Morgan Stanley Downgrades Seagate Technology (NASDAQ:STX) to Equal Weight

Posted by Defense World Staff on Apr 23rd, 2023

Seagate Technology (NASDAQ:STX – Get Rating) was downgraded by stock analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research note issued on Friday, The Fly reports. They presently have a $60.00 price objective on the data storage provider’s stock, down from their prior price objective of $72.00. Morgan Stanley’s price target would suggest a potential upside of 6.35% from the stock’s current price.

Other research analysts have also issued research reports about the company. Loop Capital lifted their target price on Seagate Technology from $70.00 to $80.00 in a research report on Thursday, January 26th. Cowen lifted their target price on Seagate Technology from $65.00 to $72.00 and gave the stock an “outperform” rating in a research report on Thursday, January 26th. Bank of America decreased their target price on Seagate Technology from $75.00 to $73.00 and set a “buy” rating for the company in a research report on Thursday, April 13th. Wells Fargo & Company lifted their target price on Seagate Technology from $55.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 26th. Finally, Rosenblatt Securities lifted their target price on Seagate Technology from $60.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, January 26th. Three investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Seagate Technology presently has an average rating of “Hold” and an average target price of $65.76.

Seagate Technology Price Performance

Shares of NASDAQ:STX opened at $56.42 on Friday. The firm has a market capitalization of $11.65 billion, a PE ratio of 20.08, a P/E/G ratio of 57.11 and a beta of 1.09. The business has a 50-day moving average of $64.34 and a two-hundred day moving average of $58.94. Seagate Technology has a 12 month low of $47.47 and a 12 month high of $88.25.

Seagate Technology (NASDAQ:STX – Get Rating) last announced its quarterly earnings results on Thursday, April 20th. The data storage provider reported ($0.28) EPS for the quarter, missing the consensus estimate of $0.21 by ($0.49). Seagate Technology had a negative return on equity of 124.86% and a negative net margin of 1.91%. The firm had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.98 billion. During the same quarter in the prior year, the company earned $1.65 earnings per share. The business’s revenue was down 33.6% compared to the same quarter last year. As a group, research analysts anticipate that Seagate Technology will post 0.83 earnings per share for the current year.

Insider Activity

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

Hedge Funds Weigh In On Seagate Technology

Hedge funds and other institutional investors have recently bought and sold shares of the business. Panagora Asset Management Inc. boosted its holdings in shares of Seagate Technology by 65.3% during the first quarter. Panagora Asset Management Inc. now owns 11,805 shares of the data storage provider’s stock worth $1,061,000 after acquiring an additional 4,663 shares during the period. Rhumbline Advisers boosted its holdings in shares of Seagate Technology by 0.6% during the first quarter. Rhumbline Advisers now owns 182,883 shares of the data storage provider’s stock worth $16,441,000 after acquiring an additional 1,037 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in shares of Seagate Technology by 4.8% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 26,946 shares of the data storage provider’s stock worth $2,422,000 after acquiring an additional 1,237 shares during the period. Sei Investments Co. boosted its holdings in shares of Seagate Technology by 153.5% during the first quarter. Sei Investments Co. now owns 89,250 shares of the data storage provider’s stock worth $8,059,000 after acquiring an additional 54,038 shares during the period. Finally, Aviva PLC raised its position in shares of Seagate Technology by 44.3% in the first quarter. Aviva PLC now owns 95,541 shares of the data storage provider’s stock valued at $8,589,000 after buying an additional 29,329 shares in the last quarter. Institutional investors own 82.69% of the company’s stock.

Seagate Technology Company Profile

(Get Rating)

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.