Seagate Technology (NASDAQ:STX) Stock Price Target Lowered at Wells Fargo & Company

Seagate Technology (NASDAQ:STX) had its price objective cut by investment analysts at Wells Fargo & Company from $1,180.00 to $865.00 in a research note issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the data storage provider’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 31.75% from the stock’s current price.

Several other equities analysts have also issued reports on the company. Argus raised their price objective on Seagate Technology from $750.00 to $900.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Fox Advisors downgraded Seagate Technology from an “overweight” rating to an “equal weight” rating in a report on Monday, June 22nd. JPMorgan Chase & Co. upped their price target on shares of Seagate Technology from $1,095.00 to $1,240.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Susquehanna increased their price target on shares of Seagate Technology from $775.00 to $875.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 29th. Finally, Wall Street Zen upgraded shares of Seagate Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday, September 26th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $973.40.

Seagate Technology Stock Down 5.0%

STX stock traded down $34.28 during midday trading on Friday, reaching $656.53. 3,500,472 shares of the company were exchanged, compared to its average volume of 4,387,913. The company has a market cap of $149.29 billion, a price-to-earnings ratio of 47.36 and a beta of 2.06. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.17 and a current ratio of 1.67. Seagate Technology has a 1-year low of $209.00 and a 1-year high of $1,145.00. The stock’s 50-day simple moving average is $845.85 and its 200 day simple moving average is $802.60.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Tuesday, July 28th. The data storage provider reported $5.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.10 by $0.61. The business had revenue of $3.63 billion during the quarter, compared to analysts’ expectations of $3.50 billion. Seagate Technology had a net margin of 26.11% and a return on equity of 369.98%. The company’s revenue for the quarter was up 48.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.59 EPS. Seagate Technology has set its Q1 2027 guidance at 7.100-7.500 EPS. On average, equities analysts forecast that Seagate Technology will post 35.70 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP John Morris sold 9,354 shares of Seagate Technology stock in a transaction on Monday, September 21st. The shares were sold at an average price of $877.91, for a total value of $8,211,970.14. Following the transaction, the executive vice president directly owned 22,693 shares in the company, valued at $19,922,411.63. This trade represents a 29.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Gianluca Romano sold 49,984 shares of the business’s stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $772.16, for a total transaction of $38,595,645.44. Following the completion of the transaction, the chief financial officer directly owned 70,756 shares in the company, valued at $54,634,952.96. This represents a 41.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 466,959 shares of company stock valued at $378,840,741 in the last ninety days. Company insiders own 0.51% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Retirement Wealth Solutions LLC grew its stake in Seagate Technology by 70.6% in the 2nd quarter. Retirement Wealth Solutions LLC now owns 29 shares of the data storage provider’s stock valued at $28,000 after buying an additional 12 shares during the last quarter. Bridgewater Advisors Inc. raised its holdings in Seagate Technology by 0.9% in the 1st quarter. Bridgewater Advisors Inc. now owns 1,477 shares of the data storage provider’s stock valued at $579,000 after acquiring an additional 13 shares during the period. Baker Tilly Wealth Management LLC lifted its position in Seagate Technology by 4.6% during the third quarter. Baker Tilly Wealth Management LLC now owns 319 shares of the data storage provider’s stock worth $295,000 after acquiring an additional 14 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC lifted its position in Seagate Technology by 23.1% during the first 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 last quarter. Finally, Blalock Williams LLC boosted its holdings in shares of Seagate Technology by 2.6% during the second quarter. Blalock Williams LLC now owns 636 shares of the data storage provider’s stock worth $614,000 after acquiring an additional 16 shares during the period. 92.87% of the stock is owned by hedge funds and other institutional investors.

Key Stories Impacting Seagate Technology

Here are the key news stories impacting Seagate Technology this week:

• Positive Sentiment: Wells Fargo says the selloff is overdone: Although the firm reduced its price targets for Seagate and Western Digital because of competition, AI-spending uncertainty and questions about industry pricing, it remains bullish on both companies. Wells Fargo views the weakness as a potential opportunity. Seagate and Western Digital Stocks Have Tanked on Toshiba Fears. Wells Fargo Is Still Bullish.
• Positive Sentiment: Mozaic 4 technology could improve profitability: Seagate’s 44-terabyte Mozaic 4 drives are designed to serve growing cloud-storage demand while increasing areal density and lowering costs. The technology could support additional gross-margin expansion if hyperscaler demand remains strong. Can Seagate’s 44TB Mozaic 4 Drives Lift Gross Margins Further?
• Positive Sentiment: Long-term storage demand remains a potential growth driver: Analysts point to expanding data volumes, cloud infrastructure investment and AI-generated data as reasons Seagate may have a multiyear demand runway, despite recent sector volatility. Seagate Could Have a Long Runway as Data Storage Demand Explodes

Seagate Technology Company Profile

Seagate Technology Holdings plc is a data storage technology company that designs, manufactures and supplies solutions for storing, managing and accessing digital information. Its product portfolio is centered on hard disk drives (HDDs), including high-capacity drives used in cloud data centers, enterprise environments, surveillance systems, network-attached storage and personal computing.

The company also offers solid-state drives (SSDs), storage systems, external storage products and related services.