Seagate Technology (NASDAQ:STX) Earns "Outperform" Rating from Wedbush

Seagate Technology (NASDAQ:STX - Get Free Report)'s stock had its "outperform" rating reissued by equities research analysts at Wedbush in a research note issued on Wednesday,RTT News reports. They currently have a $140.00 price target on the data storage provider's stock. Wedbush's price target points to a potential upside of 31.01% from the company's previous close.

Several other equities research analysts have also issued reports on STX. Northland Securities restated an "outperform" rating and set a $160.00 price target (up previously from $144.00) on shares of Seagate Technology in a research note on Wednesday, January 22nd. Bank of America lowered their target price on Seagate Technology from $130.00 to $112.00 and set a "buy" rating on the stock in a research note on Thursday, March 13th. Barclays increased their price target on Seagate Technology from $80.00 to $90.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 30th. Wells Fargo & Company dropped their price objective on shares of Seagate Technology from $120.00 to $105.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 30th. Finally, Summit Insights upgraded shares of Seagate Technology from a "hold" rating to a "buy" rating in a research report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $116.21.

Seagate Technology Stock Down 0.1%

Seagate Technology stock traded down $0.11 during mid-day trading on Wednesday, reaching $106.86. 651,150 shares of the company's stock were exchanged, compared to its average volume of 2,916,968. The business's fifty day simple moving average is $85.44 and its 200 day simple moving average is $92.52. Seagate Technology has a one year low of $63.19 and a one year high of $115.32. The firm has a market capitalization of $22.68 billion, a PE ratio of 19.51 and a beta of 1.32.

Seagate Technology (NASDAQ:STX - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share for the quarter, topping analysts' consensus estimates of $1.75 by $0.15. The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate 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 quarterly revenue was up 30.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.33 EPS. On average, sell-side analysts forecast that Seagate Technology will post 6.83 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO William D. Mosley sold 20,000 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $84.56, for a total value of $1,691,200.00. Following the transaction, the chief executive officer now owns 555,677 shares of the company's stock, valued at $46,988,047.12. This represents a 3.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.81% of the stock is owned by company insiders.

Hedge Funds Weigh In On Seagate Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Capital Research Global Investors boosted its stake in Seagate Technology by 56.5% in the fourth quarter. Capital Research Global Investors now owns 15,621,162 shares of the data storage provider's stock worth $1,348,262,000 after buying an additional 5,640,443 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Seagate Technology by 12.9% in the 1st quarter. JPMorgan Chase & Co. now owns 18,920,792 shares of the data storage provider's stock valued at $1,607,321,000 after purchasing an additional 2,161,191 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Seagate Technology by 6.9% during the 4th quarter. Vanguard Group Inc. now owns 27,974,117 shares of the data storage provider's stock valued at $2,414,446,000 after purchasing an additional 1,814,821 shares during the last quarter. Wellington Management Group LLP raised its position in Seagate Technology by 3,339.4% in the 1st quarter. Wellington Management Group LLP now owns 933,996 shares of the data storage provider's stock worth $79,343,000 after purchasing an additional 906,840 shares during the period. Finally, Marshall Wace LLP purchased a new position in Seagate Technology in the 4th quarter worth $77,341,000. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

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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