Bank of America Issues Positive Forecast for Seagate Technology (NASDAQ:STX) Stock Price

Seagate Technology (NASDAQ:STX) had its price objective lifted by equities researchers at Bank of America from $320.00 to $400.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the data storage provider’s stock. Bank of America‘s target price indicates a potential upside of 23.15% from the stock’s previous close.

STX has been the topic of several other research reports. Robert W. Baird upped their price objective on shares of Seagate Technology from $188.00 to $270.00 and gave the company an “outperform” rating in a research note on Wednesday, October 29th. Wells Fargo & Company increased their price target on Seagate Technology from $250.00 to $360.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 15th. Sanford C. Bernstein lifted their price objective on Seagate Technology from $275.00 to $370.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. Wedbush upped their target price on Seagate Technology from $260.00 to $290.00 and gave the company an “outperform” rating in a research note on Wednesday, October 29th. Finally, Susquehanna raised Seagate Technology from a “negative” rating to a “neutral” rating and raised their price target for the stock from $150.00 to $280.00 in a research note on Friday. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have given a Hold rating to the company. According to MarketBeat, Seagate Technology currently has an average rating of “Moderate Buy” and a consensus target price of $328.22.

Seagate Technology Stock Down 0.4%

NASDAQ STX opened at $324.80 on Tuesday. The stock has a market cap of $69.36 billion, a price-to-earnings ratio of 41.77, a price-to-earnings-growth ratio of 1.28 and a beta of 1.60. Seagate Technology has a fifty-two week low of $63.19 and a fifty-two week high of $335.02. The business has a fifty day moving average of $283.75 and a 200-day moving average of $225.12.

Insider Activity

In other Seagate Technology news, EVP Ban Seng Teh sold 1,412 shares of Seagate Technology stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $299.31, for a total transaction of $422,625.72. Following the sale, the executive vice president directly owned 13,693 shares in the company, valued at $4,098,451.83. The trade was a 9.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Stephanie Tilenius sold 2,046 shares of the firm’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $266.41, for a total transaction of $545,074.86. Following the transaction, the director directly owned 12,244 shares of the company’s stock, valued at approximately $3,261,924.04. This represents a 14.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 132,557 shares of company stock worth $36,847,793 over the last three months. 0.79% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Seagate Technology

A number of institutional investors have recently modified their holdings of STX. WCM Investment Management LLC bought a new stake in shares of Seagate Technology in the 3rd quarter worth approximately $1,187,621,000. Arrowstreet Capital Limited Partnership grew its holdings in Seagate Technology by 1,072.5% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,949,512 shares of the data storage provider’s stock worth $696,262,000 after buying an additional 2,697,957 shares in the last quarter. Norges Bank bought a new position in Seagate Technology in the 2nd quarter worth approximately $197,027,000. Boston Partners acquired a new stake in Seagate Technology in the 2nd quarter valued at approximately $193,500,000. Finally, Soroban Capital Partners LP raised its stake in Seagate Technology by 1,468.1% during the 2nd quarter. Soroban Capital Partners LP now owns 1,417,600 shares of the data storage provider’s stock valued at $204,602,000 after acquiring an additional 1,327,197 shares in the last quarter. 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.