Bank of America Increases Seagate Technology (NASDAQ:STX) Price Target to $145.00

Seagate Technology (NASDAQ:STX - Get Free Report) had its price target lifted by Bank of America from $135.00 to $145.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the data storage provider's stock. Bank of America's target price points to a potential upside of 10.30% from the company's previous close.

Other equities research analysts have also issued research reports about the company. BNP Paribas Exane upgraded Seagate Technology from an "underperform" rating to a "neutral" rating and set a $100.00 target price on the stock in a report on Friday, May 16th. Morgan Stanley upped their price objective on Seagate Technology from $99.00 to $140.00 and gave the company an "overweight" rating in a research report on Friday, May 23rd. Wall Street Zen cut Seagate Technology from a "buy" rating to a "hold" rating in a research report on Friday, May 30th. Rosenblatt Securities reissued a "buy" rating and issued a $130.00 target price on shares of Seagate Technology in a research note on Friday, May 23rd. Finally, BNP Paribas raised shares of Seagate Technology from a "strong sell" rating to a "hold" rating in a research note on Friday, May 16th. One analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $119.42.

Seagate Technology Price Performance

STX traded up $4.49 during trading on Monday, reaching $131.46. 1,544,708 shares of the stock were exchanged, compared to its average volume of 3,026,958. The company has a market capitalization of $27.90 billion, a price-to-earnings ratio of 24.05 and a beta of 1.40. Seagate Technology has a 1 year low of $63.19 and a 1 year high of $132.19. The business's 50 day moving average price is $93.33 and its two-hundred day moving average price is $94.09.

Seagate Technology (NASDAQ:STX - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The data storage provider reported $1.90 EPS for the quarter, beating analysts' consensus estimates of $1.75 by $0.15. The firm had revenue of $2.16 billion for the quarter, compared to analysts' expectations of $2.14 billion. Seagate Technology had a net margin of 14.67% and a negative return on equity of 63.48%. The firm's revenue was up 30.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.33 EPS. On average, analysts anticipate that Seagate Technology will post 6.83 EPS for the current year.

Seagate Technology declared that its board has authorized a share repurchase plan on Thursday, May 22nd that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the data storage provider to purchase up to 21.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling at Seagate Technology

In other Seagate Technology news, Director Yolanda Lee Conyers sold 750 shares of Seagate Technology stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $117.01, for a total transaction of $87,757.50. Following the sale, the director now owns 5,055 shares of the company's stock, valued at $591,485.55. The trade was a 12.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Kian Fatt Chong sold 6,410 shares of the stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $111.26, for a total value of $713,176.60. The disclosure for this sale can be found here. Insiders sold a total of 335,251 shares of company stock worth $38,760,472 in the last 90 days. 0.81% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Ameriflex Group Inc. acquired a new position in shares of Seagate Technology during the fourth quarter worth approximately $26,000. Elequin Capital LP bought a new position in shares of Seagate Technology during the fourth quarter worth $27,000. Fourth Dimension Wealth LLC acquired a new position in shares of Seagate Technology in the 4th quarter valued at $27,000. Wayfinding Financial LLC bought a new stake in shares of Seagate Technology in the 1st quarter valued at $31,000. Finally, Golden State Wealth Management LLC raised its stake in Seagate Technology by 2,200.0% during the 1st quarter. Golden State Wealth Management LLC now owns 460 shares of the data storage provider's stock worth $39,000 after buying an additional 440 shares during the period. Institutional investors and hedge funds own 92.87% of the company's stock.

About Seagate Technology

Seagate Technology Holdings plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It provides mass capacity storage products, including enterprise nearline hard disk drives (HDDs), enterprise nearline solid state drives (SSDs), enterprise nearline systems, video and image HDDs, and network-attached storage drives.

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