UBS Group Increases Seagate Technology (NASDAQ:STX) Price Target to $70.00

Seagate Technology (NASDAQ:STX) had its price target hoisted by analysts at UBS Group from $60.00 to $70.00 in a research report issued to clients and investors on Friday, Briefing.com reports. The firm presently has a “neutral” rating on the data storage provider’s stock. UBS Group’s price objective would indicate a potential upside of 2.64% from the company’s previous close.

Several other research analysts have also issued reports on the company. Wedbush reissued a “neutral” rating and issued a $55.00 target price on shares of Seagate Technology in a research report on Wednesday, September 6th. Morgan Stanley increased their target price on Seagate Technology from $60.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Friday. Evercore ISI cut their price target on Seagate Technology from $75.00 to $70.00 in a research note on Thursday, October 5th. Susquehanna upped their price target on Seagate Technology from $33.00 to $40.00 in a research note on Thursday, July 27th. Finally, Barclays downgraded Seagate Technology from an “overweight” rating to an “equal weight” rating and set a $65.00 price target on the stock. in a research note on Thursday, September 7th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $65.82.

Seagate Technology Price Performance

STX opened at $68.20 on Friday. The business has a 50 day simple moving average of $66.59 and a two-hundred day simple moving average of $63.33. The firm has a market capitalization of $14.18 billion, a price-to-earnings ratio of -19.10 and a beta of 1.08. Seagate Technology has a one year low of $47.47 and a one year high of $74.51.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Thursday, October 26th. The data storage provider reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.02). The business had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.51 billion. Seagate Technology had a negative net margin of 10.91% and a negative return on equity of 69.08%. The company’s revenue for the quarter was down 28.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.37 EPS. As a group, sell-side analysts expect that Seagate Technology will post -0.33 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Edward J. Zander sold 1,370 shares of Seagate Technology stock in a transaction on Monday, October 23rd. The stock was sold at an average price of $65.25, for a total value of $89,392.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Edward J. Zander sold 1,370 shares of Seagate Technology stock in a transaction on Monday, October 23rd. The stock was sold at an average price of $65.25, for a total value of $89,392.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William D. Mosley sold 200,000 shares of Seagate Technology stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $70.28, for a total value of $14,056,000.00. Following the completion of the sale, the chief executive officer now directly owns 616,309 shares of the company’s stock, valued at approximately $43,314,196.52. The disclosure for this sale can be found here. Insiders sold 211,548 shares of company stock valued at $14,790,651 over the last 90 days. Company insiders own 0.89% of the company’s stock.

Institutional Trading of Seagate Technology

Several hedge funds have recently bought and sold shares of STX. IFP Advisors Inc grew its stake in shares of Seagate Technology by 4.9% during the third quarter. IFP Advisors Inc now owns 3,542 shares of the data storage provider’s stock valued at $234,000 after buying an additional 164 shares during the last quarter. Bangor Savings Bank grew its stake in Seagate Technology by 2.5% in the third quarter. Bangor Savings Bank now owns 6,768 shares of the data storage provider’s stock worth $446,000 after purchasing an additional 166 shares in the last quarter. Rothschild Investment LLC IL grew its stake in Seagate Technology by 1.9% in the third quarter. Rothschild Investment LLC IL now owns 9,294 shares of the data storage provider’s stock worth $613,000 after purchasing an additional 170 shares in the last quarter. Good Life Advisors LLC grew its stake in Seagate Technology by 5.4% in the second quarter. Good Life Advisors LLC now owns 3,480 shares of the data storage provider’s stock worth $215,000 after purchasing an additional 179 shares in the last quarter. Finally, Clear Street Markets LLC grew its stake in Seagate Technology by 18.2% in the first quarter. Clear Street Markets LLC now owns 1,175 shares of the data storage provider’s stock worth $78,000 after purchasing an additional 181 shares in the last quarter. Institutional investors own 85.26% of the company’s stock.

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.