Seagate Technology (NASDAQ:STX) Stock Rating Upgraded by StockNews.com

Posted by on Apr 11th, 2023

Seagate Technology (NASDAQ:STX – Get Rating) was upgraded by investment analysts at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Tuesday.

Several other analysts have also recently issued reports on STX. Cowen increased their target price on shares of Seagate Technology from $65.00 to $72.00 and gave the stock an “outperform” rating in a research note on Thursday, January 26th. UBS Group increased their price objective on Seagate Technology from $55.00 to $65.00 and gave the stock a “neutral” rating in a research report on Thursday, January 26th. Wedbush boosted their target price on Seagate Technology from $45.00 to $55.00 in a research report on Thursday, January 26th. Barclays raised their price target on Seagate Technology from $70.00 to $75.00 in a report on Thursday, January 26th. Finally, Credit Suisse Group boosted their price objective on Seagate Technology from $60.00 to $65.00 and gave the stock a “neutral” rating in a report on Tuesday, January 24th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $69.58.

Seagate Technology Price Performance

Seagate Technology stock opened at $66.35 on Tuesday. The firm has a market capitalization of $13.70 billion, a P/E ratio of 23.61, a PEG ratio of 54.53 and a beta of 1.09. Seagate Technology has a one year low of $47.47 and a one year high of $88.25. The business has a fifty day moving average price of $65.69 and a 200-day moving average price of $58.50.

Seagate Technology (NASDAQ:STX – Get Rating) last issued its earnings results on Wednesday, January 25th. The data storage provider reported $0.16 EPS for the quarter, topping the consensus estimate of $0.11 by $0.05. Seagate Technology had a negative return on equity of 1,031.05% and a net margin of 6.61%. The business had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.83 billion. During the same quarter last year, the company earned $2.28 EPS. The firm’s revenue was down 39.4% compared to the same quarter last year. Sell-side analysts expect that Seagate Technology will post 0.98 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, EVP Jeffrey D. Nygaard sold 36,809 shares of the company’s stock in a transaction dated Wednesday, February 1st. The shares were sold at an average price of $69.14, for a total transaction of $2,544,974.26. Following the completion of the transaction, the executive vice president now directly owns 30,360 shares of the company’s stock, valued at $2,099,090.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vestmark Advisory Solutions Inc. lifted its position in shares of Seagate Technology by 7.7% in the 3rd quarter. Vestmark Advisory Solutions Inc. now owns 27,899 shares of the data storage provider’s stock worth $1,485,000 after purchasing an additional 1,984 shares during the period. Simmons Bank boosted its position in Seagate Technology by 3.7% during the 3rd quarter. Simmons Bank now owns 5,577 shares of the data storage provider’s stock valued at $297,000 after acquiring an additional 198 shares in the last quarter. SPC Financial Inc. grew its holdings in shares of Seagate Technology by 4.7% during the 3rd quarter. SPC Financial Inc. now owns 4,425 shares of the data storage provider’s stock worth $236,000 after acquiring an additional 200 shares during the period. Range Financial Group LLC lifted its stake in shares of Seagate Technology by 6.9% in the 3rd quarter. Range Financial Group LLC now owns 11,978 shares of the data storage provider’s stock valued at $638,000 after purchasing an additional 775 shares during the period. Finally, Deseret Mutual Benefit Administrators grew its stake in Seagate Technology by 48.5% in the third quarter. Deseret Mutual Benefit Administrators now owns 3,828 shares of the data storage provider’s stock worth $204,000 after purchasing an additional 1,250 shares during the period. Institutional investors own 82.69% of the company’s stock.

Seagate Technology Company Profile

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Seagate Technology Holdings Plc operates as holding company that is engaged in the development, production, and distribution of data storage products and electronic data storage solutions. Its products include hard disk drives, solid state hybrid drives, solid state drives, peripheral component interconnect express cards, serial advanced technology attachment controllers, storage subsystems and computing solutions.

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