Seagate Technology (NASDAQ:STX) Upgraded to “Overweight” at Wells Fargo & Company

Seagate Technology (NASDAQ:STX) was upgraded by investment analysts at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a $1,100.00 price target on the data storage provider’s stock, up from their previous price target of $900.00. Wells Fargo & Company‘s price objective would indicate a potential upside of 23.58% from the stock’s current price.

Other analysts have also recently issued reports about the company. Mizuho upped their price objective on Seagate Technology from $875.00 to $1,090.00 and gave the stock an “outperform” rating in a report on Monday, June 8th. Rosenblatt Securities upped their price target on shares of Seagate Technology from $500.00 to $1,000.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Zacks Research cut Seagate Technology from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 29th. Wall Street Zen raised Seagate Technology from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Finally, Argus lifted their target price on Seagate Technology from $450.00 to $750.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. Twenty-two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $894.92.

Seagate Technology Stock Up 3.5%

Shares of STX stock opened at $890.09 on Friday. The stock has a market cap of $199.58 billion, a P/E ratio of 84.45 and a beta of 2.04. Seagate Technology has a 52 week low of $138.30 and a 52 week high of $1,145.00. The company has a quick ratio of 0.85, a current ratio of 1.33 and a debt-to-equity ratio of 3.16. The company’s fifty day simple moving average is $875.26 and its two-hundred day simple moving average is $568.33.

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

Insiders Place Their Bets

In related news, EVP Ban Seng Teh sold 8,003 shares of the business’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $817.28, for a total transaction of $6,540,691.84. Following the completion of the transaction, the executive vice president owned 3,691 shares in the company, valued at $3,016,580.48. The trade was a 68.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP John Christopher Morris sold 5,626 shares of the company’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $738.37, for a total value of $4,154,069.62. Following the completion of the transaction, the executive vice president directly owned 11,954 shares in the company, valued at $8,826,474.98. This trade represents a 32.00% decrease in their position. 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. In the last ninety days, insiders sold 151,069 shares of company stock worth $126,191,753. Corporate insiders own 0.79% of the company’s stock.

Institutional Trading of Seagate Technology

Several institutional investors and hedge funds have recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership grew its holdings 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 purchasing an additional 2,697,957 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in Seagate Technology by 1,510.1% during the 4th 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 in the last quarter. Norges Bank purchased a new stake in Seagate Technology in the 4th quarter valued at about $498,363,000. Soroban Capital Partners LP boosted its position in Seagate Technology by 1,468.1% in the 2nd quarter. Soroban Capital Partners LP now owns 1,417,600 shares of the data storage provider’s stock valued at $204,602,000 after buying an additional 1,327,197 shares during the period. Finally, Janus Henderson Group PLC grew its stake in Seagate Technology by 3,872.1% in the 1st quarter. Janus Henderson Group PLC now owns 967,528 shares of the data storage provider’s stock worth $378,985,000 after acquiring an additional 943,170 shares in the last quarter. 92.87% of the stock is currently owned by 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.