Citigroup Cuts Seagate Technology (NASDAQ:STX) Price Target to $115.00

Seagate Technology (NASDAQ:STX) had its price objective cut by research analysts at Citigroup from $125.00 to $115.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the data storage provider’s stock. Citigroup’s target price indicates a potential upside of 28.26% from the company’s current price.

A number of other research analysts also recently commented on STX. Susquehanna boosted their price objective on shares of Seagate Technology from $65.00 to $68.00 and gave the company a “negative” rating in a research report on Wednesday, January 22nd. Barclays lifted their target price on shares of Seagate Technology from $95.00 to $105.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 22nd. Morgan Stanley reduced their target price on shares of Seagate Technology from $133.00 to $129.00 and set an “overweight” rating for the company in a research note on Tuesday, January 21st. Rosenblatt Securities lifted their target price on shares of Seagate Technology from $140.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, January 22nd. Finally, Northland Securities reissued an “outperform” rating and issued a $160.00 price target (up previously from $144.00) on shares of Seagate Technology in a report on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, Seagate Technology presently has an average rating of “Moderate Buy” and an average target price of $121.00.

Seagate Technology Price Performance

STX traded down $0.85 on Tuesday, reaching $89.67. 189,341 shares of the company traded hands, compared to its average volume of 2,589,609. The stock’s 50 day moving average price is $96.35 and its 200-day moving average price is $99.06. Seagate Technology has a 52-week low of $82.31 and a 52-week high of $115.32. The company has a market cap of $18.98 billion, a price-to-earnings ratio of 16.39 and a beta of 1.01.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in STX. Ameriflex Group Inc. acquired a new position in Seagate Technology during the 4th quarter worth about $26,000. Elequin Capital LP acquired a new stake in shares of Seagate Technology in the 4th quarter valued at approximately $27,000. Fourth Dimension Wealth LLC acquired a new stake in shares of Seagate Technology in the 4th quarter valued at approximately $27,000. Advisors Asset Management Inc. raised its position in shares of Seagate Technology by 177.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 403 shares of the data storage provider’s stock valued at $44,000 after acquiring an additional 258 shares during the period. Finally, JFS Wealth Advisors LLC increased its stake in Seagate Technology by 27.0% during the 4th quarter. JFS Wealth Advisors LLC now owns 532 shares of the data storage provider’s stock worth $46,000 after purchasing an additional 113 shares in the last quarter. Institutional investors and hedge funds 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.