Seagate Technology (NASDAQ:STX) Given New $370.00 Price Target at Rosenblatt Securities

Seagate Technology (NASDAQ:STX) had its price objective raised by Rosenblatt Securities from $270.00 to $370.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the data storage provider’s stock. Rosenblatt Securities’ price target would indicate a potential upside of 13.42% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. Mizuho boosted their target price on shares of Seagate Technology from $290.00 to $370.00 and gave the stock an “outperform” rating in a research report on Friday, January 9th. Loop Capital boosted their price objective on shares of Seagate Technology from $350.00 to $465.00 and gave the stock a “buy” rating in a report on Monday, November 10th. Fox Advisors upped their price objective on shares of Seagate Technology from $245.00 to $270.00 in a research report on Wednesday, October 29th. Weiss Ratings reiterated a “buy (b)” rating on shares of Seagate Technology in a research note on Monday, December 29th. Finally, Benchmark lifted their target price on Seagate Technology from $255.00 to $325.00 and gave the stock a “buy” rating in a research report on Tuesday, December 16th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $324.74.

Seagate Technology Stock Up 1.8%

Shares of NASDAQ STX opened at $326.23 on Tuesday. Seagate Technology has a 12 month low of $63.19 and a 12 month high of $335.02. The company has a market cap of $69.67 billion, a P/E ratio of 41.88, a P/E/G ratio of 1.28 and a beta of 1.60. The business’s 50 day moving average is $283.75 and its two-hundred day moving average is $225.12.

Insider Activity

In other Seagate Technology news, Director Stephanie Tilenius sold 2,046 shares of the firm’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $266.41, for a total transaction of $545,074.86. Following the completion of the transaction, the director owned 12,244 shares in the company, valued at $3,261,924.04. This trade represents a 14.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Ban Seng Teh sold 6,000 shares of the stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $270.00, for a total value of $1,620,000.00. Following the completion of the transaction, the executive vice president directly owned 12,041 shares of the company’s stock, valued at approximately $3,251,070. The trade was a 33.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 132,557 shares of company stock valued at $36,847,793. 0.79% of the stock is owned by company insiders.

Institutional Investors Weigh In On Seagate Technology

Several institutional investors and hedge funds have recently made changes to their positions in STX. Sovereign Financial Group Inc. increased its position in shares of Seagate Technology by 3.2% during the 4th quarter. Sovereign Financial Group Inc. now owns 1,063 shares of the data storage provider’s stock worth $293,000 after purchasing an additional 33 shares in the last quarter. Pallas Capital Advisors LLC grew its stake in Seagate Technology by 0.6% during the fourth quarter. Pallas Capital Advisors LLC now owns 5,446 shares of the data storage provider’s stock worth $1,500,000 after buying an additional 33 shares during the last quarter. West Family Investments Inc. increased its holdings in shares of Seagate Technology by 2.7% during the third quarter. West Family Investments Inc. now owns 1,428 shares of the data storage provider’s stock worth $337,000 after buying an additional 37 shares in the last quarter. Capital Investment Advisors LLC raised its stake in shares of Seagate Technology by 1.9% in the fourth quarter. Capital Investment Advisors LLC now owns 1,950 shares of the data storage provider’s stock valued at $537,000 after acquiring an additional 37 shares during the last quarter. Finally, United Community Bank boosted its holdings in shares of Seagate Technology by 35.2% in the 3rd quarter. United Community Bank now owns 169 shares of the data storage provider’s stock worth $40,000 after acquiring an additional 44 shares in the last quarter. Institutional investors and hedge funds 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.