The Goldman Sachs Group Has Lowered Expectations for Seagate Technology (NASDAQ:STX) Stock Price

Seagate Technology (NASDAQ:STX - Get Free Report) had its price target cut by equities research analysts at The Goldman Sachs Group from $112.00 to $99.00 in a report released on Friday,Benzinga reports. The brokerage currently has a "neutral" rating on the data storage provider's stock. The Goldman Sachs Group's target price points to a potential upside of 11.40% from the stock's current price.

Several other research firms have also recently weighed in on STX. Wedbush restated an "outperform" rating and set a $150.00 target price on shares of Seagate Technology in a research note on Wednesday, October 23rd. Rosenblatt Securities raised their price objective on Seagate Technology from $125.00 to $140.00 and gave the company a "buy" rating in a research note on Wednesday, October 23rd. Evercore ISI boosted their target price on Seagate Technology from $125.00 to $135.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 23rd. Benchmark restated a "hold" rating on shares of Seagate Technology in a research note on Wednesday, October 23rd. Finally, Cantor Fitzgerald reiterated a "neutral" rating and set a $125.00 price objective on shares of Seagate Technology in a research report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, Seagate Technology presently has an average rating of "Moderate Buy" and a consensus price target of $118.39.

Seagate Technology Price Performance

Seagate Technology stock traded up $0.18 during mid-day trading on Friday, reaching $88.87. 2,201,867 shares of the company were exchanged, compared to its average volume of 2,444,844. The company has a fifty day simple moving average of $95.55 and a 200-day simple moving average of $100.77. The firm has a market cap of $18.80 billion, a PE ratio of 23.20 and a beta of 1.06. Seagate Technology has a 12 month low of $79.39 and a 12 month high of $115.32.

Seagate Technology (NASDAQ:STX - Get Free Report) last posted its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, beating analysts' consensus estimates of $1.30 by $0.28. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. The business had revenue of $2.17 billion during the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter in the previous year, the firm earned ($0.34) earnings per share. Seagate Technology's revenue for the quarter was up 49.1% compared to the same quarter last year. Sell-side analysts anticipate that Seagate Technology will post 7.18 earnings per share for the current year.

Insider Buying and Selling at Seagate Technology

In other Seagate Technology news, Director Yolanda Lee Conyers sold 750 shares of Seagate Technology stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $101.82, for a total value of $76,365.00. Following the completion of the sale, the director now directly owns 6,555 shares in the company, valued at approximately $667,430.10. The trade was a 10.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP John Christopher Morris sold 1,131 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $111.90, for a total value of $126,558.90. Following the transaction, the senior vice president now owns 7,191 shares in the company, valued at $804,672.90. The trade was a 13.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 55,304 shares of company stock valued at $5,656,238. 0.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Seagate Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Sequoia Financial Advisors LLC lifted its holdings in shares of Seagate Technology by 3.6% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 2,560 shares of the data storage provider's stock worth $281,000 after purchasing an additional 89 shares in the last quarter. Affinity Capital Advisors LLC raised its holdings in Seagate Technology by 1.5% during the third quarter. Affinity Capital Advisors LLC now owns 6,620 shares of the data storage provider's stock worth $725,000 after buying an additional 100 shares during the last quarter. Ballentine Partners LLC lifted its stake in shares of Seagate Technology by 3.6% in the third quarter. Ballentine Partners LLC now owns 3,671 shares of the data storage provider's stock valued at $402,000 after buying an additional 129 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its holdings in shares of Seagate Technology by 0.6% during the second quarter. Mercer Global Advisors Inc. ADV now owns 28,646 shares of the data storage provider's stock valued at $2,958,000 after buying an additional 183 shares during the last quarter. Finally, QRG Capital Management Inc. increased its position in shares of Seagate Technology by 1.8% during the third quarter. QRG Capital Management Inc. now owns 10,330 shares of the data storage provider's stock worth $1,131,000 after acquiring an additional 183 shares in the last quarter. 92.87% of the stock is owned by institutional investors.

Seagate Technology Company Profile

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.