Seagate Technology (NASDAQ:STX) Given New $385.00 Price Target at Citigroup

Seagate Technology (NASDAQ:STX) had its price target raised by analysts at Citigroup from $320.00 to $385.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the data storage provider’s stock. Citigroup’s target price points to a potential upside of 19.14% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. Barclays boosted their target price on shares of Seagate Technology from $240.00 to $370.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 15th. The Goldman Sachs Group upped their price objective on shares of Seagate Technology from $280.00 to $310.00 and gave the company a “buy” rating in a report on Friday, January 9th. UBS Group dropped their price target on shares of Seagate Technology from $235.00 to $230.00 and set a “neutral” rating for the company in a research report on Wednesday, October 29th. Weiss Ratings reiterated a “buy (b)” rating on shares of Seagate Technology in a research note on Monday, December 29th. Finally, Wells Fargo & Company raised their price target on shares of Seagate Technology from $250.00 to $360.00 and gave the company an “equal weight” rating in a research report on Thursday, January 15th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, Seagate Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $331.04.

Seagate Technology Price Performance

NASDAQ:STX traded down $3.08 during mid-day trading on Tuesday, hitting $323.16. The company’s stock had a trading volume of 1,809,042 shares, compared to its average volume of 3,456,205. Seagate Technology has a 1 year low of $63.19 and a 1 year high of $336.17. The stock has a market cap of $69.01 billion, a price-to-earnings ratio of 41.72, a PEG ratio of 1.28 and a beta of 1.60. The business’s fifty day moving average is $283.75 and its two-hundred day moving average is $225.12.

Insider Transactions at Seagate Technology

In related news, Director Stephanie Tilenius sold 2,046 shares of the company’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $266.41, for a total value of $545,074.86. Following the completion of the transaction, the director directly owned 12,244 shares in the company, valued at approximately $3,261,924.04. This represents a 14.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Gianluca Romano sold 54,021 shares of the firm’s stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $285.16, for a total value of $15,404,628.36. Following the completion of the sale, the chief financial officer directly owned 56,293 shares in the company, valued at approximately $16,052,511.88. The trade was a 48.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 132,557 shares of company stock worth $36,847,793 in the last three months. 0.79% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Seagate Technology

Large investors have recently bought and sold shares of the stock. Armstrong Advisory Group Inc. acquired a new stake in shares of Seagate Technology during the 4th quarter worth $28,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Seagate Technology during the fourth quarter valued at about $37,000. First Horizon Corp purchased a new position in shares of Seagate Technology in the 3rd quarter worth about $33,000. Raiffeisen Bank International AG purchased a new position in shares of Seagate Technology in the 3rd quarter worth about $33,000. Finally, Physician Wealth Advisors Inc. lifted its stake in shares of Seagate Technology by 43.7% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 148 shares of the data storage provider’s stock valued at $35,000 after purchasing an additional 45 shares in the last quarter. Hedge funds and other institutional investors 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.