Seagate Technology (NASDAQ:STX) Rating Increased to Buy at Wall Street Zen

Seagate Technology (NASDAQ:STX - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report released on Thursday.

A number of other analysts have also recently commented on the stock. Susquehanna boosted their target price on shares of Seagate Technology from $65.00 to $68.00 and gave the company a "negative" rating in a report on Wednesday, January 22nd. Rosenblatt Securities reissued a "buy" rating and set a $130.00 price objective on shares of Seagate Technology in a research note on Wednesday, April 30th. BNP Paribas upgraded shares of Seagate Technology from a "strong sell" rating to a "hold" rating in a report on Friday, May 16th. Mizuho lowered their target price on shares of Seagate Technology from $115.00 to $95.00 and set an "outperform" rating for the company in a report on Thursday, April 10th. Finally, Citigroup boosted their price target on Seagate Technology from $105.00 to $125.00 and gave the stock a "buy" rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, Seagate Technology currently has a consensus rating of "Moderate Buy" and a consensus price target of $116.21.

Seagate Technology Price Performance

STX stock traded up $4.07 during trading on Thursday, reaching $108.50. The company had a trading volume of 4,033,610 shares, compared to its average volume of 2,937,945. Seagate Technology has a 52 week low of $63.19 and a 52 week high of $115.32. The business has a 50 day moving average of $85.77 and a 200 day moving average of $92.60. The company has a market cap of $23.02 billion, a P/E ratio of 19.87 and a beta of 1.32.

Seagate Technology (NASDAQ:STX - Get Free Report) last announced its earnings results on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.75 by $0.15. The firm had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.14 billion. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. The business's revenue was up 30.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.33 EPS. Research analysts expect that Seagate Technology will post 6.83 earnings per share for the current year.

Insider Transactions at Seagate Technology

In related news, CEO William D. Mosley sold 20,000 shares of Seagate Technology stock in a transaction 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 of the company's stock, valued at $46,988,047.12. The trade was a 3.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.81% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of STX. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake 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 worth $4,215,000 after purchasing an additional 4,229 shares during the period. Kingswood Wealth Advisors LLC increased its holdings in Seagate Technology by 87.9% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 8,578 shares of the data storage provider's stock valued at $740,000 after buying an additional 4,014 shares during the last quarter. Norges Bank bought a new position in Seagate Technology in the fourth quarter worth approximately $25,729,000. Asset Management One Co. Ltd. boosted its stake in shares of Seagate Technology by 9.9% during the 4th quarter. Asset Management One Co. Ltd. now owns 84,222 shares of the data storage provider's stock worth $7,360,000 after acquiring an additional 7,599 shares during the last quarter. Finally, Rheos Capital Works Inc. boosted its stake in shares of Seagate Technology by 2.5% during the 4th quarter. Rheos Capital Works Inc. now owns 331,500 shares of the data storage provider's stock worth $28,612,000 after acquiring an additional 8,000 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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