Citigroup Forecasts Strong Price Appreciation for Seagate Technology (NASDAQ:STX) Stock

Seagate Technology (NASDAQ:STX) had its target price increased by research analysts at Citigroup from $275.00 to $320.00 in a report released on Tuesday, MarketBeat Ratings reports. The firm currently has a “buy” rating on the data storage provider’s stock. Citigroup’s price objective would indicate a potential upside of 23.71% from the stock’s current price.

Several other equities research analysts have also commented on the stock. UBS Group cut their price target on shares of Seagate Technology from $235.00 to $230.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 29th. Wedbush lifted their target price on Seagate Technology from $260.00 to $290.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 29th. Rosenblatt Securities upped their target price on Seagate Technology from $250.00 to $270.00 and gave the company a “buy” rating in a research report on Wednesday, October 29th. Barclays raised their price target on Seagate Technology from $200.00 to $240.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 29th. Finally, Morgan Stanley boosted their price objective on Seagate Technology from $265.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, October 29th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $285.45.

Seagate Technology Stock Down 3.1%

Shares of Seagate Technology stock opened at $258.67 on Tuesday. Seagate Technology has a 52 week low of $63.19 and a 52 week high of $297.88. The firm’s 50 day moving average is $247.30 and its two-hundred day moving average is $185.88. The firm has a market capitalization of $55.24 billion, a P/E ratio of 33.21, a P/E/G ratio of 1.06 and a beta of 1.59.

Insiders Place Their Bets

In other Seagate Technology news, Director Stephanie Tilenius sold 2,046 shares of the firm’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $266.41, for a total value of $545,074.86. Following the completion of the sale, the director owned 12,244 shares of the company’s stock, valued at approximately $3,261,924.04. This trade represents a 14.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William D. Mosley sold 20,000 shares of the business’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $271.03, for a total transaction of $5,420,600.00. Following the sale, the chief executive officer owned 445,668 shares in the company, valued at $120,789,398.04. The trade was a 4.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 152,011 shares of company stock worth $39,835,990. Corporate insiders own 0.79% of the company’s stock.

Institutional Trading of Seagate Technology

Several large investors have recently modified their holdings of STX. First Horizon Corp purchased a new stake in Seagate Technology in the 3rd quarter valued at approximately $33,000. Raiffeisen Bank International AG purchased a new stake in shares of Seagate Technology in the third quarter valued at $33,000. Physician Wealth Advisors Inc. boosted its stake in shares of Seagate Technology by 43.7% during the third quarter. Physician Wealth Advisors Inc. now owns 148 shares of the data storage provider’s stock valued at $35,000 after acquiring an additional 45 shares during the last quarter. Palisade Asset Management LLC purchased a new stake in Seagate Technology during the 3rd quarter worth about $37,000. Finally, Larson Financial Group LLC raised its stake in Seagate Technology by 41.9% in the 3rd quarter. Larson Financial Group LLC now owns 166 shares of the data storage provider’s stock valued at $39,000 after purchasing an additional 49 shares during the last quarter. 92.87% of the stock is currently owned by institutional investors and hedge funds.

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.