Wedbush Reaffirms Neutral Rating for Seagate Technology (NASDAQ:STX)

Seagate Technology (NASDAQ:STX)‘s stock had its “neutral” rating reissued by research analysts at Wedbush in a research note issued on Wednesday, Benzinga reports. They currently have a $100.00 price objective on the data storage provider’s stock. Wedbush’s target price indicates a potential upside of 14.60% from the stock’s current price.

Several other equities research analysts have also recently issued reports on the stock. BNP Paribas cut shares of Seagate Technology from a “neutral” rating to an “underperform” rating and set a $65.00 target price on the stock. in a research report on Thursday, January 11th. TD Cowen raised their target price on shares of Seagate Technology from $85.00 to $110.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. Robert W. Baird raised their target price on shares of Seagate Technology from $70.00 to $100.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. Morgan Stanley raised shares of Seagate Technology from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $73.00 to $115.00 in a research report on Tuesday, March 26th. Finally, The Goldman Sachs Group raised their target price on shares of Seagate Technology from $65.00 to $84.00 and gave the stock a “neutral” rating in a research report on Friday, January 26th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Seagate Technology currently has an average rating of “Hold” and an average price target of $94.53.

Seagate Technology Price Performance

Shares of NASDAQ STX opened at $87.26 on Wednesday. The company has a market cap of $18.28 billion, a PE ratio of -67.64, a price-to-earnings-growth ratio of 719.92 and a beta of 1.04. Seagate Technology has a 12 month low of $54.47 and a 12 month high of $101.26. The company has a 50-day simple moving average of $89.28 and a 200-day simple moving average of $82.67.

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Seagate Technology by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 24,006,681 shares of the data storage provider’s stock worth $2,049,450,000 after purchasing an additional 425,117 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Seagate Technology by 9.2% during the third quarter. JPMorgan Chase & Co. now owns 17,680,400 shares of the data storage provider’s stock worth $1,166,022,000 after purchasing an additional 1,485,937 shares in the last quarter. Capital Research Global Investors lifted its position in shares of Seagate Technology by 39.3% during the fourth quarter. Capital Research Global Investors now owns 16,614,884 shares of the data storage provider’s stock worth $1,418,413,000 after purchasing an additional 4,685,454 shares in the last quarter. Sanders Capital LLC increased its stake in shares of Seagate Technology by 3.0% in the fourth quarter. Sanders Capital LLC now owns 15,486,153 shares of the data storage provider’s stock worth $1,322,053,000 after buying an additional 443,768 shares during the last quarter. Finally, FMR LLC increased its stake in shares of Seagate Technology by 13.1% in the third quarter. FMR LLC now owns 13,929,708 shares of the data storage provider’s stock worth $918,664,000 after buying an additional 1,612,264 shares during the last quarter. 92.87% of the stock is owned by institutional investors and hedge funds.

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.