Seagate Technology (NASDAQ:STX) Price Target Raised to $370.00

Seagate Technology (NASDAQ:STX) had its price target upped by stock analysts at Rosenblatt Securities from $270.00 to $370.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the data storage provider’s stock. Rosenblatt Securities’ target price would indicate a potential upside of 13.42% from the stock’s current price.

Other equities analysts have also issued reports about the stock. Loop Capital upped their target price on shares of Seagate Technology from $350.00 to $465.00 and gave the stock a “buy” rating in a research report on Monday, November 10th. Mizuho boosted their price objective on shares of Seagate Technology from $290.00 to $370.00 and gave the stock an “outperform” rating in a research report on Friday, January 9th. Robert W. Baird increased their price objective on Seagate Technology from $188.00 to $270.00 and gave the company an “outperform” rating in a research report on Wednesday, October 29th. Bank of America lifted their target price on Seagate Technology from $275.00 to $320.00 and gave the company a “buy” rating in a research note on Thursday, November 20th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Seagate Technology in a research note on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Seagate Technology has a consensus rating of “Moderate Buy” and a consensus price target of $324.74.

Seagate Technology Stock Up 1.8%

Shares of NASDAQ STX opened at $326.23 on Tuesday. Seagate Technology has a 12-month low of $63.19 and a 12-month high of $335.02. The firm’s 50-day simple moving average is $283.75 and its 200 day simple moving average is $225.12. The company has a market cap of $69.67 billion, a price-to-earnings ratio of 41.88, a price-to-earnings-growth ratio of 1.28 and a beta of 1.60.

Insiders Place Their Bets

In other news, Director Stephanie Tilenius sold 2,046 shares of the company’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $266.41, for a total value of $545,074.86. Following the completion of the sale, the director directly owned 12,244 shares of the company’s stock, valued at $3,261,924.04. This represents a 14.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Yolanda Lee Conyers sold 750 shares of the stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $272.91, for a total transaction of $204,682.50. Following the completion of the sale, the director owned 5,601 shares in the company, valued at $1,528,568.91. This represents a 11.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 132,557 shares of company stock valued at $36,847,793 in the last ninety days. 0.79% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Seagate Technology

Several hedge funds have recently bought and sold shares of the company. Harbor Asset Planning Inc. acquired a new position in shares of Seagate Technology in the 2nd quarter valued at $27,000. Rakuten Securities Inc. grew its stake in Seagate Technology by 884.2% in the second quarter. Rakuten Securities Inc. now owns 187 shares of the data storage provider’s stock valued at $27,000 after acquiring an additional 168 shares during the period. Armstrong Advisory Group Inc. acquired a new position in Seagate Technology in the fourth quarter valued at about $28,000. MTM Investment Management LLC bought a new stake in shares of Seagate Technology in the second quarter worth about $29,000. Finally, First Horizon Corp acquired a new stake in shares of Seagate Technology during the third quarter worth about $33,000. 92.87% of the stock is currently owned by institutional investors and hedge funds.

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.