Cantor Fitzgerald Issues Positive Forecast for Seagate Technology (NASDAQ:STX) Stock Price

Seagate Technology (NASDAQ:STX) had its target price raised by equities researchers at Cantor Fitzgerald from $110.00 to $125.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the data storage provider’s stock. Cantor Fitzgerald’s price objective points to a potential upside of 16.27% from the company’s current price.

STX has been the topic of a number of other reports. Northland Securities reiterated an “outperform” rating and set a $160.00 price objective (up from $144.00) on shares of Seagate Technology in a research note on Wednesday, January 22nd. Rosenblatt Securities restated a “buy” rating and issued a $130.00 price target on shares of Seagate Technology in a research note on Wednesday, April 30th. Morgan Stanley dropped their price objective on shares of Seagate Technology from $133.00 to $129.00 and set an “overweight” rating for the company in a report on Tuesday, January 21st. UBS Group raised their price objective on shares of Seagate Technology from $80.00 to $85.00 and gave the company a “neutral” rating in a report on Wednesday, April 30th. Finally, Susquehanna raised their price objective 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. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $114.37.

Seagate Technology Price Performance

NASDAQ STX traded down $0.28 on Monday, hitting $107.51. 690,780 shares of the stock were exchanged, compared to its average volume of 2,907,948. The business’s fifty day moving average is $84.56 and its 200 day moving average is $92.35. Seagate Technology has a 52 week low of $63.19 and a 52 week high of $115.32. The company has a market capitalization of $22.82 billion, a PE ratio of 19.67 and a beta of 1.32.

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

Insider Activity

In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of the company’s stock in a transaction that occurred 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. This represents a 3.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.81% of the company’s stock.

Institutional Trading of Seagate Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the company. MBB Public Markets I LLC purchased a new stake in shares of Seagate Technology during the first quarter valued at approximately $300,000. United Services Automobile Association purchased a new stake in shares of Seagate Technology during the first quarter valued at approximately $385,000. Meiji Yasuda Asset Management Co Ltd. boosted its stake in shares of Seagate Technology by 6.2% during the first quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,314 shares of the data storage provider’s stock valued at $366,000 after purchasing an additional 250 shares during the period. Jones Financial Companies Lllp boosted its stake in shares of Seagate Technology by 77.4% during the first quarter. Jones Financial Companies Lllp now owns 17,351 shares of the data storage provider’s stock valued at $1,474,000 after purchasing an additional 7,569 shares during the period. Finally, Panoramic Capital LLC lifted its stake in Seagate Technology by 591.8% in the first quarter. Panoramic Capital LLC now owns 131,433 shares of the data storage provider’s stock worth $11,165,000 after acquiring an additional 112,433 shares during the period. Hedge funds and other 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.