Seagate Technology (NASDAQ:STX) Price Target Raised to $1,150.00

Key Points

• Citigroup raised its price target on Seagate Technology from $740 to $1,150 and kept a buy rating, implying about 24% upside from the current price.
• Other analysts have also turned more bullish, with several firms raising targets recently; the current consensus rating is Moderate Buy with an average target of $772.04.
• Seagate reported strong quarterly results, including earnings of $4.10 per share and revenue of $3.11 billion, both ahead of expectations, while the stock was trading near its 52-week high.

Seagate Technology (NASDAQ:STX - Get Free Report) had its price objective increased by stock analysts at Citigroup from $740.00 to $1,150.00 in a research report issued to clients and investors on Tuesday,MarketScreener reports. The firm currently has a "buy" rating on the data storage provider's stock. Citigroup's target price indicates a potential upside of 24.28% from the company's current price.

A number of other brokerages have also weighed in on STX. Morgan Stanley boosted their price objective on Seagate Technology from $582.00 to $767.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 29th. UBS Group lifted their price target on Seagate Technology from $515.00 to $545.00 and gave the company a "neutral" rating in a research note on Wednesday, April 29th. Susquehanna boosted their price target on Seagate Technology from $485.00 to $615.00 and gave the stock a "neutral" rating in a report on Wednesday, April 29th. Wedbush upped their price objective on Seagate Technology from $700.00 to $825.00 and gave the company an "outperform" rating in a research note on Monday, April 27th. Finally, Rosenblatt Securities lifted their target price on shares of Seagate Technology from $500.00 to $1,000.00 and gave the stock a "buy" rating in a research report on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $772.04.

Seagate Technology Trading Up 5.2%

Shares of Seagate Technology stock opened at $925.35 on Tuesday. The firm has a market capitalization of $207.49 billion, a PE ratio of 88.34 and a beta of 1.98. The company has a current ratio of 1.33, a quick ratio of 0.85 and a debt-to-equity ratio of 3.16. The firm's 50 day moving average is $621.76 and its 200 day moving average is $437.45. Seagate Technology has a 1 year low of $116.78 and a 1 year high of $940.79.

Seagate Technology (NASDAQ:STX - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The data storage provider reported $4.10 EPS for the quarter, beating the consensus estimate of $3.51 by $0.59. The business had revenue of $3.11 billion during the quarter, compared to the consensus estimate of $2.96 billion. Seagate Technology had a net margin of 21.60% and a return on equity of 1,005.65%. The firm's revenue was up 44.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.90 EPS. Seagate Technology has set its Q4 2026 guidance at 4.800-5.200 EPS. Equities research analysts forecast that Seagate Technology will post 14.1 earnings per share for the current fiscal year.

Insider Transactions at Seagate Technology

In other news, EVP John Christopher Morris sold 5,626 shares of the stock in a transaction on Monday, May 4th. The shares were sold at an average price of $738.37, for a total transaction of $4,154,069.62. Following the completion of the sale, the executive vice president directly owned 11,954 shares in the company, valued at $8,826,474.98. This represents a 32.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William D. Mosley sold 30,000 shares of Seagate Technology stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $751.29, for a total transaction of $22,538,700.00. Following the transaction, the chief executive officer directly owned 339,591 shares of the company's stock, valued at $255,131,322.39. This represents a 8.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 122,437 shares of company stock worth $78,398,375. Company insiders own 0.79% of the company's stock.

Institutional Investors Weigh In On Seagate Technology

Several institutional investors and hedge funds have recently made changes to their positions in the business. Integrated Wealth Concepts LLC grew its position in shares of Seagate Technology by 168.0% during the 1st quarter. Integrated Wealth Concepts LLC now owns 7,177 shares of the data storage provider's stock worth $610,000 after buying an additional 4,499 shares during the period. Sivia Capital Partners LLC bought a new position in Seagate Technology during the second quarter worth $262,000. Cerity Partners LLC boosted its stake in Seagate Technology by 25.8% during the second quarter. Cerity Partners LLC now owns 36,682 shares of the data storage provider's stock worth $5,294,000 after acquiring an additional 7,517 shares in the last quarter. Sei Investments Co. grew its holdings in Seagate Technology by 64.8% in the second quarter. Sei Investments Co. now owns 8,543 shares of the data storage provider's stock worth $1,233,000 after purchasing an additional 3,358 shares during the period. Finally, The Manufacturers Life Insurance Company grew its holdings in Seagate Technology by 0.4% in the second quarter. The Manufacturers Life Insurance Company now owns 127,887 shares of the data storage provider's stock worth $18,458,000 after purchasing an additional 462 shares during the period. Institutional investors own 92.87% of the company's stock.

Seagate Technology Company Profile

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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