Citigroup Forecasts Strong Price Appreciation for Seagate Technology (NASDAQ:STX) Stock

Seagate Technology (NASDAQ:STX) had its price target boosted by Citigroup from $105.00 to $125.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the data storage provider’s stock. Citigroup’s price objective would suggest a potential upside of 19.70% from the stock’s previous close.

A number of other research firms also recently commented on STX. Northland Securities reaffirmed an “outperform” rating and issued a $160.00 target price (up from $144.00) on shares of Seagate Technology in a research report on Wednesday, January 22nd. Cantor Fitzgerald raised their price objective on Seagate Technology from $110.00 to $125.00 and gave the stock a “neutral” rating in a report on Monday. Mizuho cut their target price on Seagate Technology from $115.00 to $95.00 and set an “outperform” rating on the stock in a research report on Thursday, April 10th. Susquehanna upped their target price on Seagate Technology from $65.00 to $68.00 and gave the company a “negative” rating in a research report on Wednesday, January 22nd. Finally, Benchmark raised Seagate Technology from a “hold” rating to a “buy” rating and set a $120.00 price target on the stock in a research report on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Seagate Technology presently has an average rating of “Moderate Buy” and an average target price of $116.21.

Seagate Technology Price Performance

NASDAQ:STX opened at $104.43 on Tuesday. Seagate Technology has a 12 month low of $63.19 and a 12 month high of $115.32. The firm has a market capitalization of $22.16 billion, a PE ratio of 19.09 and a beta of 1.32. The business’s fifty day moving average price is $85.77 and its 200 day moving average price is $92.60.

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

Insider Buying and Selling at Seagate Technology

In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $84.56, for a total value of $1,691,200.00. Following the completion of the sale, the chief executive officer now owns 555,677 shares of the company’s stock, valued at approximately $46,988,047.12. This trade represents a 3.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.81% of the stock is owned by corporate insiders.

Institutional Trading of Seagate Technology

Several hedge funds and other institutional investors have recently made changes to their positions in STX. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in Seagate Technology by 9.5% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 48,834 shares of the data storage provider’s stock worth $4,215,000 after buying an additional 4,229 shares during the period. Kingswood Wealth Advisors LLC boosted its stake in shares of Seagate Technology by 87.9% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 8,578 shares of the data storage provider’s stock worth $740,000 after acquiring an additional 4,014 shares in the last quarter. Norges Bank acquired a new stake in shares of Seagate Technology in the 4th quarter worth approximately $25,729,000. Asset Management One Co. Ltd. increased its stake in Seagate Technology by 9.9% in the 4th quarter. Asset Management One Co. Ltd. now owns 84,222 shares of the data storage provider’s stock valued at $7,360,000 after purchasing an additional 7,599 shares in the last quarter. Finally, Rheos Capital Works Inc. raised its holdings in Seagate Technology by 2.5% during the fourth quarter. Rheos Capital Works Inc. now owns 331,500 shares of the data storage provider’s stock worth $28,612,000 after purchasing an additional 8,000 shares during the last quarter. Institutional investors and hedge funds own 92.87% 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.