Seagate Technology (NASDAQ:STX) Price Target Raised to $95.00

Seagate Technology (NASDAQ:STX) had its price objective hoisted by research analysts at UBS Group from $90.00 to $95.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the data storage provider’s stock. UBS Group’s price objective would suggest a potential upside of 11.88% from the company’s previous close.

STX has been the topic of several other reports. The Goldman Sachs Group raised their price target on Seagate Technology from $84.00 to $96.00 and gave the stock a “neutral” rating in a research report on Wednesday. Barclays reduced their price target on Seagate Technology from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Monday. Wells Fargo & Company lifted their target price on Seagate Technology from $80.00 to $90.00 and gave the stock an “equal weight” rating in a report on Thursday, February 1st. Morgan Stanley upgraded Seagate Technology from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $73.00 to $115.00 in a report on Tuesday, March 26th. Finally, TD Cowen lifted their target price on Seagate Technology from $85.00 to $110.00 and gave the stock an “outperform” rating in a report on Thursday, January 25th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Seagate Technology presently has a consensus rating of “Hold” and a consensus price target of $94.53.

Seagate Technology Stock Down 1.9 %

Shares of STX stock traded down $1.62 during mid-day trading on Wednesday, reaching $84.91. The stock had a trading volume of 3,378,996 shares, compared to its average volume of 2,804,414. The firm’s 50 day simple moving average is $89.29 and its 200 day simple moving average is $82.61. Seagate Technology has a one year low of $54.47 and a one year high of $101.26. The firm has a market cap of $17.79 billion, a PE ratio of -24.24, a P/E/G ratio of 703.97 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.04. The business had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same period in the prior year, the business earned ($0.43) earnings per share. The company’s revenue for the quarter was down 11.0% on a year-over-year basis. Sell-side analysts forecast that Seagate Technology will post 0.1 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of STX. JPMorgan Chase & Co. raised its position in shares of Seagate Technology by 9.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 17,680,400 shares of the data storage provider’s stock worth $1,166,022,000 after acquiring an additional 1,485,937 shares in the last quarter. Stratos Wealth Partners LTD. raised its position in shares of Seagate Technology by 8.8% in the 4th quarter. Stratos Wealth Partners LTD. now owns 6,941 shares of the data storage provider’s stock worth $593,000 after acquiring an additional 561 shares in the last quarter. Gotham Asset Management LLC raised its position in shares of Seagate Technology by 51.1% in the 3rd quarter. Gotham Asset Management LLC now owns 86,680 shares of the data storage provider’s stock worth $5,717,000 after acquiring an additional 29,323 shares in the last quarter. SG Americas Securities LLC raised its position in shares of Seagate Technology by 78.4% in the 4th quarter. SG Americas Securities LLC now owns 38,563 shares of the data storage provider’s stock worth $3,292,000 after acquiring an additional 16,950 shares in the last quarter. Finally, Nordea Investment Management AB grew its stake in shares of Seagate Technology by 5.0% in the 4th quarter. Nordea Investment Management AB now owns 13,293 shares of the data storage provider’s stock valued at $1,144,000 after buying an additional 630 shares during the period. 92.87% of the stock is owned by institutional investors.

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.