Seagate Technology (NASDAQ:STX) Coverage Initiated at China Renaissance

Investment analysts at China Renaissance began coverage on shares of Seagate Technology (NASDAQ:STX) in a report issued on Friday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $325.00 price target on the data storage provider’s stock. China Renaissance’s price target would suggest a potential upside of 16.58% from the company’s current price.

Several other equities analysts have also recently issued reports on the company. Morgan Stanley boosted their target price on Seagate Technology from $265.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 29th. Wells Fargo & Company upped their price objective on Seagate Technology from $240.00 to $250.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 29th. Rosenblatt Securities increased their price objective on Seagate Technology from $250.00 to $270.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Bank of America boosted their target price on shares of Seagate Technology from $275.00 to $320.00 and gave the stock a “buy” rating in a research report on Thursday, November 20th. Finally, Fox Advisors upped their price target on shares of Seagate Technology from $245.00 to $270.00 in a research note on Wednesday, October 29th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $287.17.

Seagate Technology Stock Up 5.0%

Shares of Seagate Technology stock opened at $278.79 on Friday. The firm has a market cap of $59.54 billion, a price-to-earnings ratio of 35.79, a price-to-earnings-growth ratio of 1.09 and a beta of 1.59. Seagate Technology has a 52-week low of $63.19 and a 52-week high of $297.88. The company’s 50-day simple moving average is $249.44 and its 200-day simple moving average is $188.17.

Insider Activity

In other Seagate Technology news, EVP Kian Fatt Chong sold 7,078 shares of Seagate Technology stock in a transaction dated Thursday, October 30th. The shares were sold at an average price of $272.14, for a total transaction of $1,926,206.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William D. Mosley sold 20,000 shares of the stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $262.82, for a total transaction of $5,256,400.00. Following the completion of the sale, the chief executive officer owned 465,668 shares in the company, valued at $122,386,863.76. This represents a 4.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 152,011 shares of company stock worth $39,835,990 in the last three months. Company insiders own 0.79% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Harbor Asset Planning Inc. acquired a new stake in shares of Seagate Technology during the 2nd quarter worth $27,000. Rakuten Securities Inc. grew its position in Seagate Technology by 884.2% during the second quarter. Rakuten Securities Inc. now owns 187 shares of the data storage provider’s stock valued at $27,000 after acquiring an additional 168 shares during the period. MTM Investment Management LLC acquired a new stake in Seagate Technology during the second quarter worth about $29,000. First Horizon Corp purchased a new position in shares of Seagate Technology in the 3rd quarter worth about $33,000. Finally, Raiffeisen Bank International AG acquired a new position in shares of Seagate Technology in the 3rd quarter valued at about $33,000. 92.87% of the stock is currently 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.