Seagate Technology (NASDAQ:STX) Given New $360.00 Price Target at Wells Fargo & Company

Seagate Technology (NASDAQ:STX) had its target price upped by research analysts at Wells Fargo & Company from $250.00 to $360.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the data storage provider’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 12.91% from the stock’s current price.

A number of other analysts have also recently weighed in on the stock. Bank of America upped their target price on shares of Seagate Technology from $275.00 to $320.00 and gave the company a “buy” rating in a research note on Thursday, November 20th. Rosenblatt Securities upped their target price on shares of Seagate Technology from $250.00 to $270.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Benchmark raised their price target on shares of Seagate Technology from $255.00 to $325.00 and gave the company a “buy” rating in a report on Tuesday, December 16th. Loop Capital upped their price objective on Seagate Technology from $350.00 to $465.00 and gave the stock a “buy” rating in a report on Monday, November 10th. Finally, Sanford C. Bernstein lifted their target price on Seagate Technology from $275.00 to $370.00 and gave the company an “outperform” rating in a research note on Thursday, November 6th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $297.91.

Seagate Technology Price Performance

NASDAQ:STX traded up $6.56 during trading hours on Thursday, reaching $318.84. The company’s stock had a trading volume of 363,268 shares, compared to its average volume of 3,366,653. Seagate Technology has a one year low of $63.19 and a one year high of $332.00. The company has a market cap of $68.09 billion, a price-to-earnings ratio of 40.94, a price-to-earnings-growth ratio of 1.25 and a beta of 1.60. The business’s 50-day moving average is $281.33 and its 200-day moving average is $220.88.

Insider Buying and Selling at Seagate Technology

In other news, EVP Kian Fatt Chong sold 7,078 shares of the firm’s stock in a transaction that occurred on Thursday, October 30th. The shares were sold at an average price of $272.14, for a total value of $1,926,206.92. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Gianluca Romano sold 54,021 shares of the company’s stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $285.16, for a total transaction of $15,404,628.36. Following the transaction, the chief financial officer owned 56,293 shares of the company’s stock, valued at approximately $16,052,511.88. This represents a 48.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 132,557 shares of company stock valued at $36,847,793 in the last quarter. Company insiders own 0.79% of the company’s stock.

Institutional Investors Weigh In On Seagate Technology

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Seagate Technology by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 28,140,287 shares of the data storage provider’s stock worth $6,642,796,000 after buying an additional 442,749 shares during the period. State Street Corp lifted its holdings in Seagate Technology by 3.1% during the third quarter. State Street Corp now owns 9,276,278 shares of the data storage provider’s stock worth $2,196,420,000 after acquiring an additional 274,913 shares during the period. WCM Investment Management LLC purchased a new position in Seagate Technology in the third quarter worth $1,187,621,000. Geode Capital Management LLC grew its stake in Seagate Technology by 1.9% in the 2nd quarter. Geode Capital Management LLC now owns 4,567,181 shares of the data storage provider’s stock valued at $656,066,000 after purchasing an additional 85,660 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its position in shares of Seagate Technology by 1,072.5% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,949,512 shares of the data storage provider’s stock valued at $696,262,000 after purchasing an additional 2,697,957 shares during the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Seagate Technology Company Profile

Seagate Technology (NASDAQ: STX) is a global data storage company that designs, manufactures and sells a broad range of storage products and systems. The firm’s product portfolio includes traditional hard disk drives (HDDs), solid-state drives (SSDs), hybrid storage devices and integrated storage systems aimed at enterprise, cloud, OEM and consumer markets. Seagate also provides services that support its hardware offerings, including data recovery and storage management solutions.

Seagate’s products are used in a wide array of applications, from large-scale data centers and cloud infrastructure to desktop and portable consumer devices.