China Renaissance Begins Coverage on Seagate Technology (NASDAQ:STX)

Research analysts at China Renaissance started coverage on shares of Seagate Technology (NASDAQ:STX) in a research note issued to investors on Friday,Benzinga reports. The brokerage set a “buy” rating and a $325.00 price target on the data storage provider’s stock. China Renaissance’s price objective indicates a potential upside of 22.35% from the stock’s previous close.

A number of other equities research analysts have also weighed in on STX. Sanford C. Bernstein boosted their price target on Seagate Technology from $275.00 to $370.00 and gave the stock an “outperform” rating in a research note on Thursday, November 6th. Bank of America lifted their target price on shares of Seagate Technology from $275.00 to $320.00 and gave the stock a “buy” rating in a research note on Thursday, November 20th. Wedbush boosted their target price on shares of Seagate Technology from $260.00 to $290.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 29th. Wells Fargo & Company raised their price target on shares of Seagate Technology from $240.00 to $250.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 29th. Finally, The Goldman Sachs Group lifted their price objective on shares of Seagate Technology from $170.00 to $270.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $287.17.

Seagate Technology Price Performance

Shares of STX stock opened at $265.63 on Friday. The stock’s fifty day moving average price is $248.21 and its 200 day moving average price is $186.43. Seagate Technology has a 1-year low of $63.19 and a 1-year high of $297.88. The company has a market cap of $56.73 billion, a price-to-earnings ratio of 34.10, a price-to-earnings-growth ratio of 1.01 and a beta of 1.59.

Insider Activity at Seagate Technology

In other Seagate Technology news, EVP Ban Seng Teh sold 6,000 shares of the company’s stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $270.00, for a total value of $1,620,000.00. Following the sale, the executive vice president directly owned 12,041 shares of the company’s stock, valued at approximately $3,251,070. This represents a 33.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kian Fatt Chong sold 7,078 shares of the stock in a transaction dated Thursday, October 30th. The stock was sold at an average price of $272.14, for a total value of $1,926,206.92. The SEC filing for this sale provides additional information. Insiders sold a total of 152,011 shares of company stock valued at $39,835,990 over the last ninety days. Corporate insiders own 0.79% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Vision Financial Markets LLC purchased a new stake in Seagate Technology during the second quarter worth $173,000. Nordea Investment Management AB raised its position in shares of Seagate Technology by 18.0% in the second quarter. Nordea Investment Management AB now owns 18,422 shares of the data storage provider’s stock worth $2,632,000 after acquiring an additional 2,808 shares during the period. Central Asset Investments & Management Holdings HK Ltd boosted its stake in shares of Seagate Technology by 185.8% during the 2nd quarter. Central Asset Investments & Management Holdings HK Ltd now owns 18,734 shares of the data storage provider’s stock worth $2,704,000 after acquiring an additional 12,178 shares in the last quarter. Retirement Planning Co of New England Inc. acquired a new stake in shares of Seagate Technology during the 1st quarter valued at about $272,000. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of Seagate Technology by 21.5% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 61,263 shares of the data storage provider’s stock valued at $8,886,000 after purchasing an additional 10,847 shares in the last quarter. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

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.