Seagate Technology (NASDAQ:STX) Given “Outperform” Rating at Wedbush

Seagate Technology (NASDAQ:STX)‘s stock had its “outperform” rating reaffirmed by research analysts at Wedbush in a report released on Wednesday,RTT News reports. They presently have a $150.00 price target on the data storage provider’s stock. Wedbush’s price objective points to a potential upside of 38.66% from the company’s current price. Wedbush also issued estimates for Seagate Technology’s FY2026 earnings at $12.87 EPS.

STX has been the topic of several other research reports. Summit Insights upgraded Seagate Technology from a “hold” rating to a “buy” rating in a report on Wednesday. Wells Fargo & Company lowered their price objective on shares of Seagate Technology from $120.00 to $110.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 16th. The Goldman Sachs Group reduced their target price on Seagate Technology from $112.00 to $99.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. UBS Group lifted their price objective on Seagate Technology from $95.00 to $105.00 and gave the company a “neutral” rating in a report on Wednesday. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $120.00 price objective on shares of Seagate Technology in a research report on Wednesday. One analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $122.56.

Seagate Technology Price Performance

Shares of NASDAQ:STX traded up $6.93 during midday trading on Wednesday, reaching $108.18. The company had a trading volume of 9,809,466 shares, compared to its average volume of 3,870,931. The stock’s fifty day moving average price is $94.32 and its 200-day moving average price is $100.28. The stock has a market capitalization of $22.88 billion, a P/E ratio of 28.25 and a beta of 1.06. Seagate Technology has a one year low of $82.31 and a one year high of $115.32.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results 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 net margin of 11.34% and a negative return on equity of 32.19%. The company’s revenue for the quarter was up 49.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.34) earnings per share. As a group, sell-side analysts forecast that Seagate Technology will post 7.18 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $99.53, for a total value of $1,990,600.00. Following the completion of the transaction, the chief executive officer now owns 642,497 shares in the company, valued at $63,947,726.41. This trade represents a 3.02 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Kian Fatt Chong sold 9,182 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $105.50, for a total value of $968,701.00. The disclosure for this sale can be found here. Insiders have sold 54,173 shares of company stock worth $5,529,679 in the last ninety days. 0.81% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Seagate Technology

Several institutional investors and hedge funds have recently bought and sold shares of STX. Sequoia Financial Advisors LLC boosted its position in Seagate Technology by 3.6% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 2,560 shares of the data storage provider’s stock valued at $281,000 after acquiring an additional 89 shares in the last quarter. Affinity Capital Advisors LLC raised its stake in shares of Seagate Technology by 1.5% during the 3rd quarter. Affinity Capital Advisors LLC now owns 6,620 shares of the data storage provider’s stock valued at $725,000 after buying an additional 100 shares during the last quarter. Berkshire Bank grew its position in shares of Seagate Technology by 2.6% during the 4th quarter. Berkshire Bank now owns 4,118 shares of the data storage provider’s stock valued at $355,000 after acquiring an additional 103 shares during the period. My Legacy Advisors LLC boosted its holdings in Seagate Technology by 3.9% in the 4th quarter. My Legacy Advisors LLC now owns 3,113 shares of the data storage provider’s stock worth $294,000 after buying an additional 118 shares during the last quarter. Finally, AdvisorNet Financial Inc boosted its holdings in Seagate Technology by 3.7% in the 4th quarter. AdvisorNet Financial Inc now owns 3,377 shares of the data storage provider’s stock worth $291,000 after buying an additional 122 shares during the last quarter. 92.87% of the stock is currently 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.