Seagate Technology (NASDAQ:STX) Price Target Cut to $80.00

Seagate Technology (NASDAQ:STX) had its price objective lowered by investment analysts at Barclays from $85.00 to $80.00 in a report issued on Monday, Benzinga reports. The firm currently has an “equal weight” rating on the data storage provider’s stock. Barclays‘s target price points to a potential downside of 7.55% from the stock’s previous close.

Other analysts have also issued research reports about the company. Mizuho reaffirmed a “buy” rating and issued a $100.00 price target on shares of Seagate Technology in a research note on Tuesday, April 9th. BNP Paribas lowered Seagate Technology from a “neutral” rating to an “underperform” rating and set a $65.00 price objective for the company. in a research report on Thursday, January 11th. Wedbush reissued a “neutral” rating and set a $100.00 price objective on shares of Seagate Technology in a research report on Thursday, January 25th. Morgan Stanley raised Seagate Technology from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $73.00 to $115.00 in a research report on Tuesday, March 26th. Finally, Rosenblatt Securities raised their price objective on Seagate Technology from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, January 25th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Seagate Technology currently has a consensus rating of “Hold” and an average price target of $91.73.

Seagate Technology Stock Up 1.6 %

Shares of STX stock opened at $86.53 on Monday. The stock has a fifty day moving average of $89.29 and a 200 day moving average of $82.61. Seagate Technology has a 52 week low of $54.47 and a 52 week high of $101.26. The firm has a market capitalization of $18.13 billion, a price-to-earnings ratio of -24.72, a PEG ratio of 681.49 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. The business had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.68 billion. During the same period in the previous year, the business earned ($0.43) EPS. The business’s revenue was down 11.0% compared to the same quarter last year. Equities research analysts anticipate that Seagate Technology will post 0.1 earnings per share for the current year.

Institutional Investors Weigh In On Seagate Technology

Large investors have recently bought and sold shares of the business. Farmers & Merchants Trust Co of Chambersburg PA bought a new stake in Seagate Technology in the 4th quarter worth about $26,000. CVA Family Office LLC bought a new stake in shares of Seagate Technology during the 4th quarter valued at about $27,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Seagate Technology during the 4th quarter valued at about $28,000. Northwest Financial Advisors purchased a new position in shares of Seagate Technology during the 4th quarter valued at about $31,000. Finally, Parkside Financial Bank & Trust lifted its position in shares of Seagate Technology by 85.4% during the 3rd quarter. Parkside Financial Bank & Trust now owns 445 shares of the data storage provider’s stock valued at $29,000 after buying an additional 205 shares in the last quarter. 92.87% of the stock is currently owned by 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.