Seagate Technology (NASDAQ:STX) Trading 6.5% Higher Following Analyst Upgrade

Seagate Technology Holdings PLC (NASDAQ:STX) was up 6.5% on Monday after Wedbush raised their price target on the stock from $290.00 to $380.00. Wedbush currently has an outperform rating on the stock. Seagate Technology traded as high as $369.84 and last traded at $368.4280. Approximately 1,453,621 shares changed hands during trading, a decline of 58% from the average daily volume of 3,439,321 shares. The stock had previously closed at $346.10.

Several other brokerages have also commented on STX. Evercore ISI boosted their price target on Seagate Technology from $160.00 to $330.00 and gave the company an “outperform” rating in a research note on Monday, October 13th. Exane BNP Paribas upgraded Seagate Technology from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, January 21st. Fox Advisors boosted their target price on shares of Seagate Technology from $245.00 to $270.00 in a research note on Wednesday, October 29th. China Renaissance upped their target price on shares of Seagate Technology from $325.00 to $452.00 and gave the stock a “buy” rating in a report on Thursday, January 15th. Finally, Benchmark increased their target price on shares of Seagate Technology from $255.00 to $325.00 and gave the stock a “buy” rating in a research report on Tuesday, December 16th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $356.09.

Insiders Place Their Bets

In other news, Director Stephanie Tilenius sold 2,046 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $266.41, for a total value of $545,074.86. Following the completion of the transaction, the director owned 12,244 shares of the company’s stock, valued at $3,261,924.04. This represents a 14.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Gianluca Romano sold 54,021 shares of the stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $285.16, for a total value of $15,404,628.36. Following the completion of the sale, the chief financial officer directly owned 56,293 shares of the company’s stock, valued at approximately $16,052,511.88. The trade was a 48.97% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 132,557 shares of company stock worth $36,847,793 in the last 90 days. Corporate insiders own 0.79% of the company’s stock.

Institutional Trading of Seagate Technology

Institutional investors have recently modified their holdings of the business. Sovereign Financial Group Inc. increased its stake in Seagate Technology by 3.2% in the 4th quarter. Sovereign Financial Group Inc. now owns 1,063 shares of the data storage provider’s stock worth $293,000 after acquiring an additional 33 shares during the last quarter. Pallas Capital Advisors LLC boosted its position in Seagate Technology by 0.6% during the fourth quarter. Pallas Capital Advisors LLC now owns 5,446 shares of the data storage provider’s stock valued at $1,500,000 after buying an additional 33 shares during the period. West Family Investments Inc. boosted its holdings in Seagate Technology by 2.7% during the 3rd quarter. West Family Investments Inc. now owns 1,428 shares of the data storage provider’s stock valued at $337,000 after acquiring an additional 37 shares during the period. Capital Investment Advisors LLC grew its holdings in shares of Seagate Technology by 1.9% in the fourth quarter. Capital Investment Advisors LLC now owns 1,950 shares of the data storage provider’s stock worth $537,000 after purchasing an additional 37 shares during the last quarter. Finally, Diversify Advisory Services LLC grew its holdings in Seagate Technology by 0.7% in the 4th quarter. Diversify Advisory Services LLC now owns 5,880 shares of the data storage provider’s stock worth $1,619,000 after acquiring an additional 43 shares during the last quarter. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Seagate Technology Price Performance

The company has a market capitalization of $76.52 billion, a P/E ratio of 45.99, a PEG ratio of 1.04 and a beta of 1.60. The company has a 50 day moving average of $291.10 and a 200-day moving average of $232.11.

Seagate Technology Company Profile

Seagate Technology (NASDAQ: STX) is a global data storage company that designs, manufactures and sells a broad range of storage products and systems. The firm’s product portfolio includes traditional hard disk drives (HDDs), solid-state drives (SSDs), hybrid storage devices and integrated storage systems aimed at enterprise, cloud, OEM and consumer markets. Seagate also provides services that support its hardware offerings, including data recovery and storage management solutions.

Seagate’s products are used in a wide array of applications, from large-scale data centers and cloud infrastructure to desktop and portable consumer devices.