Seagate Technology (NASDAQ:STX) Price Target Raised to $125.00

Seagate Technology (NASDAQ:STX - Get Free Report) had its price objective raised by stock analysts at Bank of America from $120.00 to $125.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a "buy" rating on the data storage provider's stock. Bank of America's price objective indicates a potential upside of 12.29% from the company's previous close.

A number of other research analysts also recently weighed in on the company. Wall Street Zen upgraded Seagate Technology from a "hold" rating to a "buy" rating in a report on Thursday. UBS Group lifted their price target on Seagate Technology from $80.00 to $85.00 and gave the company a "neutral" rating in a research report on Wednesday, April 30th. BNP Paribas upgraded Seagate Technology from a "strong sell" rating to a "hold" rating in a report on Friday, May 16th. Morgan Stanley raised their price objective on Seagate Technology from $99.00 to $140.00 and gave the company an "overweight" rating in a research report on Friday. Finally, Wedbush reaffirmed an "outperform" rating and issued a $140.00 target price on shares of Seagate Technology in a research report on Wednesday. One analyst has rated the stock with a sell rating, seven have given a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, Seagate Technology has a consensus rating of "Moderate Buy" and an average price target of $118.37.

Seagate Technology Price Performance

Seagate Technology stock traded up $2.46 during mid-day trading on Friday, reaching $111.32. 2,895,252 shares of the company traded hands, compared to its average volume of 2,956,511. Seagate Technology has a 52-week low of $63.19 and a 52-week high of $115.32. The firm has a market capitalization of $23.62 billion, a price-to-earnings ratio of 20.35 and a beta of 1.32. The firm's 50 day moving average price is $86.13 and its 200 day moving average price is $92.66.

Seagate Technology (NASDAQ:STX - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share (EPS) for the quarter, beating 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 company had revenue of $2.16 billion for the quarter, compared to analysts' expectations of $2.14 billion. During the same quarter in the previous year, the company earned $0.33 earnings per share. Seagate Technology's quarterly revenue was up 30.5% on a year-over-year basis. On average, sell-side analysts anticipate that Seagate Technology will post 6.83 EPS for the current year.

Seagate Technology announced that its board has initiated a stock 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 a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, CEO William D. Mosley sold 20,000 shares of the business's stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 555,677 shares in the company, valued at approximately $46,988,047.12. The trade was a 3.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.81% of the stock is owned by corporate insiders.

Institutional Trading of Seagate Technology

Hedge funds have recently added to or reduced their stakes in the business. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in shares of Seagate Technology by 9.5% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 48,834 shares of the data storage provider's stock valued at $4,215,000 after purchasing an additional 4,229 shares in the last quarter. Kingswood Wealth Advisors LLC lifted its position in shares of Seagate Technology by 87.9% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 8,578 shares of the data storage provider's stock worth $740,000 after purchasing an additional 4,014 shares during the period. Norges Bank purchased a new position in Seagate Technology during the fourth quarter valued at approximately $25,729,000. Asset Management One Co. Ltd. increased its holdings in Seagate Technology by 9.9% during the fourth quarter. Asset Management One Co. Ltd. now owns 84,222 shares of the data storage provider's stock valued at $7,360,000 after buying an additional 7,599 shares during the period. Finally, Rheos Capital Works Inc. increased its holdings in Seagate Technology by 2.5% during the fourth quarter. Rheos Capital Works Inc. now owns 331,500 shares of the data storage provider's stock valued at $28,612,000 after buying an additional 8,000 shares during the period. 92.87% of the stock is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.