Seagate Technology (NASDAQ:STX) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Seagate Technology (NASDAQ:STX) had its price target raised by analysts at Morgan Stanley from $270.00 to $337.00 in a note issued to investors on Wednesday, MarketBeat.com reports. The firm currently has an “overweight” rating on the data storage provider’s stock. Morgan Stanley’s price objective would indicate a potential upside of 15.41% from the company’s previous close.

A number of other research firms have also issued reports on STX. Robert W. Baird raised their price target on Seagate Technology from $188.00 to $270.00 and gave the stock an “outperform” rating in a report on Wednesday, October 29th. Mizuho increased their price objective on Seagate Technology from $245.00 to $280.00 and gave the stock an “outperform” rating in a research report on Friday, October 17th. Bank of America lifted their target price on Seagate Technology from $275.00 to $320.00 and gave the company a “buy” rating in a research note on Thursday, November 20th. The Goldman Sachs Group boosted their target price on Seagate Technology from $170.00 to $270.00 and gave the company a “buy” rating in a report on Wednesday, October 8th. Finally, Rosenblatt Securities increased their price target on Seagate Technology from $250.00 to $270.00 and gave the stock a “buy” rating in a report on Wednesday, October 29th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $293.13.

Seagate Technology Stock Performance

Shares of Seagate Technology stock opened at $292.00 on Wednesday. Seagate Technology has a 1 year low of $63.19 and a 1 year high of $308.93. The company has a market capitalization of $62.36 billion, a P/E ratio of 37.48, a PEG ratio of 1.09 and a beta of 1.59. The company’s fifty day moving average is $258.69 and its two-hundred day moving average is $198.65.

Insider Activity

In other news, Director Stephanie Tilenius sold 2,046 shares of the company’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $266.41, for a total transaction of $545,074.86. Following the transaction, the director directly 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 through this hyperlink. Also, EVP Kian Fatt Chong sold 7,078 shares of the stock in a transaction dated Thursday, October 30th. The shares were sold at an average price of $272.14, for a total transaction of $1,926,206.92. The SEC filing for this sale provides additional information. Insiders have sold a total of 132,555 shares of company stock valued at $36,030,007 over the last three months. 0.79% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Seagate Technology

Several institutional investors and hedge funds have recently made changes to their positions in STX. Nuveen LLC acquired a new position in Seagate Technology during the first quarter worth about $17,058,000. Public Sector Pension Investment Board increased its stake in shares of Seagate Technology by 6.9% during the 1st quarter. Public Sector Pension Investment Board now owns 32,862 shares of the data storage provider’s stock worth $2,792,000 after purchasing an additional 2,135 shares in the last quarter. Raymond James Financial Inc. raised its position in shares of Seagate Technology by 44.3% during the 1st quarter. Raymond James Financial Inc. now owns 383,871 shares of the data storage provider’s stock worth $32,610,000 after purchasing an additional 117,844 shares during the last quarter. Brooklyn Investment Group lifted its stake in Seagate Technology by 41.5% in the 1st quarter. Brooklyn Investment Group now owns 702 shares of the data storage provider’s stock valued at $60,000 after buying an additional 206 shares in the last quarter. Finally, Korea Investment CORP grew its holdings in Seagate Technology by 16.5% during the 1st quarter. Korea Investment CORP now owns 147,454 shares of the data storage provider’s stock valued at $12,526,000 after buying an additional 20,904 shares during the last quarter. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

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.