Seagate Technology (NASDAQ:STX) Stock Rating Upgraded by BNP Paribas Exane

Seagate Technology (NASDAQ:STX) was upgraded by stock analysts at BNP Paribas Exane from an “underperform” rating to a “neutral” rating in a research note issued on Friday, MarketBeat Ratings reports. The firm currently has a $100.00 price objective on the data storage provider’s stock. BNP Paribas Exane’s target price points to a potential downside of 7.23% from the company’s current price.

STX has been the topic of several other research reports. Barclays upped their price target on Seagate Technology from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 30th. UBS Group upped their price target on Seagate Technology from $80.00 to $85.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 30th. Morgan Stanley cut their price target on Seagate Technology from $133.00 to $129.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 21st. Northland Securities reaffirmed an “outperform” rating and issued a $160.00 price objective (up from $144.00) on shares of Seagate Technology in a research report on Wednesday, January 22nd. Finally, Citigroup lowered their price objective on Seagate Technology from $115.00 to $90.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $114.11.

Seagate Technology Stock Performance

Shares of STX stock opened at $107.79 on Friday. The company has a market capitalization of $22.87 billion, a P/E ratio of 19.71 and a beta of 1.32. Seagate Technology has a fifty-two week low of $63.19 and a fifty-two week high of $115.32. The stock has a 50 day moving average price of $84.56 and a two-hundred day moving average price of $92.40.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.75 by $0.15. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. The firm had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter in the prior year, the business earned $0.33 EPS. The business’s revenue for the quarter was up 30.5% on a year-over-year basis. As a group, equities analysts predict that Seagate Technology will post 6.83 earnings per share for the current year.

Insider Buying and Selling at Seagate Technology

In related news, CEO William D. Mosley sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $84.56, for a total value of $1,691,200.00. Following the completion of the transaction, the chief executive officer now owns 555,677 shares of the company’s stock, valued at $46,988,047.12. The trade was a 3.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Seagate Technology

Several institutional investors and hedge funds have recently bought and sold shares of the company. Ameriflex Group Inc. purchased a new stake in shares of Seagate Technology during the fourth quarter valued at $26,000. Elequin Capital LP purchased a new stake in Seagate Technology in the fourth quarter valued at $27,000. Fourth Dimension Wealth LLC purchased a new stake in Seagate Technology in the fourth quarter valued at $27,000. Wayfinding Financial LLC purchased a new stake in Seagate Technology in the first quarter valued at $31,000. Finally, Golden State Wealth Management LLC boosted its holdings in Seagate Technology by 2,200.0% in the first quarter. Golden State Wealth Management LLC now owns 460 shares of the data storage provider’s stock valued at $39,000 after purchasing an additional 440 shares during the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

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.