Bank of America Increases Seagate Technology (NASDAQ:STX) Price Target to $1,000.00

Key Points

• Bank of America raised Seagate Technology’s price target from $900 to $1,000, implying about 12.5% upside from the prior close.
• Other analysts have also turned more bullish on STX, with several firms lifting targets to around $1,000 or higher; the stock currently carries a Moderate Buy consensus rating.
• Seagate recently posted strong quarterly results, beating EPS and revenue estimates, while the stock was trading near $888.72 and up about 1.4% on the day.

Seagate Technology (NASDAQ:STX - Get Free Report) had its price target boosted by Bank of America from $900.00 to $1,000.00 in a report released on Monday,MarketScreener reports. Bank of America's price objective indicates a potential upside of 12.52% from the stock's previous close.

A number of other research firms also recently commented on STX. Cantor Fitzgerald boosted their price objective on shares of Seagate Technology from $700.00 to $1,000.00 and gave the stock an "overweight" rating in a report on Wednesday, April 29th. Rosenblatt Securities lifted their price target on shares of Seagate Technology from $500.00 to $1,000.00 and gave the company a "buy" rating in a research report on Wednesday, April 29th. Wells Fargo & Company boosted their price target on Seagate Technology from $700.00 to $900.00 and gave the stock an "equal weight" rating in a research note on Monday, June 1st. BNP Paribas Exane raised their price objective on Seagate Technology from $530.00 to $860.00 and gave the company an "outperform" rating in a research note on Wednesday, April 29th. Finally, Loop Capital lifted their price objective on Seagate Technology from $950.00 to $1,140.00 and gave the stock a "buy" rating in a report on Friday, May 15th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $792.46.

Seagate Technology Stock Up 1.4%

Seagate Technology stock opened at $888.72 on Monday. The stock's 50 day moving average price is $671.46 and its 200 day moving average price is $459.98. Seagate Technology has a 1-year low of $124.63 and a 1-year high of $966.80. The company has a market cap of $199.28 billion, a PE ratio of 84.07 and a beta of 2.04. The company has a debt-to-equity ratio of 3.16, a current ratio of 1.33 and a quick ratio of 0.85.

Seagate Technology (NASDAQ:STX - Get Free Report) last released its earnings results on Tuesday, April 28th. The data storage provider reported $4.10 EPS for the quarter, beating analysts' consensus estimates of $3.51 by $0.59. Seagate Technology had a return on equity of 1,005.65% and a net margin of 21.60%.The company had revenue of $3.11 billion during the quarter, compared to the consensus estimate of $2.96 billion. During the same quarter last year, the company earned $1.90 earnings per share. Seagate Technology's quarterly revenue was up 44.1% compared to the same quarter last year. Seagate Technology has set its Q4 2026 guidance at 4.800-5.200 EPS. On average, sell-side analysts predict that Seagate Technology will post 14.1 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO William D. Mosley sold 30,000 shares of the business's stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $751.29, for a total value of $22,538,700.00. Following the completion of the transaction, the chief executive officer directly owned 339,591 shares of the company's stock, valued at $255,131,322.39. The trade was a 8.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Gianluca Romano sold 22,488 shares of the company's stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $774.22, for a total value of $17,410,659.36. Following the completion of the sale, the chief financial officer owned 42,847 shares in the company, valued at $33,173,004.34. This represents a 34.42% 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. Over the last 90 days, insiders have sold 155,187 shares of company stock valued at $108,267,701. 0.79% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership raised its position in shares of Seagate Technology by 1,072.5% in the third quarter. Arrowstreet Capital Limited Partnership now owns 2,949,512 shares of the data storage provider's stock valued at $696,262,000 after buying an additional 2,697,957 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Seagate Technology by 1,510.1% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,008,516 shares of the data storage provider's stock valued at $553,125,000 after acquiring an additional 1,883,769 shares during the last quarter. Norges Bank acquired a new position in Seagate Technology in the 4th quarter valued at $498,363,000. Soroban Capital Partners LP lifted its stake in shares of Seagate Technology by 1,468.1% during the 2nd quarter. Soroban Capital Partners LP now owns 1,417,600 shares of the data storage provider's stock worth $204,602,000 after purchasing an additional 1,327,197 shares during the period. Finally, Janus Henderson Group PLC lifted its stake in shares of Seagate Technology by 3,872.1% during the 1st quarter. Janus Henderson Group PLC now owns 967,528 shares of the data storage provider's stock worth $378,985,000 after purchasing an additional 943,170 shares during the period. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

About Seagate Technology

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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