management LLC grew its stake in Seagate Technology by 2,407.1% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider’s stock worth $36,000 after buying an additional 337 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in Seagate Technology by 177.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 403 shares of the data storage provider’s stock valued at $44,000 after buying an additional 258 shares during the period. Finally, JFS Wealth Advisors LLC raised its position in shares of Seagate Technology by 232.5% in the 3rd quarter. JFS Wealth Advisors LLC now owns 419 shares of the data storage provider’s stock valued at $46,000 after buying an additional 293 shares in the last quarter. Institutional investors and hedge funds 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.