Seagate Technology (NASDAQ:STX) Stock Rating Cut to “Hold” at Zacks Research

Seagate Technology (NASDAQ:STX) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday, Zacks reports.

A number of other research firms also recently weighed in on STX. Weiss Ratings restated a “buy (b)” rating on shares of Seagate Technology in a research note on Monday, September 21st. China Renaissance raised their target price on shares of Seagate Technology from $802.00 to $983.00 in a research report on Friday, June 12th. Barclays increased their price target on Seagate Technology from $1,000.00 to $1,250.00 and gave the company an “overweight” rating in a research note on Thursday, July 30th. Susquehanna boosted their price objective on Seagate Technology from $775.00 to $875.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 29th. Finally, Wall Street Zen upgraded Seagate Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Twenty-two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Seagate Technology has a consensus rating of “Moderate Buy” and a consensus price target of $986.00.

Seagate Technology Stock Down 0.9%

Shares of STX opened at $913.45 on Monday. The firm has a 50 day simple moving average of $853.79 and a two-hundred day simple moving average of $768.46. The company has a debt-to-equity ratio of 1.56, a current ratio of 1.67 and a quick ratio of 1.17. Seagate Technology has a one year low of $209.00 and a one year high of $1,145.00. The company has a market cap of $207.71 billion, a P/E ratio of 65.81 and a beta of 2.06.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings results on Tuesday, July 28th. The data storage provider reported $5.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.10 by $0.61. Seagate Technology had a return on equity of 369.98% and a net margin of 26.11%.The company had revenue of $3.63 billion for the quarter, compared to analyst estimates of $3.50 billion. During the same quarter last year, the company posted $2.59 EPS. The company’s revenue for the quarter was up 48.5% compared to the same quarter last year. Seagate Technology has set its Q1 2027 guidance at 7.100-7.500 EPS. Research analysts forecast that Seagate Technology will post 35.7 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP John Morris sold 9,354 shares of the company’s stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $877.91, for a total transaction of $8,211,970.14. Following the transaction, the executive vice president owned 22,693 shares in the company, valued at approximately $19,922,411.63. This represents a 29.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Mosley sold 97,889 shares of the firm’s stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $772.14, for a total transaction of $75,584,012.46. Following the completion of the transaction, the chief executive officer directly owned 378,108 shares in the company, valued at approximately $291,952,311.12. The trade was a 20.57% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 436,959 shares of company stock worth $351,170,369. Company insiders own 0.51% of the company’s stock.

Hedge Funds Weigh In On Seagate Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. QRG Capital Management Inc. boosted its stake in Seagate Technology by 15.5% in the second quarter. QRG Capital Management Inc. now owns 21,081 shares of the data storage provider’s stock valued at $20,343,000 after acquiring an additional 2,826 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted its position in Seagate Technology by 163.4% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 3,940 shares of the data storage provider’s stock valued at $3,802,000 after purchasing an additional 2,444 shares during the last quarter. Silicon Valley Capital Partners lifted its stake in Seagate Technology by 1,988.5% during the second quarter. Silicon Valley Capital Partners now owns 543 shares of the data storage provider’s stock worth $524,000 after purchasing an additional 517 shares during the last quarter. Altar Rock LLC bought a new stake in Seagate Technology in the 2nd quarter worth approximately $260,000. Finally, Wellington Altus USA Inc. grew its position in Seagate Technology by 137.3% during the 2nd quarter. Wellington Altus USA Inc. now owns 140 shares of the data storage provider’s stock worth $135,000 after acquiring an additional 81 shares during the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

Seagate Technology Company Profile

Seagate Technology Holdings plc is a data storage technology company that designs, manufactures and supplies solutions for storing, managing and accessing digital information. Its product portfolio is centered on hard disk drives (HDDs), including high-capacity drives used in cloud data centers, enterprise environments, surveillance systems, network-attached storage and personal computing.

The company also offers solid-state drives (SSDs), storage systems, external storage products and related services.