Morgan Stanley Issues Pessimistic Forecast for Seagate Technology (NASDAQ:STX) Stock Price

Seagate Technology (NASDAQ:STX) had its target price lowered by Morgan Stanley from $133.00 to $129.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the data storage provider’s stock. Morgan Stanley’s price target points to a potential upside of 32.08% from the company’s previous close.

Several other brokerages have also recently issued reports on STX. Benchmark restated a “hold” rating on shares of Seagate Technology in a research report on Wednesday, October 23rd. Wells Fargo & Company reduced their price target on Seagate Technology from $120.00 to $110.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 16th. Cantor Fitzgerald restated a “neutral” rating and set a $125.00 price objective on shares of Seagate Technology in a research report on Wednesday, October 23rd. Mizuho cut their price objective on Seagate Technology from $130.00 to $110.00 and set an “outperform” rating on the stock in a research note on Friday, January 10th. Finally, The Goldman Sachs Group decreased their target price on shares of Seagate Technology from $112.00 to $99.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, Seagate Technology has a consensus rating of “Moderate Buy” and a consensus price target of $120.71.

Seagate Technology Stock Up 2.7 %

Shares of STX stock opened at $97.67 on Tuesday. Seagate Technology has a twelve month low of $82.31 and a twelve month high of $115.32. The stock’s fifty day simple moving average is $94.32 and its 200 day simple moving average is $100.28. The firm has a market capitalization of $20.66 billion, a P/E ratio of 25.50 and a beta of 1.06.

Seagate Technology (NASDAQ:STX) last released 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. The company had revenue of $2.17 billion during the quarter, compared to the consensus estimate of $2.13 billion. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. The firm’s revenue was up 49.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.34) earnings per share. As a group, equities research analysts expect that Seagate Technology will post 7.18 EPS for the current fiscal year.

Insider Transactions at Seagate Technology

In other Seagate Technology news, SVP Kian Fatt Chong sold 9,182 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $105.50, for a total transaction of $968,701.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, 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 transaction of $76,365.00. Following the sale, the director now directly owns 6,555 shares of the company’s stock, valued at approximately $667,430.10. The trade was a 10.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 54,173 shares of company stock valued at $5,529,679 in the last 90 days. 0.81% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Sanders Capital LLC lifted its position in shares of Seagate Technology by 0.9% during the third quarter. Sanders Capital LLC now owns 16,367,591 shares of the data storage provider’s stock valued at $1,792,742,000 after purchasing an additional 150,115 shares in the last quarter. State Street Corp increased its stake in Seagate Technology by 6.8% in the 3rd quarter. State Street Corp now owns 8,502,674 shares of the data storage provider’s stock valued at $937,081,000 after buying an additional 541,585 shares during the last quarter. Geode Capital Management LLC increased its stake in Seagate Technology by 8.3% in the 3rd quarter. Geode Capital Management LLC now owns 4,162,512 shares of the data storage provider’s stock valued at $454,477,000 after buying an additional 318,416 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of 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 worth $197,844,000 after buying an additional 405,232 shares during the last quarter. Finally, Duquesne Family Office LLC boosted its stake in shares of Seagate Technology by 22.0% in the 2nd quarter. Duquesne Family Office LLC now owns 1,755,278 shares of the data storage provider’s stock worth $181,268,000 after buying an additional 316,295 shares during the last quarter. Institutional investors own 92.87% of the company’s stock.

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.