Benchmark Increases Seagate Technology (NASDAQ:STX) Price Target to $325.00

Seagate Technology (NASDAQ:STX) had its price target raised by investment analysts at Benchmark from $255.00 to $325.00 in a research report issued on Tuesday,MarketScreener reports. The firm presently has a “buy” rating on the data storage provider’s stock. Benchmark’s target price points to a potential upside of 17.05% from the stock’s previous close.

Several other research analysts also recently commented on the company. Zacks Research raised Seagate Technology from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 2nd. Argus lifted their target price on shares of Seagate Technology from $170.00 to $300.00 and gave the stock a “strong-buy” rating in a research note on Thursday, October 30th. Mizuho increased their price target on Seagate Technology from $245.00 to $280.00 and gave the stock an “outperform” rating in a report on Friday, October 17th. Cantor Fitzgerald raised their target price on Seagate Technology from $280.00 to $400.00 and gave the company an “overweight” rating in a research note on Thursday, November 6th. Finally, China Renaissance assumed coverage on shares of Seagate Technology in a report on Friday, December 5th. They set a “buy” rating and a $325.00 price objective on the stock. 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 given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $293.13.

Seagate Technology Stock Performance

NASDAQ STX opened at $277.65 on Tuesday. The stock has a fifty day moving average of $257.28 and a 200-day moving average of $198.00. The stock has a market capitalization of $59.29 billion, a P/E ratio of 35.64, a price-to-earnings-growth ratio of 1.13 and a beta of 1.59. Seagate Technology has a 52 week low of $63.19 and a 52 week high of $308.93.

Insider Buying and Selling

In other Seagate Technology news, Director Stephanie Tilenius sold 2,046 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $266.41, for a total transaction of $545,074.86. Following the completion of the transaction, the director owned 12,244 shares of the company’s stock, valued at $3,261,924.04. This represents a 14.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Kian Fatt Chong sold 7,078 shares of Seagate Technology 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 SEC filing for this sale provides additional information. Insiders have sold 132,555 shares of company stock worth $36,030,007 over the last 90 days. Insiders own 0.79% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of STX. Keel Point LLC bought a new stake in shares of Seagate Technology in the 3rd quarter worth about $301,000. Hudson Bay Capital Management LP purchased a new position in Seagate Technology in the third quarter worth about $3,309,000. CTC Alternative Strategies Ltd. purchased a new position in Seagate Technology in the third quarter worth about $637,000. Allworth Financial LP increased its stake in Seagate Technology by 0.5% during the third quarter. Allworth Financial LP now owns 26,720 shares of the data storage provider’s stock worth $6,308,000 after acquiring an additional 141 shares during the last quarter. Finally, IFP Advisors Inc raised its position in Seagate Technology by 102.2% during the third quarter. IFP Advisors Inc now owns 2,014 shares of the data storage provider’s stock valued at $475,000 after purchasing an additional 1,018 shares during the period. Institutional investors own 92.87% of the company’s stock.

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.