Melius Research Begins Coverage on Seagate Technology (NASDAQ:STX)

Equities researchers at Melius Research started coverage on shares of Seagate Technology (NASDAQ:STX) in a report released on Monday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $1,600.00 price target on the data storage provider’s stock. Melius Research’s price objective points to a potential upside of 81.16% from the stock’s previous close.

Several other research firms have also recently commented on STX. Cantor Fitzgerald boosted their target price on Seagate Technology from $700.00 to $1,000.00 and gave the company an “overweight” rating in a research note on Wednesday, April 29th. Susquehanna boosted their price objective on shares of Seagate Technology from $485.00 to $615.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 29th. TD Cowen raised their target price on shares of Seagate Technology from $500.00 to $850.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Rosenblatt Securities lifted 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. Finally, China Renaissance boosted their price target on shares of Seagate Technology from $802.00 to $983.00 in a research report on Friday, June 12th. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $862.52.

Seagate Technology Trading Down 1.9%

Shares of STX traded down $16.68 during trading hours on Monday, reaching $883.22. The stock had a trading volume of 531,281 shares, compared to its average volume of 4,196,882. The company has a market cap of $198.04 billion, a P/E ratio of 84.26 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 firm has a 50-day moving average of $818.72 and a 200 day moving average of $530.88.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Tuesday, April 28th. The data storage provider reported $4.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.51 by $0.59. The firm had revenue of $3.11 billion during the quarter, compared to analysts’ expectations of $2.96 billion. Seagate Technology had a return on equity of 1,005.65% and a net margin of 21.60%.The company’s revenue was up 44.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.90 earnings per share. Seagate Technology has set its Q4 2026 guidance at 4.800-5.200 EPS. On average, sell-side analysts expect that Seagate Technology will post 14.14 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Gianluca Romano sold 22,488 shares of the firm’s stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $774.22, for a total transaction of $17,410,659.36. Following the completion of the sale, the chief financial officer owned 42,847 shares in the company, valued at approximately $33,173,004.34. This trade represents a 34.42% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP John Christopher Morris sold 5,626 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $738.37, for a total transaction of $4,154,069.62. Following the sale, the executive vice president owned 11,954 shares of the company’s stock, valued at $8,826,474.98. This trade represents a 32.00% decrease in their ownership of the stock. 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. Insiders sold a total of 141,069 shares of company stock valued at $107,161,712 over the last 90 days. 0.79% of the stock is owned by insiders.

Institutional Investors Weigh In On Seagate Technology

A number of institutional investors have recently modified their holdings of STX. Basecamp Wealth Advisors LLC boosted its holdings in Seagate Technology by 10.9% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 559 shares of the data storage provider’s stock valued at $219,000 after purchasing an additional 55 shares during the period. Evansbrook LLC acquired a new stake in shares of Seagate Technology in the first quarter valued at approximately $892,000. Parallel Advisors LLC raised its position in shares of Seagate Technology by 11.1% in the first quarter. Parallel Advisors LLC now owns 4,353 shares of the data storage provider’s stock valued at $1,706,000 after buying an additional 435 shares in the last quarter. NewEdge Advisors LLC boosted its stake in shares of Seagate Technology by 85.9% in the first quarter. NewEdge Advisors LLC now owns 22,046 shares of the data storage provider’s stock valued at $8,637,000 after buying an additional 10,190 shares during the period. Finally, Integrated Investment Consultants LLC acquired a new stake in Seagate Technology during the first quarter worth approximately $262,000. Institutional investors own 92.87% of the company’s stock.

About Seagate Technology

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.