Seagate Technology (NASDAQ:STX) Stock Price Expected to Rise, China Renaissance Analyst Says

Seagate Technology (NASDAQ:STX) had its price target raised by stock analysts at China Renaissance from $325.00 to $452.00 in a research note issued to investors on Thursday,MarketScreener reports. The firm presently has a “buy” rating on the data storage provider’s stock. China Renaissance’s target price indicates a potential upside of 41.11% from the company’s current price.

A number of other research analysts have also weighed in on STX. Benchmark raised their price target on shares of Seagate Technology from $255.00 to $325.00 and gave the company a “buy” rating in a research note on Tuesday, December 16th. Barclays raised their price target on shares of Seagate Technology from $200.00 to $240.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 29th. TD Cowen increased their price objective on Seagate Technology from $270.00 to $340.00 and gave the stock a “buy” rating in a research report on Tuesday, November 11th. Wells Fargo & Company raised their target price on Seagate Technology from $250.00 to $360.00 and gave the stock an “equal weight” rating in a research note on Thursday. Finally, Susquehanna upped their price target on Seagate Technology from $80.00 to $150.00 and gave the company a “negative” rating in a research note on Wednesday, October 29th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $314.74.

Seagate Technology Stock Up 2.6%

Shares of STX stock traded up $8.04 during trading hours on Thursday, hitting $320.32. 3,178,128 shares of the company’s stock were exchanged, compared to its average volume of 3,647,680. Seagate Technology has a fifty-two week low of $63.19 and a fifty-two week high of $332.00. The firm has a market cap of $68.41 billion, a P/E ratio of 41.12, a P/E/G ratio of 1.25 and a beta of 1.60. The firm has a 50 day moving average of $281.33 and a two-hundred day moving average of $220.88.

Insider Buying and Selling

In other Seagate Technology news, Director Stephanie Tilenius sold 2,046 shares of the business’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $266.41, for a total transaction of $545,074.86. Following the sale, the director directly owned 12,244 shares in the company, valued at $3,261,924.04. This represents a 14.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $262.82, for a total transaction of $5,256,400.00. Following the completion of the transaction, the chief executive officer directly owned 465,668 shares of the company’s stock, valued at approximately $122,386,863.76. The trade was a 4.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 132,557 shares of company stock worth $36,847,793 over the last 90 days. 0.79% of the stock is owned by insiders.

Hedge Funds Weigh In On Seagate Technology

Several large investors have recently bought and sold shares of STX. Sovereign Financial Group Inc. boosted its position in shares of Seagate Technology by 3.2% during the 4th quarter. Sovereign Financial Group Inc. now owns 1,063 shares of the data storage provider’s stock worth $293,000 after acquiring an additional 33 shares in the last quarter. Pallas Capital Advisors LLC lifted its stake in Seagate Technology by 0.6% during the fourth quarter. Pallas Capital Advisors LLC now owns 5,446 shares of the data storage provider’s stock worth $1,500,000 after purchasing an additional 33 shares during the last quarter. West Family Investments Inc. boosted its holdings in Seagate Technology by 2.7% in the third quarter. West Family Investments Inc. now owns 1,428 shares of the data storage provider’s stock valued at $337,000 after purchasing an additional 37 shares in the last quarter. Capital Investment Advisors LLC increased its stake in Seagate Technology by 1.9% in the fourth quarter. Capital Investment Advisors LLC now owns 1,950 shares of the data storage provider’s stock valued at $537,000 after purchasing an additional 37 shares during the last quarter. Finally, United Community Bank increased its stake in Seagate Technology by 35.2% in the third quarter. United Community Bank now owns 169 shares of the data storage provider’s stock valued at $40,000 after purchasing an additional 44 shares during the last quarter. 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.