Seagate Technology (NASDAQ:STX) Stock Gets Price Target Reduction from Cantor Fitzgerald

Key Points

• Cantor Fitzgerald lowered Seagate Technology’s price target from $1,300 to $1,000 while maintaining an “overweight” rating, implying 58.61% potential upside from the prior close.
• Analyst sentiment remains broadly positive: 22 analysts rate the stock a Buy and five a Hold, resulting in a “Moderate Buy” consensus and an average price target of $963.92.
• Seagate exceeded quarterly expectations with EPS of $5.71 versus the $5.10 estimate and revenue of $3.63 billion, although insiders sold approximately $378.8 million of stock over the past 90 days.

Seagate Technology (NASDAQ:STX - Get Free Report) had its price objective dropped by analysts at Cantor Fitzgerald from $1,300.00 to $1,000.00 in a research note issued on Monday, Benzinga reports. The firm currently has an "overweight" rating on the data storage provider's stock. Cantor Fitzgerald's target price would suggest a potential upside of 58.61% from the stock's previous close.

A number of other research firms have also issued reports on STX. Wells Fargo & Company decreased their price objective on Seagate Technology from $1,180.00 to $865.00 and set an "overweight" rating on the stock in a research note on Friday, October 16th. Morgan Stanley raised their target price on Seagate Technology from $1,187.00 to $1,200.00 and gave the stock an "overweight" rating in a research note on Tuesday, October 20th. Citigroup raised their target price on Seagate Technology from $1,240.00 to $1,300.00 and gave the stock a "buy" rating in a research note on Wednesday, July 29th. Barclays lifted their target price on Seagate Technology from $1,000.00 to $1,250.00 and gave the company an "overweight" rating in a report on Thursday, July 30th. Finally, Zacks Research cut Seagate Technology from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 28th. Twenty-two analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $963.92.

Seagate Technology Price Performance

STX opened at $630.49 on Monday. The company has a 50 day moving average of $820.59 and a 200 day moving average of $812.85. The company has a market cap of $143.37 billion, a PE ratio of 45.42 and a beta of 2.06. Seagate Technology has a 12 month low of $217.67 and a 12 month high of $1,145.00. The company has a current ratio of 1.67, a quick ratio of 1.17 and a debt-to-equity ratio of 1.56.

Seagate Technology (NASDAQ:STX - Get Free Report) last issued its earnings results on Tuesday, July 28th. The data storage provider reported $5.71 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.10 by $0.61. The business had revenue of $3.63 billion for the quarter, compared to analysts' expectations of $3.50 billion. Seagate Technology had a net margin of 26.11% and a return on equity of 369.98%. The business's revenue for the quarter was up 48.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.59 EPS. Seagate Technology has set its Q1 2027 guidance at 7.100-7.500 EPS. On average, sell-side analysts expect that Seagate Technology will post 35.79 EPS for the current year.

Insider Activity

In other Seagate Technology news, EVP Ban Teh sold 52,730 shares of the firm's stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $782.08, for a total value of $41,239,078.40. Following the sale, the executive vice president owned 5,810 shares of the company's stock, valued at $4,543,884.80. This trade represents a 90.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP John Morris sold 9,354 shares of the business's stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $877.91, for a total transaction of $8,211,970.14. Following the completion of the transaction, the executive vice president owned 22,693 shares in the company, valued at $19,922,411.63. The trade was a 29.19% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 466,959 shares of company stock worth $378,840,741. 0.51% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Leo Wealth LLC bought a new position in Seagate Technology during the 3rd quarter valued at approximately $598,000. Hilton Head Capital Partners LLC grew its position in shares of Seagate Technology by 155.2% in the 3rd quarter. Hilton Head Capital Partners LLC now owns 74 shares of the data storage provider's stock worth $68,000 after buying an additional 45 shares during the last quarter. Bright Futures Wealth Management LLC. increased its stake in shares of Seagate Technology by 10.3% during the third quarter. Bright Futures Wealth Management LLC. now owns 278 shares of the data storage provider's stock valued at $256,000 after buying an additional 26 shares during the period. Valley National Advisers Inc. increased its stake in shares of Seagate Technology by 1,323.4% during the third quarter. Valley National Advisers Inc. now owns 2,861 shares of the data storage provider's stock valued at $2,638,000 after buying an additional 2,660 shares during the period. Finally, Signaturefd LLC increased its stake in shares of Seagate Technology by 2.5% during the third quarter. Signaturefd LLC now owns 4,730 shares of the data storage provider's stock valued at $4,363,000 after buying an additional 114 shares during the period. Hedge funds and other institutional investors own 92.87% of the company's stock.

Seagate Technology Company Profile

Seagate Technology Holdings plc NASDAQ: STX is a data storage company that develops and manufactures mass-capacity storage products and solutions. Its portfolio is centered on hard disk drives (HDDs) used in cloud data centers, enterprise systems, network-attached storage, video and imaging applications, and personal computers.

The company also provides storage-related services and solutions designed to help organizations store, manage, protect, and access large volumes of digital information.

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