Seagate Technology’s (STX) Neutral Rating Reaffirmed at Cantor Fitzgerald

Seagate Technology (NASDAQ:STX)‘s stock had its “neutral” rating reiterated by equities researchers at Cantor Fitzgerald in a research report issued on Wednesday,Benzinga reports. They presently have a $120.00 price objective on the data storage provider’s stock. Cantor Fitzgerald’s price target suggests a potential upside of 7.57% from the stock’s current price.

A number of other equities analysts have also recently issued reports on the company. Summit Insights upgraded Seagate Technology from a “hold” rating to a “buy” rating in a report on Wednesday. Bank of America lifted their price objective on Seagate Technology from $124.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday. Northland Securities reiterated an “outperform” rating and set a $160.00 price objective (up previously from $144.00) on shares of Seagate Technology in a report on Wednesday. Benchmark upgraded Seagate Technology from a “hold” rating to a “buy” rating and set a $120.00 price objective on the stock in a report on Wednesday. Finally, Morgan Stanley cut their price objective on Seagate Technology from $133.00 to $129.00 and set an “overweight” rating on the stock in a report on Tuesday. One research analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $122.56.

Seagate Technology Trading Up 10.2 %

STX stock traded up $10.31 during midday trading on Wednesday, hitting $111.56. The stock had a trading volume of 4,797,611 shares, compared to its average volume of 3,453,130. The stock has a 50-day simple moving average of $94.32 and a 200 day simple moving average of $100.28. Seagate Technology has a 52 week low of $82.31 and a 52 week high of $115.32. The firm has a market capitalization of $23.60 billion, a price-to-earnings ratio of 29.13 and a beta of 1.06.

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

Insider Transactions at Seagate Technology

In other news, CEO William D. Mosley sold 20,000 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $102.83, for a total transaction of $2,056,600.00. Following the completion of the transaction, the chief executive officer now owns 622,497 shares of the company’s stock, valued at approximately $64,011,366.51. The trade was a 3.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Yolanda Lee Conyers sold 750 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $101.82, for a total value of $76,365.00. Following the completion of the transaction, the director now directly owns 6,555 shares of the company’s stock, valued at approximately $667,430.10. The trade was a 10.27 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 54,173 shares of company stock valued at $5,529,679. Corporate insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Seagate Technology

Institutional investors and hedge funds have recently made changes to their positions in the stock. Sequoia Financial Advisors LLC boosted its position in shares of Seagate Technology by 3.6% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 2,560 shares of the data storage provider’s stock valued at $281,000 after purchasing an additional 89 shares in the last quarter. Affinity Capital Advisors LLC lifted its holdings in shares of Seagate Technology by 1.5% in the third quarter. Affinity Capital Advisors LLC now owns 6,620 shares of the data storage provider’s stock valued at $725,000 after purchasing an additional 100 shares in the last quarter. My Legacy Advisors LLC increased its position in shares of Seagate Technology by 3.9% during the fourth quarter. My Legacy Advisors LLC now owns 3,113 shares of the data storage provider’s stock valued at $294,000 after acquiring an additional 118 shares during the last quarter. AdvisorNet Financial Inc increased its position in shares of Seagate Technology by 3.7% during the fourth quarter. AdvisorNet Financial Inc now owns 3,377 shares of the data storage provider’s stock valued at $291,000 after acquiring an additional 122 shares during the last quarter. Finally, Ballentine Partners LLC increased its position in Seagate Technology by 3.6% in the third quarter. Ballentine Partners LLC now owns 3,671 shares of the data storage provider’s stock worth $402,000 after buying an additional 129 shares during the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Seagate Technology Company Profile

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.