Seagate Technology (NASDAQ:STX) Rating Increased to Neutral at Susquehanna

Seagate Technology (NASDAQ:STX) was upgraded by equities researchers at Susquehanna from a “negative” rating to a “neutral” rating in a report issued on Friday, MarketBeat reports. The brokerage presently has a $280.00 target price on the data storage provider’s stock, up from their prior target price of $150.00. Susquehanna’s price objective points to a potential downside of 12.59% from the stock’s previous close.

A number of other equities research analysts have also recently weighed in on STX. Weiss Ratings restated a “buy (b)” rating on shares of Seagate Technology in a research note on Monday, December 29th. Benchmark raised their target price on shares of Seagate Technology from $255.00 to $325.00 and gave the company a “buy” rating in a research note on Tuesday, December 16th. Cantor Fitzgerald boosted their price target on shares of Seagate Technology from $280.00 to $400.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. Wedbush upped their price target on shares of Seagate Technology from $260.00 to $290.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 29th. Finally, Rosenblatt Securities raised their price objective on shares of Seagate Technology from $250.00 to $270.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Seagate Technology currently has a consensus rating of “Moderate Buy” and an average target price of $320.39.

Seagate Technology Price Performance

STX opened at $320.32 on Friday. The stock’s 50 day moving average price is $282.16 and its 200 day moving average price is $221.57. The stock has a market cap of $68.41 billion, a P/E ratio of 41.12, a P/E/G ratio of 1.22 and a beta of 1.60. Seagate Technology has a 12 month low of $63.19 and a 12 month high of $332.00.

Insiders Place Their Bets

In related news, CFO Gianluca Romano sold 54,021 shares of the stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $285.16, for a total transaction of $15,404,628.36. Following the completion of the sale, the chief financial officer directly owned 56,293 shares of the company’s stock, valued at $16,052,511.88. This represents a 48.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $285.56, for a total transaction of $5,711,200.00. Following the sale, the chief executive officer owned 429,895 shares of the company’s stock, valued at $122,760,816.20. The trade was a 4.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 132,557 shares of company stock worth $36,847,793. Company insiders own 0.79% of the company’s stock.

Hedge Funds Weigh In On Seagate Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. WCM Investment Management LLC acquired a new stake in Seagate Technology during the 3rd quarter worth about $1,187,621,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Seagate Technology by 1,072.5% in the third quarter. Arrowstreet Capital Limited Partnership now owns 2,949,512 shares of the data storage provider’s stock worth $696,262,000 after buying an additional 2,697,957 shares during the period. Norges Bank purchased a new position in shares of Seagate Technology in the second quarter worth approximately $197,027,000. Boston Partners acquired a new stake in shares of Seagate Technology during the second quarter valued at approximately $193,500,000. Finally, Soroban Capital Partners LP lifted its position in shares of Seagate Technology by 1,468.1% in the 2nd quarter. Soroban Capital Partners LP now owns 1,417,600 shares of the data storage provider’s stock valued at $204,602,000 after acquiring an additional 1,327,197 shares in 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.