UBS Group Increases Seagate Technology (NASDAQ:STX) Price Target to $335.00

Seagate Technology (NASDAQ:STX) had its target price upped by research analysts at UBS Group from $230.00 to $335.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the data storage provider’s stock. UBS Group’s price objective points to a potential upside of 3.22% from the company’s current price.

A number of other equities research analysts also recently weighed in on STX. TD Cowen raised their price target on shares of Seagate Technology from $270.00 to $340.00 and gave the stock a “buy” rating in a research note on Tuesday, November 11th. Susquehanna raised shares of Seagate Technology from a “negative” rating to a “neutral” rating and lifted their target price for the stock from $150.00 to $280.00 in a report on Friday. Rosenblatt Securities raised their target price on shares of Seagate Technology from $270.00 to $370.00 and gave the company a “buy” rating in a report on Tuesday. Argus boosted their price target on Seagate Technology from $170.00 to $300.00 and gave the stock a “strong-buy” rating in a report on Thursday, October 30th. Finally, Evercore ISI upped their price target on shares of Seagate Technology from $160.00 to $330.00 and gave the company an “outperform” rating in a research report on Monday, October 13th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $335.61.

Seagate Technology Stock Performance

NASDAQ:STX traded down $1.67 during mid-day trading on Tuesday, reaching $324.56. The stock had a trading volume of 1,899,632 shares, compared to its average volume of 3,475,143. The business has a 50 day simple moving average of $283.75 and a 200 day simple moving average of $225.12. Seagate Technology has a twelve month low of $63.19 and a twelve month high of $336.17. The firm has a market capitalization of $69.31 billion, a price-to-earnings ratio of 41.51, a PEG ratio of 1.28 and a beta of 1.60.

Insider Buying and Selling at Seagate Technology

In other news, CFO Gianluca Romano sold 54,021 shares of Seagate Technology stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $285.16, for a total transaction of $15,404,628.36. Following the completion of the sale, the chief financial officer owned 56,293 shares of the company’s stock, valued at approximately $16,052,511.88. The trade was a 48.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William D. Mosley sold 20,000 shares of the stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $262.82, for a total value of $5,256,400.00. Following the sale, the chief executive officer directly owned 465,668 shares in the company, valued at $122,386,863.76. This trade represents a 4.12% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 132,557 shares of company stock valued at $36,847,793 over the last ninety days. Corporate insiders own 0.79% of the company’s stock.

Hedge Funds Weigh In On Seagate Technology

Hedge funds have recently bought and sold shares of the company. Vision Financial Markets LLC acquired a new stake in shares of Seagate Technology in the second quarter valued at $173,000. Tokio Marine Asset Management Co. Ltd. acquired a new position in Seagate Technology in the third quarter valued at $1,864,000. Nordea Investment Management AB increased its position in Seagate Technology by 18.0% during the second quarter. Nordea Investment Management AB now owns 18,422 shares of the data storage provider’s stock worth $2,632,000 after buying an additional 2,808 shares during the period. Central Asset Investments & Management Holdings HK Ltd boosted its stake in Seagate Technology by 185.8% during the 2nd quarter. Central Asset Investments & Management Holdings HK Ltd now owns 18,734 shares of the data storage provider’s stock worth $2,704,000 after purchasing an additional 12,178 shares during the period. Finally, Channing Capital Management LLC purchased a new stake in Seagate Technology during the 2nd quarter valued at approximately $4,542,000. Institutional investors and hedge funds 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.