Seagate Technology (NASDAQ:STX) Given New $260.00 Price Target at Wedbush

Key Points

• Wedbush Research has raised its price target for Seagate Technology from $175.00 to $260.00, reflecting a potential upside of 18.52% and maintaining an "outperform" rating.
• Several other analysts have also increased their price targets for Seagate, with Morgan Stanley reaching $265.00 and Evercore ISI setting a target as high as $330.00.
• Seagate Technology recently reported quarterly earnings of $2.59 per share, surpassing expectations, along with a significant year-over-year revenue increase of 29.5%.

Seagate Technology (NASDAQ:STX - Get Free Report) had its target price raised by equities researchers at Wedbush from $175.00 to $260.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an "outperform" rating on the data storage provider's stock. Wedbush's price target suggests a potential upside of 18.52% from the company's current price.

STX has been the subject of a number of other reports. Citigroup increased their price target on Seagate Technology from $215.00 to $250.00 and gave the stock a "buy" rating in a report on Monday. Morgan Stanley lifted their price objective on shares of Seagate Technology from $168.00 to $265.00 and gave the company an "overweight" rating in a research note on Monday, September 29th. Evercore ISI lifted their price objective on shares of Seagate Technology from $160.00 to $330.00 and gave the company an "outperform" rating in a research note on Monday. Benchmark lifted their price objective on shares of Seagate Technology from $165.00 to $250.00 and gave the company a "buy" rating in a research note on Tuesday, September 16th. Finally, Robert W. Baird lifted their price objective on shares of Seagate Technology from $120.00 to $188.00 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $221.21.

Seagate Technology Price Performance

Shares of NASDAQ STX opened at $219.38 on Thursday. The company has a 50 day simple moving average of $195.03 and a 200 day simple moving average of $143.09. The firm has a market cap of $46.72 billion, a PE ratio of 32.40, a price-to-earnings-growth ratio of 0.95 and a beta of 1.63. Seagate Technology has a 1 year low of $63.19 and a 1 year high of $264.83.

Seagate Technology (NASDAQ:STX - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The data storage provider reported $2.59 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.45 by $0.14. The business had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.40 billion. Seagate Technology had a net margin of 16.15% and a negative return on equity of 169.60%. The firm's quarterly revenue was up 29.5% on a year-over-year basis. During the same quarter last year, the business earned $1.05 EPS. Seagate Technology has set its Q1 2026 guidance at 2.100-2.500 EPS. As a group, research analysts anticipate that Seagate Technology will post 6.83 earnings per share for the current fiscal year.

Insider Transactions at Seagate Technology

In other news, Director Jay L. Geldmacher sold 2,500 shares of the company's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $150.50, for a total value of $376,250.00. Following the completion of the sale, the director owned 352 shares in the company, valued at $52,976. This represents a 87.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Ban Seng Teh sold 1,410 shares of the company's stock in a transaction on Monday, October 13th. The stock was sold at an average price of $225.56, for a total transaction of $318,039.60. Following the completion of the sale, the executive vice president owned 18,041 shares of the company's stock, valued at approximately $4,069,327.96. The trade was a 7.25% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 75,620 shares of company stock worth $14,464,056. 0.79% of the stock is owned by insiders.

Hedge Funds Weigh In On Seagate Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in STX. JPMorgan Chase & Co. boosted its holdings 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 worth $1,607,321,000 after buying an additional 2,161,191 shares during the last quarter. Norges Bank purchased a new position in shares of Seagate Technology in the 2nd quarter worth about $197,027,000. Boston Partners purchased a new position in shares of Seagate Technology in the 2nd quarter worth about $193,500,000. Soroban Capital Partners LP boosted its holdings in shares of Seagate Technology by 1,468.1% in the 2nd quarter. Soroban Capital Partners LP now owns 1,417,600 shares of the data storage provider's stock worth $204,602,000 after buying an additional 1,327,197 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in shares of 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 buying an additional 906,840 shares during the last quarter. 92.87% of the stock is owned by hedge funds and other 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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