Rosenblatt Securities Reiterates “Buy” Rating for Seagate Technology (NASDAQ:STX)

Seagate Technology (NASDAQ:STX)‘s stock had its “buy” rating reiterated by Rosenblatt Securities in a research report issued on Wednesday,Benzinga reports. They presently have a $130.00 price target on the data storage provider’s stock. Rosenblatt Securities’ target price points to a potential upside of 44.43% from the company’s current price.

A number of other analysts have also commented on the company. Barclays decreased their price objective on Seagate Technology from $105.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 22nd. Bank of America lowered their price target on shares of Seagate Technology from $130.00 to $112.00 and set a “buy” rating for the company in a report on Thursday, March 13th. Susquehanna upped their price objective on shares of Seagate Technology from $65.00 to $68.00 and gave the company a “negative” rating in a research note on Wednesday, January 22nd. Summit Insights raised shares of Seagate Technology from a “hold” rating to a “buy” rating in a research note on Wednesday, January 22nd. Finally, The Goldman Sachs Group reduced their price target on Seagate Technology from $112.00 to $99.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $114.89.

Seagate Technology Stock Down 1.1 %

NASDAQ:STX opened at $90.01 on Wednesday. The company has a market capitalization of $19.06 billion, a PE ratio of 16.46 and a beta of 1.21. Seagate Technology has a 52-week low of $63.19 and a 52-week high of $115.32. The stock has a fifty day simple moving average of $83.39 and a 200-day simple moving average of $93.08.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.75 by $0.15. Seagate Technology had a net margin of 14.67% and a negative return on equity of 63.48%. The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter in the prior year, the firm earned $0.33 earnings per share. The company’s revenue for the quarter was up 30.5% compared to the same quarter last year. As a group, equities analysts anticipate that Seagate Technology will post 6.83 earnings per share for the current year.

Insider Activity

In related news, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $84.56, for a total transaction of $1,691,200.00. Following the completion of the sale, the chief executive officer now directly owns 555,677 shares of the company’s stock, valued at approximately $46,988,047.12. This trade represents a 3.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.81% of the company’s stock.

Institutional Trading of Seagate Technology

Several large investors have recently modified their holdings of STX. Ameriflex Group Inc. acquired a new stake in Seagate Technology during the 4th quarter valued at approximately $26,000. Elequin Capital LP bought a new stake in shares of Seagate Technology in the fourth quarter worth $27,000. Fourth Dimension Wealth LLC acquired a new stake in Seagate Technology in the fourth quarter valued at $27,000. Wayfinding Financial LLC acquired a new position in Seagate Technology during the 1st quarter worth $31,000. Finally, Golden State Wealth Management LLC increased its position in shares of Seagate Technology by 2,200.0% in the 1st quarter. Golden State Wealth Management LLC now owns 460 shares of the data storage provider’s stock worth $39,000 after purchasing an additional 440 shares during the last quarter. 92.87% of the stock is currently 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.