Wells Fargo & Company Forecasts Strong Price Appreciation for Seagate Technology (NASDAQ:STX) Stock

Seagate Technology (NASDAQ:STX) had its target price upped by research analysts at Wells Fargo & Company from $240.00 to $250.00 in a note issued to investors on Wednesday, Marketbeat.com reports. The firm presently has an “equal weight” rating on the data storage provider’s stock. Wells Fargo & Company‘s price objective would indicate a potential downside of 6.83% from the company’s current price.

A number of other brokerages have also recently commented on STX. Morgan Stanley increased their target price on Seagate Technology from $265.00 to $270.00 and gave the company an “overweight” rating in a report on Wednesday. Barclays increased their target price on shares of Seagate Technology from $200.00 to $240.00 and gave the company an “equal weight” rating in a research report on Wednesday. Rosenblatt Securities increased their target price on shares of Seagate Technology from $250.00 to $270.00 and gave the company a “buy” rating in a research report on Wednesday. Bank of America increased their target price on shares of Seagate Technology from $255.00 to $275.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Seagate Technology in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $255.24.

Seagate Technology Stock Up 1.0%

STX opened at $268.33 on Wednesday. Seagate Technology has a twelve month low of $63.19 and a twelve month high of $274.48. The company has a 50-day moving average price of $211.84 and a 200 day moving average price of $155.61. The company has a market cap of $57.15 billion, a PE ratio of 34.45, a price-to-earnings-growth ratio of 1.17 and a beta of 1.63.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Tuesday, October 28th. The data storage provider reported $2.61 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.21. Seagate Technology had a net margin of 17.92% and a negative return on equity of 297.87%. The firm had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter in the prior year, the firm earned $1.58 EPS. The company’s revenue for the quarter was up 21.3% on a year-over-year basis. Seagate Technology has set its Q2 2026 guidance at 2.550-2.950 EPS. As a group, sell-side analysts expect that Seagate Technology will post 6.83 earnings per share for the current year.

Insider Activity

In other Seagate Technology news, EVP John Christopher Morris sold 377 shares of the firm’s stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $211.26, for a total transaction of $79,645.02. Following the completion of the sale, the executive vice president owned 13,238 shares of the company’s stock, valued at $2,796,659.88. This trade represents a 2.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jay L. Geldmacher sold 2,500 shares of the firm’s stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $150.50, for a total value of $376,250.00. Following the sale, the director directly owned 352 shares of the company’s stock, valued at approximately $52,976. This trade represents a 87.66% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 45,090 shares of company stock worth $9,759,648 over the last quarter. 0.79% of the stock is currently owned by corporate insiders.

Institutional Trading of Seagate Technology

A number of hedge funds and other institutional investors have recently modified their holdings of STX. GAMMA Investing LLC increased its position in shares of Seagate Technology by 8.5% during the first quarter. GAMMA Investing LLC now owns 3,027 shares of the data storage provider’s stock valued at $257,000 after acquiring an additional 237 shares during the last quarter. Golden State Wealth Management LLC increased its position in shares of Seagate Technology by 2,200.0% during the first quarter. Golden State Wealth Management LLC now owns 460 shares of the data storage provider’s stock valued at $39,000 after acquiring an additional 440 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Seagate Technology by 18.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 23,823 shares of the data storage provider’s stock valued at $2,023,000 after acquiring an additional 3,673 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Seagate Technology by 350.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 50,416 shares of the data storage provider’s stock valued at $4,262,000 after purchasing an additional 39,231 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in Seagate Technology by 3.6% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 496,784 shares of the data storage provider’s stock valued at $42,202,000 after purchasing an additional 17,171 shares during the last quarter. 92.87% of the stock is owned by institutional investors and hedge funds.

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.