Seagate Technology (NASDAQ:STX) PT Raised to $90.00


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Seagate Technology (NASDAQ:STX) had its price target upped by equities research analysts at Morgan Stanley from $86.00 to $90.00 in a research note issued on Thursday, The Fly reports. The firm currently has an “overweight” rating on the data storage provider’s stock. Morgan Stanley’s target price would suggest a potential upside of 13.98% from the company’s previous close.

A number of other brokerages have also weighed in on STX. Barclays raised their price objective on Seagate Technology from $60.00 to $65.00 and gave the company an “underweight” rating in a research report on Thursday, February 25th. Deutsche Bank Aktiengesellschaft raised their price objective on Seagate Technology from $58.00 to $70.00 and gave the company a “hold” rating in a research report on Thursday, February 25th. Bank of America upgraded Seagate Technology from an “underperform” rating to a “buy” rating and set a $90.00 price target for the company in a research report on Thursday, February 18th. Zacks Investment Research lowered Seagate Technology from a “buy” rating to a “hold” rating and set a $77.00 price target for the company. in a research report on Monday, February 22nd. Finally, Summit Insights upgraded Seagate Technology from a “hold” rating to a “buy” rating in a research report on Friday, January 22nd. Four analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $70.63.

NASDAQ:STX opened at $78.96 on Thursday. The company has a quick ratio of 1.01, a current ratio of 1.51 and a debt-to-equity ratio of 2.27. The business’s 50-day simple moving average is $74.80 and its two-hundred day simple moving average is $62.37. The stock has a market cap of $18.69 billion, a PE ratio of 20.14, a P/E/G ratio of 11.24 and a beta of 1.22. Seagate Technology has a 52 week low of $43.53 and a 52 week high of $79.86.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings data on Wednesday, January 20th. The data storage provider reported $1.29 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.13 by $0.16. The firm had revenue of $2.62 billion during the quarter, compared to analyst estimates of $2.55 billion. Seagate Technology had a return on equity of 65.10% and a net margin of 10.02%. During the same quarter last year, the business posted $1.35 earnings per share. Sell-side analysts anticipate that Seagate Technology will post 4.4 earnings per share for the current fiscal year.

In other Seagate Technology news, SVP Katherine Schuelke sold 4,525 shares of the stock in a transaction dated Friday, March 5th. The shares were sold at an average price of $73.20, for a total value of $331,230.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Stephanie Tilenius sold 7,000 shares of the stock in a transaction dated Thursday, March 11th. The shares were sold at an average price of $77.38, for a total transaction of $541,660.00. Following the completion of the sale, the director now owns 16,468 shares of the company’s stock, valued at approximately $1,274,293.84. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,636,975 shares of company stock valued at $100,101,615. Insiders own 0.97% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in STX. JPMorgan Chase & Co. raised its holdings in Seagate Technology by 214.1% in the 4th quarter. JPMorgan Chase & Co. now owns 5,005,897 shares of the data storage provider’s stock valued at $311,167,000 after acquiring an additional 3,412,343 shares during the last quarter. Norges Bank acquired a new stake in Seagate Technology in the 4th quarter valued at about $138,077,000. Wedge Capital Management L L P NC acquired a new stake in Seagate Technology in the 4th quarter valued at about $65,734,000. Morgan Stanley raised its holdings in Seagate Technology by 22.8% in the 4th quarter. Morgan Stanley now owns 4,073,442 shares of the data storage provider’s stock valued at $253,205,000 after acquiring an additional 757,290 shares during the last quarter. Finally, Nuveen Asset Management LLC grew its stake in shares of Seagate Technology by 548.9% in the 4th quarter. Nuveen Asset Management LLC now owns 461,323 shares of the data storage provider’s stock valued at $28,676,000 after buying an additional 390,230 shares during the period. Institutional investors own 82.51% of the company’s stock.

Seagate Technology Company Profile

Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. The company offers hard disk and solid state drives, including serial advanced technology attachment, serial attached SCSI, and non-volatile memory express products; solid state hybrid drives; and storage subsystems.

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