Seagate Technology (NASDAQ:STX) Stock Price Target Raised at Bank of America

Key Points

• Bank of America raised Seagate Technology’s price target to $1,200 from $1,150 and maintained a “buy” rating, implying 77.74% potential upside from the prior close.
• Analyst sentiment is broadly positive: 22 analysts rate the stock Buy and five rate it Hold, producing a “Moderate Buy” consensus and average price target of $975.92.
• Seagate recently beat quarterly expectations, reporting $5.71 in EPS versus $5.10 expected and $3.63 billion in revenue, up 48.5% year over year; however, insiders sold 466,959 shares worth about $378.8 million over the past 90 days.

Seagate Technology (NASDAQ:STX - Get Free Report) had its price objective boosted by research analysts at Bank of America from $1,150.00 to $1,200.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a "buy" rating on the data storage provider's stock. Bank of America's price objective suggests a potential upside of 77.74% from the stock's previous close.

STX has been the topic of a number of other reports. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $1,300.00 target price on shares of Seagate Technology in a research note on Wednesday, July 29th. Wall Street Zen raised shares of Seagate Technology from a "buy" rating to a "strong-buy" rating in a research note on Saturday, September 26th. Zacks Research cut shares of Seagate Technology from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 28th. Citigroup raised their price target on shares of Seagate Technology from $1,240.00 to $1,300.00 and gave the stock a "buy" rating in a report on Wednesday, July 29th. Finally, Argus lifted their price target on shares of Seagate Technology from $750.00 to $900.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Twenty-two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Seagate Technology currently has a consensus rating of "Moderate Buy" and an average price target of $975.92.

Seagate Technology Stock Up 2.2%

NASDAQ STX opened at $675.13 on Wednesday. Seagate Technology has a 52 week low of $209.00 and a 52 week high of $1,145.00. The company has a quick ratio of 1.17, a current ratio of 1.67 and a debt-to-equity ratio of 1.56. The business's fifty day simple moving average is $836.66 and its 200-day simple moving average is $808.22. The firm has a market cap of $153.52 billion, a PE ratio of 44.62 and a beta of 2.06.

Seagate Technology (NASDAQ:STX - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The data storage provider reported $5.71 earnings per share for the quarter, beating the consensus estimate of $5.10 by $0.61. Seagate Technology had a net margin of 26.11% and a return on equity of 369.98%. The firm had revenue of $3.63 billion for the quarter, compared to analysts' expectations of $3.50 billion. During the same quarter in the previous year, the company posted $2.59 EPS. The company's revenue was up 48.5% compared to the same quarter last year. Seagate Technology has set its Q1 2027 guidance at 7.100-7.500 EPS. As a group, equities analysts anticipate that Seagate Technology will post 35.70 earnings per share for the current year.

Insider Transactions at Seagate Technology

In other Seagate Technology news, EVP Ban Teh sold 52,730 shares of the company's stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $782.08, for a total transaction of $41,239,078.40. Following the transaction, the executive vice president directly owned 5,810 shares in the company, valued at $4,543,884.80. This represents a 90.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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 company's stock in a transaction on Monday, September 21st. The stock was sold at an average price of $877.91, for a total value of $8,211,970.14. Following the transaction, the executive vice president owned 22,693 shares in the company, valued at $19,922,411.63. This trade represents a 29.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 466,959 shares of company stock worth $378,840,741 in the last ninety days. 0.51% of the stock is owned by company insiders.

Institutional Investors Weigh In On Seagate Technology

Several institutional investors and hedge funds have recently modified their holdings of the company. City State Bank boosted its stake in Seagate Technology by 8.6% during the 3rd quarter. City State Bank now owns 580 shares of the data storage provider's stock worth $535,000 after purchasing an additional 46 shares during the period. Bell Bank grew its position in Seagate Technology by 1.4% during the 3rd quarter. Bell Bank now owns 18,038 shares of the data storage provider's stock worth $16,637,000 after purchasing an additional 246 shares during the last quarter. One River Asset Management LLC increased its stake in Seagate Technology by 50.0% in the third quarter. One River Asset Management LLC now owns 45 shares of the data storage provider's stock valued at $42,000 after purchasing an additional 15 shares during the period. Range Financial Group LLC increased its stake in Seagate Technology by 5.5% in the third quarter. Range Financial Group LLC now owns 11,070 shares of the data storage provider's stock valued at $10,210,000 after purchasing an additional 578 shares during the period. Finally, Benchmark Financial Wealth Advisors LLC increased its stake in Seagate Technology by 6.1% in the third quarter. Benchmark Financial Wealth Advisors LLC now owns 645 shares of the data storage provider's stock valued at $595,000 after purchasing an additional 37 shares during the period. Hedge funds and other institutional investors own 92.87% of the company's stock.

About Seagate Technology

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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