Seagate Technology (NASDAQ:STX) Stock Price Expected to Rise, Cantor Fitzgerald Analyst Says

Key Points

• Cantor Fitzgerald raised its price target on Seagate Technology to $1,300 from $1,000 and kept an overweight rating, implying about 42% upside from the current share price.
• Seagate’s stock was trading up about 1.4% at $912.46, after reaching a 52-week high of $1,145; the company also has a market cap of about $204.6 billion.
• The company recently beat quarterly expectations, reporting $4.10 EPS on $3.11 billion in revenue, and several other analysts have also turned more bullish, with the consensus rating at Moderate Buy.

Seagate Technology (NASDAQ:STX - Get Free Report) had its price objective lifted by analysts at Cantor Fitzgerald from $1,000.00 to $1,300.00 in a research note issued on Monday,Benzinga reports. The firm currently has an "overweight" rating on the data storage provider's stock. Cantor Fitzgerald's target price indicates a potential upside of 42.47% from the stock's current price.

A number of other equities research analysts also recently commented on STX. Wall Street Zen upgraded Seagate Technology from a "hold" rating to a "buy" rating in a report on Saturday, May 2nd. Rosenblatt Securities boosted their target price on Seagate Technology from $500.00 to $1,000.00 and gave the stock a "buy" rating in a research report on Wednesday, April 29th. JPMorgan Chase & Co. upped their price target on Seagate Technology from $775.00 to $920.00 and gave the company an "overweight" rating in a research note on Thursday, June 11th. Morgan Stanley lifted their price objective on shares of Seagate Technology from $767.00 to $1,035.00 and gave the stock an "overweight" rating in a research note on Monday, June 15th. Finally, Argus upped their target price on shares of Seagate Technology from $450.00 to $750.00 and gave the company a "buy" rating in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $874.52.

Seagate Technology Trading Up 1.4%

STX stock traded up $12.56 during midday trading on Monday, reaching $912.46. The company's stock had a trading volume of 1,515,719 shares, compared to its average volume of 4,202,693. Seagate Technology has a 52 week low of $138.30 and a 52 week high of $1,145.00. The stock has a market cap of $204.60 billion, a PE ratio of 86.16 and a beta of 2.04. The company has a quick ratio of 0.85, a current ratio of 1.33 and a debt-to-equity ratio of 3.16. The business's 50-day simple moving average is $818.72 and its 200-day simple moving average is $530.88.

Seagate Technology (NASDAQ:STX - Get Free Report) last issued its earnings results 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 company had revenue of $3.11 billion during the quarter, compared to analysts' expectations of $2.96 billion. Seagate Technology had a net margin of 21.60% and a return on equity of 1,005.65%. The business's revenue for the quarter was up 44.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.90 EPS. Seagate Technology has set its Q4 2026 guidance at 4.800-5.200 EPS. As a group, sell-side analysts expect that Seagate Technology will post 14.14 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Gianluca Romano sold 903 shares of the stock in a transaction on Friday, June 12th. The shares were sold at an average price of $880.19, for a total transaction of $794,811.57. Following the completion of the transaction, the chief financial officer owned 42,860 shares in the company, valued at approximately $37,724,943.40. This represents a 2.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Ban Seng Teh sold 989 shares of the firm's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $880.19, for a total transaction of $870,507.91. Following the completion of the transaction, the executive vice president directly owned 4,290 shares of the company's stock, valued at approximately $3,776,015.10. This trade represents a 18.73% 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. Insiders have sold a total of 141,069 shares of company stock valued at $107,161,712 over the last 90 days. 0.79% of the stock is currently owned by company insiders.

Institutional Trading of Seagate Technology

Hedge funds and other institutional investors have recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership grew its stake in Seagate Technology by 1,072.5% in the third quarter. Arrowstreet Capital Limited Partnership now owns 2,949,512 shares of the data storage provider's stock valued at $696,262,000 after purchasing an additional 2,697,957 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Seagate Technology by 1,510.1% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,008,516 shares of the data storage provider's stock valued at $553,125,000 after buying an additional 1,883,769 shares during the last quarter. Norges Bank acquired a new stake in shares of Seagate Technology in the 4th quarter valued at approximately $498,363,000. Soroban Capital Partners LP grew its stake in shares of Seagate Technology by 1,468.1% in the second quarter. Soroban Capital Partners LP now owns 1,417,600 shares of the data storage provider's stock valued at $204,602,000 after buying an additional 1,327,197 shares in the last quarter. Finally, Janus Henderson Group PLC grew its stake in shares of Seagate Technology by 3,872.1% in the first quarter. Janus Henderson Group PLC now owns 967,528 shares of the data storage provider's stock valued at $378,985,000 after buying an additional 943,170 shares in the last quarter. Institutional investors and hedge funds own 92.87% of the company's stock.

About Seagate Technology

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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