Seagate Technology (NASDAQ:STX) Downgraded by StockNews.com to Hold

Seagate Technology (NASDAQ:STX) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

Several other research analysts have also recently weighed in on STX. Rosenblatt Securities boosted their price objective on shares of Seagate Technology from $125.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Benchmark restated a “hold” rating on shares of Seagate Technology in a research report on Wednesday, October 23rd. Wedbush reiterated an “outperform” rating and issued a $150.00 price target on shares of Seagate Technology in a report on Wednesday, October 23rd. Northland Securities boosted their price objective on Seagate Technology from $142.00 to $144.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $125.00 target price on shares of Seagate Technology in a research note on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Seagate Technology currently has a consensus rating of “Moderate Buy” and an average price target of $121.53.

Seagate Technology Stock Performance

Seagate Technology stock traded up $2.30 on Tuesday, reaching $91.23. The company’s stock had a trading volume of 3,252,137 shares, compared to its average volume of 2,579,617. The business’s fifty day moving average price is $94.92 and its 200 day moving average price is $100.45. The company has a market cap of $19.30 billion, a price-to-earnings ratio of 23.82 and a beta of 1.06. Seagate Technology has a twelve month low of $82.31 and a twelve month high of $115.32.

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

Insider Buying and Selling at Seagate Technology

In other news, Director Yolanda Lee Conyers sold 750 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $101.82, for a total value of $76,365.00. Following the sale, the director now directly owns 6,555 shares in the company, valued at $667,430.10. The trade was a 10.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP John Christopher Morris sold 1,131 shares of the stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $111.90, for a total value of $126,558.90. Following the transaction, the senior vice president now owns 7,191 shares of the company’s stock, valued at approximately $804,672.90. The trade was a 13.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 55,304 shares of company stock valued at $5,656,238. Company insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Seagate Technology

Several hedge funds have recently made changes to their positions in STX. Ashton Thomas Securities LLC acquired a new position in Seagate Technology during the third quarter valued at approximately $26,000. Quarry LP acquired a new stake in shares of Seagate Technology in the 2nd quarter valued at approximately $27,000. Kayne Anderson Rudnick Investment Management LLC grew its stake in shares of Seagate Technology by 2,407.1% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider’s stock valued at $36,000 after buying an additional 337 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in Seagate Technology by 177.9% during the third quarter. Advisors Asset Management Inc. now owns 403 shares of the data storage provider’s stock worth $44,000 after buying an additional 258 shares during the last quarter. Finally, JFS Wealth Advisors LLC raised its position in Seagate Technology by 232.5% during the third quarter. JFS Wealth Advisors LLC now owns 419 shares of the data storage provider’s stock worth $46,000 after acquiring an additional 293 shares in the last quarter. 92.87% of the stock is owned by 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.