Seagate Technology (NASDAQ:STX) Stock Price Expected to Rise, Cantor Fitzgerald Analyst Says

Seagate Technology (NASDAQ:STX) had its target price increased by research analysts at Cantor Fitzgerald from $110.00 to $125.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the data storage provider’s stock. Cantor Fitzgerald’s price target indicates a potential upside of 16.86% from the company’s previous close.

Other equities analysts also recently issued research reports about the company. Morgan Stanley lowered their price target on Seagate Technology from $133.00 to $129.00 and set an “overweight” rating on the stock in a report on Tuesday, January 21st. BNP Paribas Exane upgraded Seagate Technology from an “underperform” rating to a “neutral” rating and set a $100.00 price target on the stock in a report on Friday, May 16th. Rosenblatt Securities reiterated a “buy” rating and set a $130.00 price target on shares of Seagate Technology in a report on Wednesday, April 30th. Citigroup lowered their price target on Seagate Technology from $115.00 to $90.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Finally, BNP Paribas raised Seagate Technology from a “strong sell” rating to a “hold” rating in a research report on Friday, May 16th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $116.21.

Seagate Technology Stock Performance

NASDAQ:STX opened at $106.97 on Monday. The stock’s 50 day moving average price is $85.44 and its 200 day moving average price is $92.52. Seagate Technology has a 52 week low of $63.19 and a 52 week high of $115.32. The company has a market capitalization of $22.70 billion, a P/E ratio of 19.56 and a beta of 1.32.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results on Tuesday, April 29th. The data storage provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.75 by $0.15. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter last year, the company posted $0.33 earnings per share. The company’s revenue for the quarter was up 30.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Seagate Technology will post 6.83 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $84.56, for a total transaction of $1,691,200.00. Following the completion of the transaction, the chief executive officer now directly owns 555,677 shares in the company, valued at $46,988,047.12. This represents a 3.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.81% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of STX. Capital Research Global Investors raised its stake in Seagate Technology by 56.5% during the fourth quarter. Capital Research Global Investors now owns 15,621,162 shares of the data storage provider’s stock worth $1,348,262,000 after acquiring an additional 5,640,443 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Seagate Technology by 12.9% in the first quarter. JPMorgan Chase & Co. now owns 18,920,792 shares of the data storage provider’s stock valued at $1,607,321,000 after buying an additional 2,161,191 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Seagate Technology by 6.9% in the fourth quarter. Vanguard Group Inc. now owns 27,974,117 shares of the data storage provider’s stock valued at $2,414,446,000 after buying an additional 1,814,821 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Seagate Technology by 3,339.4% in the first quarter. Wellington Management Group LLP now owns 933,996 shares of the data storage provider’s stock valued at $79,343,000 after buying an additional 906,840 shares during the last quarter. Finally, Marshall Wace LLP bought a new position in shares of Seagate Technology in the fourth quarter valued at about $77,341,000. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Seagate Technology Company Profile

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.