Wedbush Reiterates Neutral Rating for Seagate Technology (NASDAQ:STX)

Seagate Technology (NASDAQ:STX)‘s stock had its “neutral” rating reissued by research analysts at Wedbush in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $100.00 price target on the data storage provider’s stock. Wedbush’s target price would indicate a potential upside of 15.57% from the company’s previous close.

Several other equities research analysts also recently weighed in on STX. Morgan Stanley raised shares of Seagate Technology from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $73.00 to $115.00 in a research report on Tuesday, March 26th. Cantor Fitzgerald reissued a “neutral” rating and issued a $95.00 target price on shares of Seagate Technology in a research report on Monday, March 4th. BNP Paribas downgraded shares of Seagate Technology from a “neutral” rating to an “underperform” rating and set a $65.00 target price for the company. in a research report on Thursday, January 11th. TD Cowen boosted their target price on shares of Seagate Technology from $85.00 to $110.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. Finally, Barclays dropped their target price on shares of Seagate Technology from $85.00 to $80.00 and set an “equal weight” rating for the company in a research report on Monday. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $91.73.

Seagate Technology Price Performance

Seagate Technology stock opened at $86.53 on Wednesday. Seagate Technology has a 12-month low of $54.47 and a 12-month high of $101.26. The company has a market capitalization of $18.13 billion, a price-to-earnings ratio of -24.72, a price-to-earnings-growth ratio of 703.97 and a beta of 1.04. The firm’s fifty day moving average price is $89.29 and its 200 day moving average price is $82.61.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.04. The firm had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.68 billion. The business’s quarterly revenue was down 11.0% on a year-over-year basis. During the same period last year, the firm earned ($0.43) EPS. Analysts forecast that Seagate Technology will post 0.1 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Farmers & Merchants Trust Co of Chambersburg PA acquired a new stake in shares of Seagate Technology in the 4th quarter worth approximately $26,000. CVA Family Office LLC acquired a new stake in shares of Seagate Technology in the 4th quarter worth approximately $27,000. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Seagate Technology in the 4th quarter worth approximately $28,000. Parkside Financial Bank & Trust lifted its stake in shares of Seagate Technology by 85.4% in the 3rd quarter. Parkside Financial Bank & Trust now owns 445 shares of the data storage provider’s stock worth $29,000 after acquiring an additional 205 shares during the period. Finally, Northwest Financial Advisors acquired a new stake in shares of Seagate Technology in the 4th quarter worth approximately $31,000. 92.87% of the stock is owned by institutional investors and hedge funds.

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.