Bank of America Increases Seagate Technology (NASDAQ:STX) Price Target to $165.00

Seagate Technology (NASDAQ:STX - Get Free Report) had its target price lifted by research analysts at Bank of America from $145.00 to $165.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the data storage provider's stock. Bank of America's price objective suggests a potential upside of 11.80% from the stock's current price.

Several other research firms also recently commented on STX. BNP Paribas Exane upgraded shares of Seagate Technology from an "underperform" rating to a "neutral" rating and set a $100.00 price target on the stock in a research note on Friday, May 16th. Rosenblatt Securities reaffirmed a "buy" rating and set a $130.00 price target on shares of Seagate Technology in a report on Friday, May 23rd. Wells Fargo & Company boosted their price objective on shares of Seagate Technology from $105.00 to $122.00 and gave the company an "equal weight" rating in a research report on Friday, May 23rd. The Goldman Sachs Group began coverage on Seagate Technology in a report on Thursday. They issued a "buy" rating and a $170.00 target price on the stock. Finally, Mizuho dropped their price objective on shares of Seagate Technology from $115.00 to $95.00 and set an "outperform" rating on the stock in a research note on Thursday, April 10th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $128.00.

Seagate Technology Stock Performance

NASDAQ STX traded up $0.40 during trading hours on Monday, hitting $147.58. 432,604 shares of the company traded hands, compared to its average volume of 3,237,623. The business's 50-day moving average is $124.06 and its 200-day moving average is $101.44. Seagate Technology has a twelve month low of $63.19 and a twelve month high of $152.16. The stock has a market capitalization of $31.32 billion, a price-to-earnings ratio of 21.33 and a beta of 1.45.

Seagate Technology (NASDAQ:STX - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The data storage provider reported $1.90 EPS for the quarter, topping analysts' consensus estimates of $1.75 by $0.15. Seagate Technology had a negative return on equity of 105.02% and a net margin of 17.49%. The business had revenue of $2.16 billion during the quarter, compared to analysts' expectations of $2.14 billion. During the same quarter last year, the company posted $0.33 earnings per share. Seagate Technology's quarterly revenue was up 30.5% on a year-over-year basis. Analysts predict that Seagate Technology will post 6.83 EPS for the current year.

Seagate Technology declared that its board has authorized a share buyback plan on Thursday, May 22nd that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the data storage provider to buy up to 21.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company's leadership believes its shares are undervalued.

Insider Activity

In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $144.66, for a total value of $2,893,200.00. Following the sale, the chief executive officer directly owned 498,710 shares in the company, valued at $72,143,388.60. This represents a 3.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Yolanda Lee Conyers sold 750 shares of Seagate Technology stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $117.01, for a total value of $87,757.50. Following the sale, the director directly owned 5,055 shares of the company's stock, valued at $591,485.55. This represents a 12.92% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 393,791 shares of company stock valued at $47,582,998. Corporate insiders own 0.81% of the company's stock.

Institutional Investors Weigh In On Seagate Technology

Several hedge funds have recently bought and sold shares of the stock. Ameriflex Group Inc. bought a new position in shares of Seagate Technology in the 4th quarter worth $26,000. Elequin Capital LP purchased a new position in shares of Seagate Technology during the fourth quarter valued at approximately $27,000. Fourth Dimension Wealth LLC purchased a new stake in Seagate Technology in the fourth quarter worth $27,000. Wayfinding Financial LLC bought a new stake in Seagate Technology in the first quarter valued at $31,000. Finally, Golden State Wealth Management LLC increased its position 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 valued at $39,000 after purchasing an additional 440 shares during the period. 92.87% of the stock is currently owned by institutional investors.

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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