Seagate Technology (NASDAQ:STX) Raised to Overweight at Wells Fargo & Company

Seagate Technology (NASDAQ:STX) was upgraded by equities researchers at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a report released on Friday,Benzinga reports. The brokerage presently has a $1,100.00 price target on the data storage provider’s stock, up from their prior price target of $900.00. Wells Fargo & Company‘s target price would suggest a potential upside of 23.58% from the company’s previous close.

Several other research firms also recently weighed in on STX. Cantor Fitzgerald boosted their price target on shares of Seagate Technology from $1,000.00 to $1,300.00 and gave the stock an “overweight” rating in a research note on Monday, June 29th. TD Cowen raised their target price on shares of Seagate Technology from $500.00 to $850.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. UBS Group lifted their price target on Seagate Technology from $515.00 to $545.00 and gave the company a “neutral” rating in a research report on Wednesday, April 29th. Barclays upped their price objective on shares of Seagate Technology from $750.00 to $1,000.00 and gave the stock an “overweight” rating in a report on Wednesday, May 27th. Finally, Melius Research began coverage on shares of Seagate Technology in a research report on Monday, June 29th. They set a “buy” rating and a $1,600.00 price objective on the stock. Twenty-two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $894.92.

Seagate Technology Stock Up 3.5%

Seagate Technology stock opened at $890.09 on Friday. The stock has a market cap of $199.58 billion, a PE ratio of 84.45 and a beta of 2.04. Seagate Technology has a fifty-two week low of $138.30 and a fifty-two week high of $1,145.00. The company has a debt-to-equity ratio of 3.16, a quick ratio of 0.85 and a current ratio of 1.33. The firm’s 50-day simple moving average is $875.26 and its 200 day simple moving average is $568.33.

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

Insider Activity at Seagate Technology

In other news, EVP Ban Seng Teh sold 989 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $880.19, for a total transaction of $870,507.91. Following the completion of the transaction, the executive vice president directly owned 4,290 shares of the company’s stock, valued at $3,776,015.10. The trade was a 18.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William D. Mosley sold 9,343 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $924.42, for a total transaction of $8,636,856.06. Following the completion of the sale, the chief executive officer owned 311,517 shares in the company, valued at $287,972,545.14. This represents a 2.91% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 151,069 shares of company stock valued at $126,191,753. Insiders own 0.79% of the company’s stock.

Institutional Investors Weigh In On Seagate Technology

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Salomon & Ludwin LLC grew its position in Seagate Technology by 124.4% during the fourth quarter. Salomon & Ludwin LLC now owns 92 shares of the data storage provider’s stock valued at $27,000 after buying an additional 51 shares during the period. Rakuten Securities Inc. boosted its stake in shares of Seagate Technology by 884.2% during the 2nd quarter. Rakuten Securities Inc. now owns 187 shares of the data storage provider’s stock worth $27,000 after acquiring an additional 168 shares during the last quarter. Armstrong Advisory Group Inc. purchased a new position in shares of Seagate Technology during the 4th quarter worth $28,000. Avion Wealth grew its position in shares of Seagate Technology by 343.5% during the 4th quarter. Avion Wealth now owns 102 shares of the data storage provider’s stock valued at $28,000 after acquiring an additional 79 shares during the period. Finally, Concord Wealth Partners bought a new stake in shares of Seagate Technology during the 4th quarter valued at $28,000. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Seagate Technology Company Profile

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.