Seagate Technology (NASDAQ:STX) Stock Rating Reaffirmed by Benchmark

Seagate Technology (NASDAQ:STX)‘s stock had its “hold” rating restated by research analysts at Benchmark in a note issued to investors on Wednesday, Benzinga reports.

Other equities analysts have also recently issued reports about the company. Morgan Stanley upgraded Seagate Technology from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $73.00 to $115.00 in a research note on Tuesday, March 26th. Rosenblatt Securities boosted their price target on shares of Seagate Technology from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, January 25th. Evercore ISI initiated coverage on shares of Seagate Technology in a research note on Tuesday, February 27th. They issued an “outperform” rating and a $110.00 price objective for the company. Barclays cut their target price on Seagate Technology from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Monday. Finally, TD Cowen increased their price target on Seagate Technology from $85.00 to $110.00 and gave the company an “outperform” rating in a research report on Thursday, January 25th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $94.53.

Seagate Technology Trading Up 0.2 %

Shares of NASDAQ STX opened at $87.26 on Wednesday. The firm has a market capitalization of $18.28 billion, a P/E ratio of -67.64, a P/E/G ratio of 719.92 and a beta of 1.04. The firm’s 50-day moving average price is $89.28 and its 200-day moving average price is $82.67. Seagate Technology has a 1-year low of $54.47 and a 1-year high of $101.26.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. The firm had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the prior year, the business earned ($0.43) earnings per share. Seagate Technology’s revenue for the quarter was down 11.0% on a year-over-year basis. Equities research analysts forecast that Seagate Technology will post 0.1 EPS for the current year.

Institutional Trading of Seagate Technology

Several institutional investors have recently added to or reduced their stakes in the business. New York State Teachers Retirement System boosted its position in Seagate Technology by 1.1% in the first quarter. New York State Teachers Retirement System now owns 182,951 shares of the data storage provider’s stock worth $17,024,000 after purchasing an additional 1,941 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its stake in shares of Seagate Technology by 15.2% in the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 20,500 shares of the data storage provider’s stock worth $1,908,000 after purchasing an additional 2,700 shares during the period. V Square Quantitative Management LLC boosted its holdings in shares of Seagate Technology by 17.3% in the first quarter. V Square Quantitative Management LLC now owns 5,299 shares of the data storage provider’s stock worth $493,000 after buying an additional 782 shares during the last quarter. Berkshire Bank grew its position in Seagate Technology by 23.4% during the first quarter. Berkshire Bank now owns 3,431 shares of the data storage provider’s stock valued at $319,000 after buying an additional 650 shares during the period. Finally, Global Retirement Partners LLC increased its holdings in Seagate Technology by 8.6% during the first quarter. Global Retirement Partners LLC now owns 1,735 shares of the data storage provider’s stock valued at $161,000 after buying an additional 138 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.