The Goldman Sachs Group Has Lowered Expectations for Seagate Technology (NASDAQ:STX) Stock Price

Seagate Technology (NASDAQ:STX) had its target price reduced by analysts at The Goldman Sachs Group from $112.00 to $99.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the data storage provider’s stock. The Goldman Sachs Group’s target price points to a potential upside of 13.04% from the stock’s current price.

Several other brokerages have also commented on STX. Benchmark reaffirmed a “hold” rating on shares of Seagate Technology in a research report on Wednesday, October 23rd. Citigroup lifted their target price on shares of Seagate Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Cantor Fitzgerald reiterated a “neutral” rating and issued a $125.00 target price on shares of Seagate Technology in a research note on Wednesday, October 23rd. Evercore ISI lifted their target price on shares of Seagate Technology from $125.00 to $135.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Finally, StockNews.com upgraded shares of Seagate Technology from a “hold” rating to a “buy” rating in a research note on Thursday, October 17th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, Seagate Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $118.39.

Seagate Technology Trading Down 1.3 %

Shares of STX traded down $1.11 during trading hours on Friday, reaching $87.58. 666,598 shares of the stock traded hands, compared to its average volume of 2,179,252. The company has a market cap of $18.53 billion, a price-to-earnings ratio of 22.87 and a beta of 1.06. Seagate Technology has a 52 week low of $79.39 and a 52 week high of $115.32. The stock has a fifty day simple moving average of $95.55 and a 200 day simple moving average of $100.77.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, topping the consensus estimate of $1.30 by $0.28. The business had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.13 billion. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. The company’s revenue for the quarter was up 49.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.34) earnings per share. Analysts predict that Seagate Technology will post 7.18 earnings per share for the current fiscal year.

Insider Transactions at Seagate Technology

In related news, Director Yolanda Lee Conyers sold 750 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $101.82, for a total transaction of $76,365.00. Following the completion of the sale, the director now directly owns 6,555 shares in the company, valued at $667,430.10. This represents a 10.27 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO William D. Mosley sold 20,000 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $99.53, for a total transaction of $1,990,600.00. Following the sale, the chief executive officer now owns 642,497 shares of the company’s stock, valued at $63,947,726.41. This represents a 3.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 55,304 shares of company stock worth $5,656,238. 0.81% of the stock is currently owned by insiders.

Institutional Trading of Seagate Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Range Financial Group LLC grew its position in shares of Seagate Technology by 266.9% in the 4th quarter. Range Financial Group LLC now owns 29,048 shares of the data storage provider’s stock worth $2,507,000 after buying an additional 21,130 shares during the period. Insight Wealth Strategies LLC purchased a new stake in Seagate Technology during the 4th quarter valued at about $3,543,000. Nordea Investment Management AB grew its position in Seagate Technology by 5.8% during the 4th quarter. Nordea Investment Management AB now owns 15,555 shares of the data storage provider’s stock valued at $1,349,000 after purchasing an additional 856 shares during the last quarter. Principal Financial Group Inc. grew its position in Seagate Technology by 74.2% during the 3rd quarter. Principal Financial Group Inc. now owns 354,013 shares of the data storage provider’s stock valued at $38,775,000 after purchasing an additional 150,734 shares during the last quarter. Finally, Retirement Systems of Alabama grew its position in Seagate Technology by 7.3% during the 3rd quarter. Retirement Systems of Alabama now owns 46,213 shares of the data storage provider’s stock valued at $5,062,000 after purchasing an additional 3,135 shares during the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

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.