Seagate Technology (NASDAQ:STX) Given New $96.00 Price Target at The Goldman Sachs Group

Seagate Technology (NASDAQ:STX) had its price target increased by equities research analysts at The Goldman Sachs Group from $84.00 to $96.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the data storage provider’s stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 13.15% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Wells Fargo & Company increased their price target on shares of Seagate Technology from $80.00 to $90.00 and gave the company an “equal weight” rating in a report on Thursday, February 1st. Robert W. Baird raised their target price on shares of Seagate Technology from $70.00 to $100.00 and gave the stock an “outperform” rating in a report on Thursday, January 25th. Barclays lowered their target price on shares of Seagate Technology from $85.00 to $80.00 and set an “equal weight” rating on the stock in a report on Monday. Morgan Stanley raised shares of Seagate Technology from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $73.00 to $115.00 in a report on Tuesday, March 26th. Finally, Mizuho reaffirmed a “buy” rating and set a $100.00 target price on shares of Seagate Technology in a report on Tuesday, April 9th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Seagate Technology presently has a consensus rating of “Hold” and an average target price of $92.87.

Seagate Technology Stock Performance

NASDAQ:STX traded down $1.69 during mid-day trading on Wednesday, hitting $84.84. The stock had a trading volume of 3,251,048 shares, compared to its average volume of 2,802,092. Seagate Technology has a twelve month low of $54.47 and a twelve month high of $101.26. The stock has a market cap of $17.77 billion, a price-to-earnings ratio of -23.93, a PEG ratio of 703.97 and a beta of 1.04. The company’s 50 day simple moving average is $89.29 and its 200 day simple moving average 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 for the quarter, beating the consensus estimate of $0.29 by $0.04. The company had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.68 billion. The firm’s revenue was down 11.0% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.43) earnings per share. As a group, equities analysts forecast that Seagate Technology will post 0.1 earnings per share for the current year.

Institutional Investors Weigh In On Seagate Technology

Several hedge funds and other institutional investors have recently bought and sold shares of STX. CWM LLC increased its position in shares of Seagate Technology by 3.9% during the fourth quarter. CWM LLC now owns 3,441 shares of the data storage provider’s stock worth $294,000 after acquiring an additional 130 shares in the last quarter. Global Retirement Partners LLC increased its position in shares of Seagate Technology by 8.6% during the first quarter. Global Retirement Partners LLC now owns 1,735 shares of the data storage provider’s stock worth $161,000 after acquiring an additional 138 shares in the last quarter. Valley National Advisers Inc. increased its position in shares of Seagate Technology by 39.7% during the fourth quarter. Valley National Advisers Inc. now owns 507 shares of the data storage provider’s stock worth $43,000 after acquiring an additional 144 shares in the last quarter. NewEdge Wealth LLC increased its position in shares of Seagate Technology by 3.6% during the third quarter. NewEdge Wealth LLC now owns 4,214 shares of the data storage provider’s stock worth $278,000 after acquiring an additional 146 shares in the last quarter. Finally, Brighton Jones LLC increased its position in shares of Seagate Technology by 0.8% during the fourth quarter. Brighton Jones LLC now owns 18,754 shares of the data storage provider’s stock worth $1,601,000 after acquiring an additional 150 shares in the last quarter. 92.87% of the stock is owned by institutional investors.

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.