Citigroup Issues Positive Forecast for Seagate Technology (NASDAQ:STX) Stock Price

Key Points

• Citigroup raised its price target on Seagate from $480 to $595 and kept a "buy" rating, implying roughly an 18% upside from the prior close.
• Analyst sentiment is broadly positive—19 analysts rate STX as Buy and six as Hold—with an average target of $491 and a MarketBeat consensus of "Moderate Buy."
• Seagate beat quarterly estimates (EPS $3.11 vs. $2.77; revenue $2.83B vs. $2.73B), reporting 21.5% YoY revenue growth; the stock trades around $504 with a market cap near $110B.

Seagate Technology (NASDAQ:STX - Get Free Report) had its target price hoisted by equities researchers at Citigroup from $480.00 to $595.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a "buy" rating on the data storage provider's stock. Citigroup's price objective indicates a potential upside of 18.01% from the stock's previous close.

STX has been the subject of several other reports. BNP Paribas Exane raised their price objective on Seagate Technology from $430.00 to $530.00 and gave the company an "outperform" rating in a research note on Wednesday, February 4th. TD Cowen raised their price target on Seagate Technology from $340.00 to $500.00 and gave the stock a "buy" rating in a research report on Wednesday, January 28th. Argus lifted their price objective on Seagate Technology from $300.00 to $450.00 and gave the company a "buy" rating in a research report on Thursday, January 29th. KeyCorp set a $500.00 price objective on Seagate Technology in a research report on Wednesday, January 28th. Finally, Wedbush lifted their target price on Seagate Technology from $290.00 to $380.00 and gave the company an "outperform" rating in a report on Friday, January 23rd. Nineteen research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $491.00.

Seagate Technology Stock Performance

Seagate Technology stock traded up $1.08 during mid-day trading on Monday, reaching $504.21. 997,133 shares of the company were exchanged, compared to its average volume of 4,113,403. Seagate Technology has a twelve month low of $71.29 and a twelve month high of $517.18. The firm's 50-day simple moving average is $412.23 and its two-hundred day simple moving average is $324.49. The company has a debt-to-equity ratio of 7.63, a quick ratio of 0.72 and a current ratio of 1.12. The firm has a market cap of $109.95 billion, a PE ratio of 56.90, a price-to-earnings-growth ratio of 1.09 and a beta of 1.61.

Seagate Technology (NASDAQ:STX - Get Free Report) last posted its quarterly earnings data on Tuesday, January 27th. The data storage provider reported $3.11 earnings per share for the quarter, topping analysts' consensus estimates of $2.77 by $0.34. The company had revenue of $2.83 billion during the quarter, compared to analysts' expectations of $2.73 billion. Seagate Technology had a negative return on equity of 936.38% and a net margin of 19.59%.The firm's revenue for the quarter was up 21.5% on a year-over-year basis. During the same period last year, the firm earned $2.03 EPS. Seagate Technology has set its Q3 2026 guidance at 3.200-3.600 EPS. Equities analysts predict that Seagate Technology will post 6.83 earnings per share for the current fiscal year.

Insider Buying and Selling at Seagate Technology

In other Seagate Technology news, EVP Kian Fatt Chong sold 5,846 shares of the company's stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $416.48, for a total value of $2,434,742.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ban Seng Teh sold 20,195 shares of the company's stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $442.29, for a total value of $8,932,046.55. Following the completion of the sale, the executive vice president owned 3,092 shares of the company's stock, valued at $1,367,560.68. This trade represents a 86.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 112,223 shares of company stock valued at $46,711,217. 0.79% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Seagate Technology

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Salomon & Ludwin LLC raised its stake in Seagate Technology by 124.4% during the 4th quarter. Salomon & Ludwin LLC now owns 92 shares of the data storage provider's stock valued at $27,000 after purchasing an additional 51 shares during the period. Armstrong Advisory Group Inc. acquired a new position in shares of Seagate Technology in the fourth quarter worth $28,000. Concord Wealth Partners acquired a new position in shares of Seagate Technology in the fourth quarter worth $28,000. Avion Wealth increased its stake in shares of Seagate Technology by 343.5% in the fourth quarter. Avion Wealth now owns 102 shares of the data storage provider's stock worth $28,000 after acquiring an additional 79 shares during the last quarter. Finally, Quarry LP acquired a new position in shares of Seagate Technology in the fourth quarter worth $31,000. Institutional investors and hedge funds own 92.87% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.