Seagate Technology (NASDAQ:STX) Given New $325.00 Price Target at Benchmark

Seagate Technology (NASDAQ:STX) had its price target lifted by equities researchers at Benchmark from $255.00 to $325.00 in a report issued on Tuesday,MarketScreener reports. The firm presently has a “buy” rating on the data storage provider’s stock. Benchmark’s price objective indicates a potential upside of 11.52% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. Morgan Stanley lifted their target price on shares of Seagate Technology from $265.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, October 29th. Mizuho boosted their target price on Seagate Technology from $245.00 to $280.00 and gave the company an “outperform” rating in a research note on Friday, October 17th. Fox Advisors raised their price target on Seagate Technology from $245.00 to $270.00 in a research note on Wednesday, October 29th. Loop Capital boosted their price target on Seagate Technology from $350.00 to $465.00 and gave the company a “buy” rating in a research note on Monday, November 10th. Finally, Argus raised their price objective on shares of Seagate Technology from $170.00 to $300.00 and gave the company a “strong-buy” rating in a research report on Thursday, October 30th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $290.22.

Seagate Technology Price Performance

Shares of STX opened at $291.42 on Tuesday. The company has a market capitalization of $62.24 billion, a price-to-earnings ratio of 37.55, a P/E/G ratio of 1.13 and a beta of 1.59. The business’s 50-day moving average is $254.95 and its 200-day moving average is $196.24. Seagate Technology has a fifty-two week low of $63.19 and a fifty-two week high of $308.93.

Insider Buying and Selling

In other news, EVP Ban Seng Teh sold 6,000 shares of the business’s stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $270.00, for a total value of $1,620,000.00. Following the completion of the sale, the executive vice president directly owned 12,041 shares in the company, valued at approximately $3,251,070. The trade was a 33.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Gianluca Romano sold 54,021 shares of the firm’s stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $285.16, for a total transaction of $15,404,628.36. Following the completion of the transaction, the chief financial officer owned 56,293 shares in the company, valued at $16,052,511.88. The trade was a 48.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 132,555 shares of company stock valued at $36,030,007. 0.79% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Seagate Technology

Several large investors have recently made changes to their positions in STX. Vanguard Group Inc. grew its holdings in Seagate Technology by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 28,140,287 shares of the data storage provider’s stock valued at $6,642,796,000 after buying an additional 442,749 shares during the last quarter. State Street Corp lifted its holdings in shares of Seagate Technology by 3.1% during the third quarter. State Street Corp now owns 9,276,278 shares of the data storage provider’s stock worth $2,196,420,000 after buying an additional 274,913 shares during the last quarter. WCM Investment Management LLC acquired a new position in shares of Seagate Technology during the third quarter worth approximately $1,187,621,000. Geode Capital Management LLC boosted its position in shares of Seagate Technology by 1.9% in the second quarter. Geode Capital Management LLC now owns 4,567,181 shares of the data storage provider’s stock valued at $656,066,000 after acquiring an additional 85,660 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of 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 worth $696,262,000 after acquiring an additional 2,697,957 shares during the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Seagate Technology Company Profile

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.