TD Cowen Boosts Seagate Technology (NASDAQ:STX) Price Target to $135.00

Seagate Technology (NASDAQ:STX) had its price objective hoisted by equities researchers at TD Cowen from $110.00 to $135.00 in a note issued to investors on Wednesday, Marketbeat Ratings reports. The firm presently has a “buy” rating on the data storage provider’s stock. TD Cowen’s target price suggests a potential upside of 29.86% from the stock’s previous close.

A number of other research analysts also recently issued reports on STX. Mizuho boosted their price objective on shares of Seagate Technology from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Morgan Stanley upgraded shares of Seagate Technology from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $73.00 to $115.00 in a report on Tuesday, March 26th. Citigroup upped their target price on Seagate Technology from $110.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Cantor Fitzgerald raised their target price on Seagate Technology from $100.00 to $120.00 and gave the company a “neutral” rating in a research note on Tuesday, July 16th. Finally, UBS Group upped their price target on Seagate Technology from $90.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 24th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $115.94.

Seagate Technology Trading Down 5.1 %

STX stock opened at $103.96 on Wednesday. The stock has a market capitalization of $21.83 billion, a price-to-earnings ratio of -80.59 and a beta of 1.02. The firm’s 50-day moving average price is $101.15 and its two-hundred day moving average price is $92.91. Seagate Technology has a 12-month low of $57.32 and a 12-month high of $113.57.

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

Insider Activity at Seagate Technology

In related news, SVP John Christopher Morris sold 11,158 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $90.00, for a total transaction of $1,004,220.00. Following the sale, the senior vice president now directly owns 17,767 shares of the company’s stock, valued at $1,599,030. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, SVP John Christopher Morris sold 11,158 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $90.00, for a total transaction of $1,004,220.00. Following the transaction, the senior vice president now owns 17,767 shares in the company, valued at $1,599,030. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Ban Seng Teh sold 9,703 shares of Seagate Technology stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $95.00, for a total transaction of $921,785.00. Following the completion of the sale, the executive vice president now directly owns 15,185 shares of the company’s stock, valued at approximately $1,442,575. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,531 shares of company stock valued at $3,592,946. 0.89% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of STX. HB Wealth Management LLC purchased a new position in shares of Seagate Technology during the 4th quarter worth $203,000. CVA Family Office LLC bought a new stake in Seagate Technology during the fourth quarter valued at about $27,000. Raymond James Financial Services Advisors Inc. increased its position in Seagate Technology by 17.3% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 81,627 shares of the data storage provider’s stock worth $6,969,000 after buying an additional 12,047 shares in the last quarter. Kingswood Wealth Advisors LLC bought a new position in shares of Seagate Technology in the fourth quarter worth about $287,000. Finally, Assenagon Asset Management S.A. lifted its position in shares of Seagate Technology by 2.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 9,251 shares of the data storage provider’s stock valued at $790,000 after buying an additional 207 shares in the last quarter. 92.87% of the stock is 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.