Seagate Technology (NASDAQ:STX) Price Target Cut to $80.00 by Analysts at Barclays

Seagate Technology (NASDAQ:STX - Get Free Report) had its target price cut by investment analysts at Barclays from $105.00 to $80.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an "equal weight" rating on the data storage provider's stock. Barclays's price objective suggests a potential downside of 3.46% from the company's previous close.

A number of other research firms have also recently weighed in on STX. Cantor Fitzgerald reiterated a "neutral" rating and set a $120.00 price target on shares of Seagate Technology in a report on Wednesday, January 22nd. Bank of America lowered their target price on shares of Seagate Technology from $130.00 to $112.00 and set a "buy" rating for the company in a research note on Thursday, March 13th. Morgan Stanley decreased their price objective on shares of Seagate Technology from $133.00 to $129.00 and set an "overweight" rating on the stock in a report on Tuesday, January 21st. StockNews.com downgraded shares of Seagate Technology from a "buy" rating to a "hold" rating in a report on Friday, February 28th. Finally, Rosenblatt Securities boosted their target price on Seagate Technology from $140.00 to $150.00 and gave the company a "buy" rating in a research report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Seagate Technology has an average rating of "Moderate Buy" and a consensus target price of $117.39.

Seagate Technology Price Performance

Shares of STX stock traded down $0.18 during trading on Tuesday, hitting $82.86. 1,053,919 shares of the stock traded hands, compared to its average volume of 2,761,340. The firm has a market capitalization of $17.54 billion, a P/E ratio of 15.16 and a beta of 1.21. Seagate Technology has a 52-week low of $63.19 and a 52-week high of $115.32. The firm's fifty day moving average price is $85.03 and its 200-day moving average price is $93.90.

Insider Activity

In other news, CEO William D. Mosley sold 20,000 shares of the stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $84.56, for a total value of $1,691,200.00. Following the transaction, the chief executive officer now owns 555,677 shares in the company, valued at approximately $46,988,047.12. This represents a 3.47 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.81% of the company's stock.

Institutional Investors Weigh In On Seagate Technology

Several institutional investors have recently added to or reduced their stakes in STX. World Investment Advisors LLC purchased a new stake in shares of Seagate Technology during the 3rd quarter worth approximately $217,000. Wilmington Savings Fund Society FSB purchased a new stake in Seagate Technology in the third quarter valued at $54,000. Optimist Retirement Group LLC acquired a new position in Seagate Technology in the third quarter valued at $249,000. Tidal Investments LLC grew its holdings in shares of Seagate Technology by 21.3% during the third quarter. Tidal Investments LLC now owns 5,441 shares of the data storage provider's stock worth $596,000 after purchasing an additional 956 shares during the last quarter. Finally, Synovus Financial Corp increased its position in shares of Seagate Technology by 36.6% during the third quarter. Synovus Financial Corp now owns 4,054 shares of the data storage provider's stock worth $444,000 after purchasing an additional 1,087 shares in the last quarter. Hedge funds and other institutional investors own 92.87% of the company's stock.

About Seagate Technology

Seagate Technology Holdings plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It provides mass capacity storage products, including enterprise nearline hard disk drives (HDDs), enterprise nearline solid state drives (SSDs), enterprise nearline systems, video and image HDDs, and network-attached storage drives.