Wells Fargo & Company Lowers Seagate Technology (NASDAQ:STX) Price Target to $110.00

Seagate Technology (NASDAQ:STX) had its target price reduced by equities research analysts at Wells Fargo & Company from $120.00 to $110.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the data storage provider’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 12.62% from the stock’s previous close.

STX has been the subject of a number of other research reports. Mizuho dropped their price objective on shares of Seagate Technology from $130.00 to $110.00 and set an “outperform” rating for the company in a report on Friday, January 10th. Wedbush reiterated an “outperform” rating and issued a $150.00 price objective on shares of Seagate Technology in a research note on Wednesday, October 23rd. StockNews.com cut Seagate Technology from a “buy” rating to a “hold” rating in a research note on Tuesday. Citigroup increased their price target on Seagate Technology from $125.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Finally, Benchmark reissued a “hold” rating on shares of Seagate Technology in a research report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, Seagate Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $120.94.

Seagate Technology Stock Up 2.7 %

Shares of NASDAQ STX opened at $97.67 on Thursday. Seagate Technology has a 52-week low of $82.31 and a 52-week high of $115.32. The business’s 50 day moving average is $94.40 and its two-hundred day moving average is $100.33. The firm has a market cap of $20.66 billion, a price-to-earnings ratio of 25.50 and a beta of 1.06.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.28. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. The firm had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter in the previous year, the business earned ($0.34) EPS. The company’s quarterly revenue was up 49.1% compared to the same quarter last year. Analysts anticipate that Seagate Technology will post 7.18 EPS for the current fiscal year.

Insiders Place Their Bets

In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of Seagate Technology stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $102.83, for a total value of $2,056,600.00. Following the transaction, the chief executive officer now directly owns 622,497 shares in the company, valued at approximately $64,011,366.51. The trade was a 3.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Yolanda Lee Conyers sold 750 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $101.82, for a total transaction of $76,365.00. Following the sale, the director now owns 6,555 shares of the company’s stock, valued at $667,430.10. This trade represents a 10.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 55,304 shares of company stock valued at $5,656,238 over the last quarter. Company insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Seagate Technology

Hedge funds have recently modified their holdings of the stock. Point72 Asset Management L.P. acquired a new position in Seagate Technology in the 3rd quarter valued at $133,031,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Seagate Technology by 341.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,308,958 shares of the data storage provider’s stock worth $143,370,000 after acquiring an additional 1,012,638 shares during the period. State Street Corp lifted its position in Seagate Technology by 6.8% in the third quarter. State Street Corp now owns 8,502,674 shares of the data storage provider’s stock valued at $937,081,000 after purchasing an additional 541,585 shares during the period. Franklin Resources Inc. boosted its holdings in Seagate Technology by 29.5% in the 3rd quarter. Franklin Resources Inc. now owns 1,778,811 shares of the data storage provider’s stock valued at $197,844,000 after purchasing an additional 405,232 shares in the last quarter. Finally, Point72 Hong Kong Ltd acquired a new position in Seagate Technology during the 2nd quarter worth approximately $35,349,000. 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.