Seagate Technology (NASDAQ:STX) Now Covered by Melius Research

Analysts at Melius Research initiated coverage on shares of Seagate Technology (NASDAQ:STX) in a research note issued to investors on Monday, Marketbeat reports. The firm set a “buy” rating and a $1,600.00 price target on the data storage provider’s stock. Melius Research’s target price points to a potential upside of 81.16% from the company’s current price.

A number of other equities analysts also recently issued reports on STX. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Seagate Technology in a report on Wednesday. Citigroup increased their target price on shares of Seagate Technology from $740.00 to $1,150.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. UBS Group lifted their price target on Seagate Technology from $515.00 to $545.00 and gave the company a “neutral” rating in a research report on Wednesday, April 29th. TD Cowen raised their price target on shares of Seagate Technology from $500.00 to $850.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. Finally, Loop Capital increased their price target on shares of Seagate Technology from $950.00 to $1,140.00 and gave the stock a “buy” rating in a report on Friday, May 15th. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $862.52.

Seagate Technology Trading Down 1.9%

Seagate Technology stock traded down $16.68 during mid-day trading on Monday, hitting $883.22. 531,281 shares of the stock were exchanged, compared to its average volume of 4,196,882. The stock has a market capitalization of $198.04 billion, a price-to-earnings ratio of 84.26 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. Seagate Technology has a 12 month low of $138.30 and a 12 month high of $1,145.00. The firm’s fifty day simple moving average is $818.72 and its two-hundred day simple moving average is $530.88.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data on Tuesday, April 28th. The data storage provider reported $4.10 EPS for the quarter, topping the consensus estimate of $3.51 by $0.59. The company had revenue of $3.11 billion during the quarter, compared to the consensus estimate of $2.96 billion. Seagate Technology had a net margin of 21.60% and a return on equity of 1,005.65%. The company’s quarterly revenue was up 44.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.90 EPS. Seagate Technology has set its Q4 2026 guidance at 4.800-5.200 EPS. Analysts forecast that Seagate Technology will post 14.14 EPS for the current year.

Insider Buying and Selling at Seagate Technology

In other news, CEO William D. Mosley sold 30,000 shares of the stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $751.29, for a total value of $22,538,700.00. Following the completion of the sale, the chief executive officer directly owned 339,591 shares of the company’s stock, valued at $255,131,322.39. This represents a 8.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Gianluca Romano sold 22,488 shares of the business’s stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $774.22, for a total value of $17,410,659.36. Following the completion of the transaction, the chief financial officer owned 42,847 shares in the company, valued at $33,173,004.34. The trade was a 34.42% decrease in their ownership of the stock. 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 three months. Insiders own 0.79% of the company’s stock.

Institutional Trading of Seagate Technology

Several hedge funds have recently made changes to their positions in STX. State Street Corp increased its position in Seagate Technology by 1.0% during the fourth quarter. State Street Corp now owns 9,370,805 shares of the data storage provider’s stock valued at $2,587,535,000 after acquiring an additional 94,527 shares during the last quarter. Morgan Stanley grew its holdings in Seagate Technology by 5.1% during the 4th quarter. Morgan Stanley now owns 5,317,516 shares of the data storage provider’s stock valued at $1,464,391,000 after purchasing an additional 258,151 shares during the last quarter. Geode Capital Management LLC raised its position in Seagate Technology by 5.0% in the 4th quarter. Geode Capital Management LLC now owns 4,896,815 shares of the data storage provider’s stock worth $1,343,683,000 after purchasing an additional 234,436 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in Seagate Technology by 8.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,193,063 shares of the data storage provider’s stock worth $879,338,000 after purchasing an additional 243,551 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in shares of Seagate Technology by 1,510.1% during the fourth 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 period. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

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.