Rosenblatt Securities Reaffirms Buy Rating for Seagate Technology (NASDAQ:STX)

Seagate Technology (NASDAQ:STX - Get Free Report)'s stock had its "buy" rating restated by research analysts at Rosenblatt Securities in a research report issued on Friday,Benzinga reports. They currently have a $130.00 target price on the data storage provider's stock. Rosenblatt Securities' target price would suggest a potential upside of 19.42% from the company's previous close.

Several other analysts also recently weighed in on the stock. Wedbush restated an "outperform" rating and set a $140.00 price objective on shares of Seagate Technology in a research report on Wednesday. Wells Fargo & Company cut their price target on Seagate Technology from $120.00 to $105.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 30th. Citigroup lifted their price objective on Seagate Technology from $105.00 to $125.00 and gave the company a "buy" rating in a report on Tuesday. UBS Group increased their price target on shares of Seagate Technology from $80.00 to $85.00 and gave the company a "neutral" rating in a report on Wednesday, April 30th. Finally, Wall Street Zen upgraded Seagate Technology from a "hold" rating to a "buy" rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $116.21.

Seagate Technology Stock Performance

NASDAQ:STX opened at $108.86 on Friday. The stock has a 50 day moving average price of $86.13 and a 200 day moving average price of $92.66. The stock has a market cap of $23.10 billion, a PE ratio of 19.90 and a beta of 1.32. Seagate Technology has a one year low of $63.19 and a one year high of $115.32.

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, topping the consensus estimate of $1.75 by $0.15. Seagate Technology had a net margin of 14.67% and a negative return on equity of 63.48%. The firm had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.14 billion. During the same period in the prior year, the business posted $0.33 EPS. The business's revenue for the quarter was up 30.5% compared to the same quarter last year. As a group, analysts predict that Seagate Technology will post 6.83 earnings per share for the current fiscal year.

Seagate Technology announced that its Board of Directors has approved a share repurchase plan on Thursday, May 22nd that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes 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 Transactions at Seagate Technology

In related news, CEO William D. Mosley sold 20,000 shares of the company's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $84.56, for a total value of $1,691,200.00. Following the completion of the transaction, the chief executive officer now directly owns 555,677 shares of the company's stock, valued at approximately $46,988,047.12. This represents a 3.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.81% of the company's stock.

Institutional Investors Weigh In On Seagate Technology

Several institutional investors have recently bought and sold shares of STX. MBB Public Markets I LLC acquired a new stake in shares of Seagate Technology in the first quarter valued at approximately $300,000. United Services Automobile Association acquired a new stake in Seagate Technology in the 1st quarter valued at $385,000. Meiji Yasuda Asset Management Co Ltd. increased its stake in Seagate Technology by 6.2% in the 1st quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,314 shares of the data storage provider's stock valued at $366,000 after buying an additional 250 shares during the last quarter. Jones Financial Companies Lllp lifted its position in Seagate Technology by 77.4% during the 1st quarter. Jones Financial Companies Lllp now owns 17,351 shares of the data storage provider's stock worth $1,474,000 after buying an additional 7,569 shares in the last quarter. Finally, Panoramic Capital LLC grew its holdings in shares of Seagate Technology by 591.8% in the 1st quarter. Panoramic Capital LLC now owns 131,433 shares of the data storage provider's stock valued at $11,165,000 after acquiring an additional 112,433 shares in the last quarter. Institutional investors own 92.87% of the company's stock.

Seagate Technology Company Profile

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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