Seagate Technology (NASDAQ:STX) Stock Gets Price Target Cut from Wells Fargo & Company

Seagate Technology (NASDAQ:STX) had its price target lowered by Wells Fargo & Company from $1,180.00 to $865.00 in a research note published on Friday morning,Benzinga reports. The firm currently has an overweight rating on the data storage provider’s stock.

STX has been the subject of a number of other reports. Weiss Ratings lowered shares of Seagate Technology from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, October 2nd. Wedbush lifted their target price on shares of Seagate Technology from $825.00 to $1,000.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 29th. Zacks Research lowered shares of Seagate Technology from a “strong-buy” rating to a “hold” rating in a report on Monday, September 28th. Sanford C. Bernstein restated an “outperform” rating and set a $1,350.00 price target on shares of Seagate Technology in a report on Wednesday, July 29th. Finally, Argus upped their price target on shares of Seagate Technology from $750.00 to $900.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Twenty-two analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $973.40.

Seagate Technology Stock Performance

Shares of NASDAQ STX opened at $639.01 on Friday. The company has a quick ratio of 1.17, a current ratio of 1.67 and a debt-to-equity ratio of 1.56. The stock has a market capitalization of $145.30 billion, a price-to-earnings ratio of 46.04 and a beta of 2.06. The stock’s fifty day simple moving average is $842.38 and its 200 day simple moving average is $804.55. Seagate Technology has a 52-week low of $209.00 and a 52-week high of $1,145.00.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Tuesday, July 28th. The data storage provider reported $5.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.10 by $0.61. The company had revenue of $3.63 billion for the quarter, compared to analyst estimates of $3.50 billion. Seagate Technology had a return on equity of 369.98% and a net margin of 26.11%. Seagate Technology’s revenue for the quarter was up 48.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.59 earnings per share. Seagate Technology has set its Q1 2027 guidance at 7.100-7.500 EPS. As a group, sell-side analysts forecast that Seagate Technology will post 35.70 earnings per share for the current fiscal year.

Seagate Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 7th. Shareholders of record on Thursday, September 24th were paid a dividend of $0.74 per share. This represents a $2.96 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Thursday, September 24th. Seagate Technology’s payout ratio is 21.33%.

Insiders Place Their Bets

In other news, EVP Ban Teh sold 52,730 shares of the company’s stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $782.08, for a total value of $41,239,078.40. Following the transaction, the executive vice president owned 5,810 shares in the company, valued at $4,543,884.80. This represents a 90.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William D. Mosley sold 97,889 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $772.14, for a total transaction of $75,584,012.46. Following the sale, the chief executive officer owned 378,108 shares of the company’s stock, valued at approximately $291,952,311.12. This represents a 20.57% 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. In the last 90 days, insiders sold 466,959 shares of company stock worth $378,840,741. Insiders own 0.51% of the company’s stock.

Institutional Investors Weigh In On Seagate Technology

A number of institutional investors have recently modified their holdings of the stock. SteelPeak Wealth LLC raised its position in Seagate Technology by 14.4% in the 3rd quarter. SteelPeak Wealth LLC now owns 2,735 shares of the data storage provider’s stock worth $2,525,000 after purchasing an additional 345 shares during the last quarter. Founders Grove Wealth Partners LLC acquired a new position in Seagate Technology during the 3rd quarter worth $300,000. Robertson Stephens Wealth Management LLC boosted its position in Seagate Technology by 11.3% in the 3rd quarter. Robertson Stephens Wealth Management LLC now owns 237 shares of the data storage provider’s stock valued at $218,000 after buying an additional 24 shares during the last quarter. Frank Rimerman Advisors LLC boosted its position in Seagate Technology by 4.9% in the 3rd quarter. Frank Rimerman Advisors LLC now owns 2,508 shares of the data storage provider’s stock valued at $2,313,000 after buying an additional 117 shares during the last quarter. Finally, Encompass More Asset Management increased its stake in shares of Seagate Technology by 128.8% in the 3rd quarter. Encompass More Asset Management now owns 952 shares of the data storage provider’s stock valued at $878,000 after buying an additional 536 shares during the period. Institutional investors and hedge funds own 92.87% of the company’s stock.

Key Seagate Technology News

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

• Positive Sentiment: Wells Fargo lowered its price target to $865 from $1,180 but retained an “overweight” rating, implying substantial upside from current levels. The reduced target reflects a more cautious outlook, while the continued bullish rating suggests analysts believe market fears have become overdone. Seagate and Western Digital Stocks Have Tanked on Toshiba Fears. Wells Fargo Is Still Bullish.
• Positive Sentiment: Seagate’s 44TB Mozaic 4 drives could support further gross-margin expansion through higher storage density, improved cost efficiency and strong cloud-storage demand. This strengthens the potential earnings benefit from artificial-intelligence-related data growth. Can Seagate’s 44TB Mozaic 4 Drives Lift Gross Margins Further?
• Positive Sentiment: Despite the sector selloff, commentary points to a potentially long runway for data-storage demand as cloud providers and AI systems require increasing capacity. Seagate Could Have a Long Runway as Data Storage Demand Explodes
• Neutral Sentiment: The Wells Fargo target reduction highlights greater uncertainty around industry pricing, competition and the pace of AI-related spending, even though the firm sees an attractive risk-reward profile.
• Negative Sentiment: Investors remain concerned that Toshiba-related developments and rising competition could pressure Seagate and Western Digital, while a broader technology and AI-trade selloff is adding to the sector’s volatility. These fears are the main drivers weighing on STX today. WDC, STX Stocks Headed For Third Straight Weekly Loss

Seagate Technology Company Profile

Seagate Technology Holdings plc (NASDAQ: STX) is a data storage company that develops and manufactures mass-capacity storage products and solutions. Its portfolio is centered on hard disk drives (HDDs) used in cloud data centers, enterprise systems, network-attached storage, video and imaging applications, and personal computers.

The company also provides storage-related services and solutions designed to help organizations store, manage, protect, and access large volumes of digital information.