Susquehanna Increases Seagate Technology (NASDAQ:STX) Price Target to $65.00

Seagate Technology (NASDAQ:STX) had its price objective upped by investment analysts at Susquehanna from $55.00 to $65.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “negative” rating on the data storage provider’s stock. Susquehanna’s target price would indicate a potential downside of 37.48% from the company’s current price.

STX has been the topic of a number of other research reports. Wedbush boosted their target price on shares of Seagate Technology from $100.00 to $130.00 and gave the stock an “outperform” rating in a research report on Monday. Citigroup upped their price objective on shares of Seagate Technology from $110.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Bank of America reissued a “buy” rating and set a $110.00 target price on shares of Seagate Technology in a research report on Wednesday, June 5th. Cantor Fitzgerald upped their price target on Seagate Technology from $100.00 to $120.00 and gave the company a “neutral” rating in a report on Tuesday, July 16th. Finally, TD Cowen lifted their price objective on Seagate Technology from $110.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, Seagate Technology currently has a consensus rating of “Hold” and a consensus price target of $115.94.

Seagate Technology Price Performance

STX stock opened at $103.96 on Wednesday. The company has a 50-day moving average of $101.15 and a two-hundred day moving average of $92.91. The stock has a market capitalization of $21.83 billion, a price-to-earnings ratio of -80.59 and a beta of 1.02. Seagate Technology has a 52-week low of $57.32 and a 52-week high of $113.57.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.29. The firm had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.87 billion. Seagate Technology had a negative return on equity of 8.05% and a net margin of 5.11%. The firm’s revenue for the quarter was up 17.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.29) EPS. Equities analysts expect that Seagate Technology will post 5.11 EPS for the current fiscal year.

Insider Activity

In related news, EVP Ban Seng Teh sold 10,742 shares of the firm’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $100.00, for a total transaction of $1,074,200.00. Following the completion of the sale, the executive vice president now directly owns 5,042 shares of the company’s stock, valued at approximately $504,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Seagate Technology news, EVP Ban Seng Teh sold 10,742 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $100.00, for a total value of $1,074,200.00. Following the completion of the sale, the executive vice president now owns 5,042 shares in the company, valued at approximately $504,200. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP John Christopher Morris sold 5,928 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $99.99, for a total transaction of $592,740.72. Following the transaction, the senior vice president now owns 12,185 shares in the company, valued at $1,218,378.15. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 37,531 shares of company stock worth $3,592,946. Insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Seagate Technology

Several hedge funds and other institutional investors have recently made changes to their positions in STX. Farmers & Merchants Trust Co of Chambersburg PA bought a new position in Seagate Technology in the fourth quarter valued at about $26,000. CVA Family Office LLC bought a new stake in shares of Seagate Technology during the fourth quarter worth approximately $27,000. Turtle Creek Wealth Advisors LLC acquired a new position in Seagate Technology in the fourth quarter valued at approximately $28,000. Northwest Financial Advisors bought a new position in Seagate Technology in the fourth quarter valued at approximately $31,000. Finally, Family Firm Inc. acquired a new stake in Seagate Technology during the 2nd quarter worth $41,000. 92.87% of the stock is 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.