Bank of America Forecasts Strong Price Appreciation for Seagate Technology (NASDAQ:STX) Stock

Key Points

• Bank of America raised its price target on Seagate Technology to $1,150 from $1,000 and kept a buy rating, implying about 19% upside from the current price.
• Analyst sentiment remains very positive overall, with 21 Buy ratings and 6 Hold ratings; the consensus price target is $880.52, while some firms have set targets as high as $1,600.
• Seagate recently reported strong results, including EPS of $4.10 versus expectations of $3.51 and revenue up 44.1% year over year, reinforcing bullish views on the stock.

Seagate Technology (NASDAQ:STX - Get Free Report) had its price target boosted by equities research analysts at Bank of America from $1,000.00 to $1,150.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the data storage provider's stock. Bank of America's target price suggests a potential upside of 19.17% from the stock's current price.

Several other analysts also recently issued reports on STX. Wall Street Zen raised Seagate Technology from a "hold" rating to a "buy" rating in a report on Saturday, May 2nd. China Renaissance upped their price objective on Seagate Technology from $802.00 to $983.00 in a research note on Friday, June 12th. JPMorgan Chase & Co. increased their target price on Seagate Technology from $775.00 to $920.00 and gave the stock an "overweight" rating in a research report on Thursday, June 11th. Weiss Ratings reiterated a "buy (b)" rating on shares of Seagate Technology in a research note on Wednesday, June 24th. Finally, Melius Research assumed coverage on shares of Seagate Technology in a report on Monday. They set a "buy" rating and a $1,600.00 price target for the company. Twenty-one investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $880.52.

Seagate Technology Price Performance

Shares of NASDAQ:STX opened at $965.00 on Wednesday. The company has a market cap of $216.38 billion, a PE ratio of 91.56 and a beta of 2.04. Seagate Technology has a fifty-two week low of $138.30 and a fifty-two week high of $1,145.00. The firm has a 50-day simple moving average of $835.80 and a 200 day simple moving average of $540.40. The company has a quick ratio of 0.85, a current ratio of 1.33 and a debt-to-equity ratio of 3.16.

Seagate Technology (NASDAQ:STX - Get Free Report) last issued its earnings results on Tuesday, April 28th. The data storage provider reported $4.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.51 by $0.59. Seagate Technology had a net margin of 21.60% and a return on equity of 1,005.65%. The firm had revenue of $3.11 billion for the quarter, compared to analysts' expectations of $2.96 billion. During the same quarter last year, the company posted $1.90 earnings per share. Seagate Technology's revenue was up 44.1% on a year-over-year basis. Seagate Technology has set its Q4 2026 guidance at 4.800-5.200 EPS. On average, sell-side analysts anticipate that Seagate Technology will post 14.14 EPS for the current year.

Insider Transactions at Seagate Technology

In other Seagate Technology news, EVP John Christopher Morris sold 1,364 shares of Seagate Technology stock in a transaction on Friday, June 12th. The stock was sold at an average price of $880.19, for a total transaction of $1,200,579.16. Following the sale, the executive vice president owned 12,088 shares of the company's stock, valued at $10,639,736.72. The trade was a 10.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Shankar Arumugavelu sold 1,000 shares of the business's stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $927.68, for a total value of $927,680.00. Following the transaction, the director owned 6,626 shares of the company's stock, valued at $6,146,807.68. This trade represents a 13.11% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 121,069 shares of company stock worth $98,747,112 over the last quarter. Insiders own 0.79% of the company's stock.

Hedge Funds Weigh In On Seagate Technology

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Integrated Wealth Concepts LLC lifted its stake in shares of Seagate Technology by 168.0% in the 1st quarter. Integrated Wealth Concepts LLC now owns 7,177 shares of the data storage provider's stock worth $610,000 after acquiring an additional 4,499 shares during the period. Sivia Capital Partners LLC acquired a new position in shares of Seagate Technology during the second quarter valued at approximately $262,000. Cerity Partners LLC raised its holdings in Seagate Technology by 25.8% during the second quarter. Cerity Partners LLC now owns 36,682 shares of the data storage provider's stock worth $5,294,000 after purchasing an additional 7,517 shares in the last quarter. Sei Investments Co. raised its holdings in Seagate Technology by 64.8% during the second quarter. Sei Investments Co. now owns 8,543 shares of the data storage provider's stock worth $1,233,000 after purchasing an additional 3,358 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in Seagate Technology by 0.4% in the second quarter. The Manufacturers Life Insurance Company now owns 127,887 shares of the data storage provider's stock worth $18,458,000 after purchasing an additional 462 shares during the period. Institutional investors own 92.87% of the company's stock.

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.

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