Barclays Forecasts Strong Price Appreciation for Seagate Technology (NASDAQ:STX) Stock

Seagate Technology (NASDAQ:STX) had its target price lifted by analysts at Barclays from $240.00 to $370.00 in a note issued to investors on Thursday,MarketScreener reports. The firm currently has an “equal weight” rating on the data storage provider’s stock. Barclays‘s price objective would indicate a potential upside of 15.51% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on the stock. Robert W. Baird raised their target price 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. Bank of America upped their target price on shares of Seagate Technology from $275.00 to $320.00 and gave the stock a “buy” rating in a research report on Thursday, November 20th. Mizuho increased their target price on Seagate Technology from $245.00 to $280.00 and gave the company an “outperform” rating in a research note on Friday, October 17th. Citigroup lifted their price target on Seagate Technology from $275.00 to $320.00 and gave the stock a “buy” rating in a research note on Tuesday, December 2nd. Finally, Rosenblatt Securities increased their price objective on Seagate Technology from $250.00 to $270.00 and gave the company a “buy” rating in a research report on Wednesday, October 29th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $314.74.

Seagate Technology Price Performance

Shares of NASDAQ:STX traded up $8.04 on Thursday, hitting $320.32. The company’s stock had a trading volume of 3,178,128 shares, compared to its average volume of 3,647,680. The company has a market capitalization of $68.41 billion, a PE ratio of 41.12, a PEG ratio of 1.25 and a beta of 1.60. The company has a 50-day simple moving average of $281.33 and a 200 day simple moving average of $220.88. Seagate Technology has a 1 year low of $63.19 and a 1 year high of $332.00.

Insider Transactions at Seagate Technology

In related news, CFO Gianluca Romano sold 54,021 shares of Seagate Technology stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $285.16, for a total value of $15,404,628.36. Following the sale, the chief financial officer owned 56,293 shares in the company, valued at $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 available at this link. Also, EVP Ban Seng Teh sold 1,412 shares of the company’s stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $299.31, for a total value of $422,625.72. Following the transaction, the executive vice president owned 13,693 shares in the company, valued at $4,098,451.83. This trade represents a 9.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 132,557 shares of company stock worth $36,847,793. Corporate insiders own 0.79% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of STX. Integrated Wealth Concepts LLC increased its stake in shares of Seagate Technology by 168.0% during the first quarter. Integrated Wealth Concepts LLC now owns 7,177 shares of the data storage provider’s stock valued at $610,000 after buying an additional 4,499 shares during the period. Parallel Advisors LLC increased its position in Seagate Technology by 39.6% during the 2nd quarter. Parallel Advisors LLC now owns 4,054 shares of the data storage provider’s stock valued at $585,000 after purchasing an additional 1,151 shares during the period. Czech National Bank raised its holdings in shares of Seagate Technology by 6.7% in the 2nd quarter. Czech National Bank now owns 51,873 shares of the data storage provider’s stock valued at $7,487,000 after purchasing an additional 3,248 shares in the last quarter. Pallas Capital Advisors LLC bought a new position in shares of Seagate Technology during the second quarter valued at approximately $755,000. Finally, Sivia Capital Partners LLC bought a new position in shares of Seagate Technology during the second quarter valued at approximately $262,000. 92.87% of the stock is owned by institutional investors.

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.