Seagate Technology (NASDAQ:STX) Coverage Initiated by Analysts at China Renaissance

Equities research analysts at China Renaissance assumed coverage on shares of Seagate Technology (NASDAQ:STX - Get Free Report) in a research report issued 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 target price would suggest a potential upside of 22.35% from the company's previous close.

• Seagate Stock Could Soar as AI Drives Storage Demand

Several other research firms have also commented on STX. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Seagate Technology in a report on Monday. Citigroup raised their price objective on Seagate Technology from $275.00 to $320.00 and gave the company a "buy" rating in a research note on Tuesday. Rosenblatt Securities lifted their price objective on Seagate Technology from $250.00 to $270.00 and gave the stock a "buy" rating in a report on Wednesday, October 29th. BNP Paribas Exane lowered their target price on Seagate Technology from $240.00 to $230.00 and set a "neutral" rating for the company in a research note on Wednesday, October 29th. Finally, Evercore ISI raised their price target on Seagate Technology from $160.00 to $330.00 and gave the stock an "outperform" rating in a research report on Monday, October 13th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Seagate Technology currently has an average rating of "Moderate Buy" and an average target price of $287.17.

Read Our Latest Stock Report on STX

Seagate Technology Price Performance

• 3 Stocks Showing Relative Strength as Markets Pull Back

Shares of NASDAQ STX opened at $265.63 on Friday. The stock has a market capitalization of $56.73 billion, a P/E ratio of 34.10, a PEG ratio of 1.01 and a beta of 1.59. Seagate Technology has a one year low of $63.19 and a one year high of $297.88. The firm's 50 day simple moving average is $248.21 and its two-hundred day simple moving average is $186.43.

Insider Buying and Selling at Seagate Technology

In other Seagate Technology news, EVP John Christopher Morris sold 15,347 shares of the stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $195.80, for a total value of $3,004,942.60. Following the completion of the sale, the executive vice president owned 9,843 shares in the company, valued at approximately $1,927,259.40. This trade represents a 60.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Kian Fatt Chong sold 7,078 shares of the business's stock in a transaction that occurred on Thursday, October 30th. The shares were 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 have sold a total of 152,011 shares of company stock worth $39,835,990 over the last three months. 0.79% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

• Seagate's Record Earnings Prove Its Role as a Core AI Player

A number of hedge funds have recently added to or reduced their stakes in the stock. First Horizon Corp bought a new position in shares of Seagate Technology in the 3rd quarter worth $33,000. Raiffeisen Bank International AG purchased a new position in Seagate Technology in the third quarter valued at about $33,000. Physician Wealth Advisors Inc. raised its holdings in Seagate Technology by 43.7% in the third quarter. Physician Wealth Advisors Inc. now owns 148 shares of the data storage provider's stock worth $35,000 after purchasing an additional 45 shares in the last quarter. Palisade Asset Management LLC purchased a new stake in shares of Seagate Technology during the third quarter valued at about $37,000. Finally, Larson Financial Group LLC boosted its holdings in shares of Seagate Technology by 41.9% in the 3rd quarter. Larson Financial Group LLC now owns 166 shares of the data storage provider's stock valued at $39,000 after buying an additional 49 shares in the last quarter. 92.87% of the stock is owned by hedge funds and other 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.

Read More

• Five stocks we like better than Seagate Technology
• Growth Stocks: What They Are, What They Are Not
• Marvell's Rally Extends: Data Centers and AMZN Chips Boost Shares
• Differences Between Momentum Investing and Long Term Investing
• Could Ross Stores Stock Hit $200 by Christmas? Here Are 3 Reasons Analysts Think So
• How to Calculate Return on Investment (ROI)
• The Trade Desk: After a 70% Plunge, This Could Be The Time to Buy

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Should You Invest $1,000 in Seagate Technology Right Now?

Before you consider Seagate Technology, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Seagate Technology wasn't on the list.

While Seagate Technology currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here