Seagate Technology (NASDAQ:STX) Given New $1,000.00 Price Target at Evercore

Key Points

• Evercore raised its price target on Seagate Technology from $750 to $1,000 and kept an outperform rating, implying about 19.9% upside from the current share price.
• Seagate posted strong quarterly results, with EPS of $4.10 beating estimates and revenue of $3.11 billion topping forecasts, while revenue rose 44.1% year over year.
• The stock has surged sharply, opening at $834.01 and trading near its 52-week high, while analysts overall still rate it a Moderate Buy with an average target of $719.54.

Seagate Technology (NASDAQ:STX - Get Free Report) had its price target upped by Evercore from $750.00 to $1,000.00 in a research note issued to investors on Tuesday. The firm currently has an "outperform" rating on the data storage provider's stock. Evercore's price target indicates a potential upside of 19.90% from the stock's current price.

A number of other research firms have also weighed in on STX. Loop Capital raised their price target on shares of Seagate Technology from $700.00 to $800.00 and gave the company a "buy" rating in a report on Thursday, April 23rd. Jefferies Financial Group reiterated a "hold" rating on shares of Seagate Technology in a report on Wednesday, February 4th. Rosenblatt Securities boosted their price objective on shares of Seagate Technology from $500.00 to $1,000.00 and gave the stock a "buy" rating in a report on Wednesday, April 29th. KeyCorp set a $500.00 price objective on shares of Seagate Technology in a report on Wednesday, January 28th. Finally, Robert W. Baird boosted their price objective on shares of Seagate Technology from $270.00 to $505.00 and gave the stock an "outperform" rating in a report on Thursday, January 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $719.54.

Seagate Technology Trading Up 6.6%

Shares of STX stock opened at $834.01 on Tuesday. The stock has a market cap of $187.01 billion, a price-to-earnings ratio of 79.13 and a beta of 1.98. The company has a quick ratio of 0.85, a current ratio of 1.33 and a debt-to-equity ratio of 3.16. Seagate Technology has a fifty-two week low of $100.00 and a fifty-two week high of $841.31. The firm's 50 day moving average price is $492.12 and its two-hundred day moving average price is $378.05.

Seagate Technology (NASDAQ:STX - Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The data storage provider reported $4.10 earnings per share for the quarter, beating analysts' consensus estimates of $3.51 by $0.59. The firm had revenue of $3.11 billion for the quarter, compared to analysts' expectations of $2.96 billion. Seagate Technology had a net margin of 21.60% and a return on equity of 1,005.65%. Seagate Technology's revenue was up 44.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.90 earnings per share. Seagate Technology has set its Q4 2026 guidance at 4.800-5.200 EPS. On average, analysts anticipate that Seagate Technology will post 14.1 EPS for the current year.

Insiders Place Their Bets

In related news, EVP James Ci Lee sold 697 shares of Seagate Technology stock in a transaction on Monday, May 4th. The shares were sold at an average price of $741.17, for a total value of $516,595.49. Following the completion of the sale, the executive vice president owned 324 shares in the company, valued at approximately $240,139.08. The trade was a 68.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Tilenius sold 1,580 shares of Seagate Technology stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $766.61, for a total transaction of $1,211,243.80. Following the completion of the sale, the director owned 10,664 shares of the company's stock, valued at approximately $8,175,129.04. This trade represents a 12.90% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 102,723 shares of company stock valued at $53,301,684. 0.79% of the stock is owned by insiders.

Institutional Trading of Seagate Technology

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Oslo Pensjonsforsikring AS bought a new stake in Seagate Technology during the first quarter valued at $358,000. Baader Bank Aktiengesellschaft increased its stake in Seagate Technology by 263.1% during the first quarter. Baader Bank Aktiengesellschaft now owns 6,140 shares of the data storage provider's stock valued at $2,405,000 after purchasing an additional 4,449 shares during the last quarter. Andra AP fonden bought a new stake in Seagate Technology during the first quarter valued at $12,805,000. Wilkerson Advisory Group LLC increased its stake in Seagate Technology by 95.6% during the first quarter. Wilkerson Advisory Group LLC now owns 133 shares of the data storage provider's stock valued at $52,000 after purchasing an additional 65 shares during the last quarter. Finally, Florida Financial Advisors LLC increased its stake in Seagate Technology by 23.1% during the first quarter. Florida Financial Advisors LLC now owns 8,950 shares of the data storage provider's stock valued at $3,507,000 after purchasing an additional 1,681 shares during the last quarter. Institutional investors 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.

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