KeyCorp Analysts Give Seagate Technology (NASDAQ:STX) a $58.00 Price Target

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Seagate Technology (NASDAQ:STX) has been given a $58.00 target price by equities researchers at KeyCorp in a research note issued on Tuesday, TipRanks reports. The brokerage currently has a “hold” rating on the data storage provider’s stock. KeyCorp’s price objective points to a potential upside of 3.18% from the company’s previous close.

Several other brokerages have also weighed in on STX. Mizuho set a $46.00 price objective on Seagate Technology and gave the company a “hold” rating in a report on Friday, August 2nd. BidaskClub raised Seagate Technology from a “hold” rating to a “buy” rating in a report on Tuesday. Cowen reiterated a “market perform” rating and issued a $40.00 target price (down previously from $47.00) on shares of Seagate Technology in a research report on Monday, August 5th. Benchmark reiterated a “buy” rating and issued a $55.00 price target (down from $57.00) on shares of Seagate Technology in a report on Monday, August 5th. Finally, Wedbush started coverage on Seagate Technology in a report on Wednesday, June 26th. They issued a “neutral” rating and a $35.00 price target for the company. They noted that the move was a valuation call. Five investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $45.60.

STX stock traded up $0.88 during mid-day trading on Tuesday, hitting $56.21. 2,738,948 shares of the company were exchanged, compared to its average volume of 3,120,191. The firm has a fifty day simple moving average of $47.99 and a 200 day simple moving average of $47.05. The company has a market capitalization of $14.74 billion, a PE ratio of 11.66, a price-to-earnings-growth ratio of 10.52 and a beta of 1.65. Seagate Technology has a twelve month low of $35.38 and a twelve month high of $56.57. The company has a current ratio of 1.95, a quick ratio of 1.52 and a debt-to-equity ratio of 1.97.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Friday, August 2nd. The data storage provider reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.03. Seagate Technology had a net margin of 19.36% and a return on equity of 72.07%. The business had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.33 billion. During the same quarter in the prior year, the business posted $1.62 EPS. The company’s revenue for the quarter was down 16.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Seagate Technology will post 4.3 earnings per share for the current year.

In other news, Director Stephen J. Luczo sold 5,000 shares of the company’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $47.45, for a total transaction of $237,250.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Stephen J. Luczo sold 10,000 shares of the company’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $47.00, for a total transaction of $470,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 125,000 shares of company stock worth $6,538,050. Company insiders own 1.00% of the company’s stock.

Institutional investors have recently bought and sold shares of the business. Parallel Advisors LLC raised its stake in Seagate Technology by 14.4% during the 2nd quarter. Parallel Advisors LLC now owns 1,934 shares of the data storage provider’s stock valued at $91,000 after acquiring an additional 244 shares in the last quarter. Front Row Advisors LLC raised its stake in shares of Seagate Technology by 91.0% during the first quarter. Front Row Advisors LLC now owns 573 shares of the data storage provider’s stock valued at $28,000 after purchasing an additional 273 shares in the last quarter. World Asset Management Inc raised its stake in shares of Seagate Technology by 1.2% during the second quarter. World Asset Management Inc now owns 23,625 shares of the data storage provider’s stock valued at $1,113,000 after purchasing an additional 290 shares in the last quarter. CWM LLC lifted its holdings in Seagate Technology by 61.3% in the second quarter. CWM LLC now owns 789 shares of the data storage provider’s stock worth $37,000 after purchasing an additional 300 shares during the period. Finally, LS Investment Advisors LLC lifted its holdings in Seagate Technology by 3.7% in the second quarter. LS Investment Advisors LLC now owns 8,751 shares of the data storage provider’s stock worth $412,000 after purchasing an additional 315 shares during the period. 83.74% of the stock is owned by hedge funds and other institutional investors.

Seagate Technology Company Profile

Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It manufactures and distributes hard disk drives; solid state drives (SSDs), including serial attached small computer system interface and non-volatile memory express SSDs; solid state hybrid drives; and storage subsystems.

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Analyst Recommendations for Seagate Technology (NASDAQ:STX)

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