Mizuho Issues Pessimistic Forecast for Seagate Technology (NASDAQ:STX) Stock Price

Seagate Technology (NASDAQ:STX) had its price objective lowered by analysts at Mizuho from $130.00 to $110.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the data storage provider’s stock. Mizuho’s target price would suggest a potential upside of 25.81% from the stock’s previous close.

Several other brokerages have also recently commented on STX. StockNews.com raised shares of Seagate Technology from a “hold” rating to a “buy” rating in a research report on Thursday, October 17th. Wedbush reissued an “outperform” rating and set a $150.00 target price on shares of Seagate Technology in a research note on Wednesday, October 23rd. Northland Securities increased their price target on Seagate Technology from $142.00 to $144.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Evercore ISI boosted their price objective on Seagate Technology from $125.00 to $135.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Finally, The Goldman Sachs Group reduced their target price on shares of Seagate Technology from $112.00 to $99.00 and set a “neutral” rating on the stock in a report on Friday. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, Seagate Technology presently has an average rating of “Moderate Buy” and a consensus target price of $118.39.

Seagate Technology Stock Down 1.4 %

NASDAQ:STX traded down $1.26 during trading hours on Friday, reaching $87.43. 899,817 shares of the stock were exchanged, compared to its average volume of 2,222,582. Seagate Technology has a twelve month low of $79.39 and a twelve month high of $115.32. The business has a 50-day moving average of $95.55 and a two-hundred day moving average of $100.77. The company has a market capitalization of $18.49 billion, a price-to-earnings ratio of 22.83 and a beta of 1.06.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.30 by $0.28. The company had revenue of $2.17 billion during the quarter, compared to analysts’ expectations of $2.13 billion. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. Seagate Technology’s revenue for the quarter was up 49.1% on a year-over-year basis. During the same period last year, the business posted ($0.34) EPS. On average, research analysts forecast that Seagate Technology will post 7.18 EPS for the current fiscal year.

Insider Activity

In other news, SVP John Christopher Morris sold 1,131 shares of the stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $111.90, for a total transaction of $126,558.90. Following the transaction, the senior vice president now directly owns 7,191 shares in the company, valued at $804,672.90. This represents a 13.59 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Yolanda Lee Conyers sold 750 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $101.82, for a total transaction of $76,365.00. Following the transaction, the director now directly owns 6,555 shares of the company’s stock, valued at $667,430.10. This trade represents a 10.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 55,304 shares of company stock worth $5,656,238 over the last ninety days. 0.81% of the stock is currently owned by insiders.

Institutional Trading of Seagate Technology

Institutional investors and hedge funds have recently made changes to their positions in the company. Victory Capital Management Inc. grew its position in shares of Seagate Technology by 133.8% in the 3rd quarter. Victory Capital Management Inc. now owns 171,952 shares of the data storage provider’s stock worth $18,834,000 after acquiring an additional 98,418 shares in the last quarter. Versor Investments LP acquired a new stake in Seagate Technology in the third quarter worth about $2,146,000. Lighthouse Investment Partners LLC acquired a new position in shares of Seagate Technology during the second quarter valued at approximately $499,000. Forte Capital LLC ADV raised its stake in shares of Seagate Technology by 29.8% in the 3rd quarter. Forte Capital LLC ADV now owns 28,972 shares of the data storage provider’s stock worth $3,173,000 after buying an additional 6,653 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its holdings in Seagate Technology by 3,549.7% in the 3rd quarter. International Assets Investment Management LLC now owns 204,493 shares of the data storage provider’s stock valued at $22,398,000 after acquiring an additional 198,890 shares during the last quarter. 92.87% of the stock is currently owned by institutional investors and hedge funds.

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.