Bank of America Forecasts Strong Price Appreciation for Seagate Technology (NASDAQ:STX) Stock

Seagate Technology (NASDAQ:STX) had its target price upped by research analysts at Bank of America from $1,000.00 to $1,150.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the data storage provider’s stock. Bank of America‘s target price indicates a potential upside of 19.17% from the stock’s previous close.

Several other equities analysts have also recently issued reports on STX. Sanford C. Bernstein lifted their price objective on shares of Seagate Technology from $620.00 to $1,000.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 29th. Morgan Stanley increased their target price on shares of Seagate Technology from $767.00 to $1,035.00 and gave the company an “overweight” rating in a research note on Monday, June 15th. Melius Research assumed coverage on shares of Seagate Technology in a report on Monday. They set a “buy” rating and a $1,600.00 target price for the company. Weiss Ratings restated a “buy (b)” rating on shares of Seagate Technology in a research report on Wednesday, June 24th. Finally, Mizuho upped their price target on Seagate Technology from $875.00 to $1,090.00 and gave the company an “outperform” rating in a report on Monday, June 8th. Twenty-one investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $880.52.

Seagate Technology Trading Down 0.4%

Shares of STX stock opened at $965.00 on Wednesday. The stock has a 50-day simple moving average of $835.80 and a 200 day simple moving average of $540.40. Seagate Technology has a fifty-two week low of $138.30 and a fifty-two week high of $1,145.00. The stock has a market capitalization of $216.38 billion, a P/E ratio of 91.56 and a beta of 2.04. The company has a quick ratio of 0.85, a current ratio of 1.33 and a debt-to-equity ratio of 3.16.

Seagate Technology (NASDAQ:STX) last released its earnings results on Tuesday, April 28th. The data storage provider reported $4.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.51 by $0.59. Seagate Technology had a return on equity of 1,005.65% and a net margin of 21.60%.The firm had revenue of $3.11 billion for the quarter, compared to analyst estimates of $2.96 billion. During the same period in the previous year, the company earned $1.90 earnings per share. Seagate Technology’s revenue was up 44.1% compared to the same quarter last year. Seagate Technology has set its Q4 2026 guidance at 4.800-5.200 EPS. On average, sell-side analysts expect that Seagate Technology will post 14.14 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Ban Seng Teh sold 8,003 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $817.28, for a total transaction of $6,540,691.84. Following the sale, the executive vice president owned 3,691 shares in the company, valued at $3,016,580.48. The trade was a 68.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP John Christopher Morris sold 5,626 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $738.37, for a total transaction of $4,154,069.62. Following the completion of the sale, the executive vice president owned 11,954 shares of the company’s stock, valued at approximately $8,826,474.98. This trade represents a 32.00% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 121,069 shares of company stock valued at $98,747,112. 0.79% of the stock is currently owned by insiders.

Institutional Trading of Seagate Technology

Several hedge funds and other institutional investors have recently modified their holdings of the business. Bridgewater Advisors Inc. raised its position in Seagate Technology by 0.9% during the first quarter. Bridgewater Advisors Inc. now owns 1,477 shares of the data storage provider’s stock valued at $579,000 after buying an additional 13 shares during the period. Annis Gardner Whiting Capital Advisors LLC boosted its position in Seagate Technology by 23.1% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 80 shares of the data storage provider’s stock worth $31,000 after acquiring an additional 15 shares during the period. Beaumont Financial Advisors LLC boosted its position in Seagate Technology by 2.1% during the 1st quarter. Beaumont Financial Advisors LLC now owns 820 shares of the data storage provider’s stock worth $321,000 after acquiring an additional 17 shares during the period. Cornerstone Wealth Group LLC grew its stake in Seagate Technology by 0.5% during the 1st quarter. Cornerstone Wealth Group LLC now owns 3,542 shares of the data storage provider’s stock valued at $1,388,000 after acquiring an additional 19 shares in the last quarter. Finally, WealthCollab LLC grew its stake in Seagate Technology by 27.4% during the 1st quarter. WealthCollab LLC now owns 93 shares of the data storage provider’s stock valued at $36,000 after acquiring an additional 20 shares in the last quarter. Institutional investors and hedge funds 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.