Seagate Technology (NASDAQ:STX) Price Target Raised to $160.00 at Wells Fargo & Company

Seagate Technology (NASDAQ:STX - Get Free Report) had its price target boosted by Wells Fargo & Company from $122.00 to $160.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an "equal weight" rating on the data storage provider's stock. Wells Fargo & Company's target price suggests a potential upside of 8.42% from the stock's current price.

Other research analysts also recently issued reports about the company. Wedbush reissued an "outperform" rating and issued a $140.00 target price on shares of Seagate Technology in a report on Wednesday, May 21st. BNP Paribas raised Seagate Technology from a "strong sell" rating to a "hold" rating in a report on Friday, May 16th. Rosenblatt Securities reissued a "buy" rating and issued a $130.00 target price on shares of Seagate Technology in a report on Friday, May 23rd. The Goldman Sachs Group started coverage on Seagate Technology in a report on Thursday, July 10th. They issued a "buy" rating and a $170.00 target price on the stock. Finally, Cantor Fitzgerald boosted their target price on Seagate Technology from $110.00 to $125.00 and gave the stock a "neutral" rating in a report on Monday, May 19th. One analyst has rated the stock with a sell rating, seven have given a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Seagate Technology currently has a consensus rating of "Moderate Buy" and an average target price of $130.00.

Seagate Technology Stock Performance

Shares of STX stock traded up $0.45 during trading hours on Thursday, hitting $147.57. The company had a trading volume of 739,656 shares, compared to its average volume of 3,241,475. Seagate Technology has a 12 month low of $63.19 and a 12 month high of $152.16. The firm has a market capitalization of $31.32 billion, a price-to-earnings ratio of 21.32 and a beta of 1.45. The firm's fifty day moving average is $127.30 and its 200 day moving average is $102.51.

Seagate Technology (NASDAQ:STX - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.75 by $0.15. Seagate Technology had a negative return on equity of 105.02% and a net margin of 17.49%. The company had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.14 billion. During the same period in the prior year, the company posted $0.33 EPS. The company's revenue was up 30.5% compared to the same quarter last year. On average, sell-side analysts expect that Seagate Technology will post 6.83 EPS for the current fiscal year.

Seagate Technology declared that its board has initiated a share buyback program on Thursday, May 22nd that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the data storage provider to reacquire up to 21.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's management believes its shares are undervalued.

Insider Transactions at Seagate Technology

In other Seagate Technology news, EVP Ban Seng Teh sold 63,418 shares of the stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $125.00, for a total transaction of $7,927,250.00. Following the completion of the transaction, the executive vice president owned 14,658 shares in the company, valued at approximately $1,832,250. This represents a 81.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Gianluca Romano sold 26,816 shares of the stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $117.58, for a total value of $3,153,025.28. Following the transaction, the chief financial officer owned 38,082 shares of the company's stock, valued at approximately $4,477,681.56. This trade represents a 41.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 395,516 shares of company stock worth $47,831,398 in the last 90 days. Company insiders own 0.81% of the company's stock.

Hedge Funds Weigh In On Seagate Technology

Hedge funds have recently modified their holdings of the stock. Ameriflex Group Inc. bought a new position in shares of Seagate Technology in the 4th quarter valued at about $26,000. Elequin Capital LP bought a new position in shares of Seagate Technology in the 4th quarter valued at about $27,000. Fourth Dimension Wealth LLC bought a new position in shares of Seagate Technology in the 4th quarter valued at about $27,000. Wayfinding Financial LLC acquired a new stake in Seagate Technology in the 1st quarter valued at about $31,000. Finally, Bruce G. Allen Investments LLC lifted its stake in Seagate Technology by 28.1% in the 2nd quarter. Bruce G. Allen Investments LLC now owns 419 shares of the data storage provider's stock valued at $60,000 after purchasing an additional 92 shares during the last quarter. Institutional investors own 92.87% of the company's stock.

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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