Wedbush Maintains 'Outperform' Rating for Seagate Technology (NASDAQ: STX)

Seagate Technology (NASDAQ:STX) has received a reaffirmed "outperform" rating from Wedbush analysts in a report released on Wednesday. The report sets a price target of $150.00 per share for the data storage company, indicating a potential upside of 38.66% based on the stock's closing price prior to the report.

In addition to the price target, Wedbush has projected Seagate Technology's earnings per share (EPS) for fiscal year 2026 to be approximately $12.87.

Recent Analyst Activity

Seagate Technology has been the subject of several other analyst reports as well. Citigroup raised its price target for Seagate Technology from $120.00 to $125.00 while issuing a "buy" rating. Similarly, Bank of America increased its price target from $124.00 to $130.00 and also assigned a "buy" rating. In contrast, Cantor Fitzgerald maintained a "neutral" rating with a price target of $120.00.

Another firm, Rosenblatt Securities, boosted its price objective for Seagate Technology from $140.00 to $150.00, continuing to rate the stock as a "buy." However, Wells Fargo reduced its price target from $120.00 to $110.00, categorizing the stock as "equal weight." Overall, one analyst has rated Seagate Technology with a sell rating, six have issued hold ratings, and thirteen have provided buy ratings. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $122.56.

Seagate Technology Stock Performance

On Wednesday, shares of NASDAQ STX saw a significant increase, climbing 6.8% to $108.18 during trading hours. The trading volume was about 9,809,466 shares, considerably higher than the average volume of 3,870,931. The company boasts a market capitalization of $22.88 billion, a price-to-earnings ratio of 28.25, and a beta of 1.06. Over the last year, Seagate Technology's stock has ranged from a low of $82.31 to a high of $115.32.

Recent Earnings Results

Seagate Technology recently reported its earnings results on October 22nd, revealing an EPS of $1.58 for the quarter. This figure surpassed analysts' expectations, which had estimated an EPS of $1.30. The company reported revenue of $2.17 billion for the quarter, exceeding analysts' estimates of $2.13 billion. Compared to the same quarter last year, Seagate's revenue increased by 49.1%.

Insider Trading Activity

In insider news, Director Jay L. Geldmacher sold 4,100 shares of Seagate Technology on October 24th for an average price of $103.30, totaling approximately $423,530. Following this sale, the director now owns 2,852 shares of the company. Additionally, Senior Vice President Kian Fatt Chong sold 9,182 shares on November 8th for an average price of $105.50. Over the last 90 days, insiders have sold a total of 54,173 shares valued at $5,529,679. Currently, insiders hold about 0.81% of the company's stock.

Institutional Investors and Seagate Technology

Several large institutional investors have recently adjusted their stakes in Seagate Technology. Victory Capital Management has increased its holding by 133.8% in the third quarter, now owning 171,952 shares after acquiring an additional 98,418 shares. Other firms like Versor Investments and Lighthouse Investment Partners have also bought new stakes in Seagate. As it stands, institutional investors hold 92.87% of the company's stock, highlighting strong institutional interest in Seagate Technology.

About Seagate Technology

Seagate Technology Holdings plc specializes in data storage technology and solutions, operating in various countries including Singapore, the US, and the Netherlands. The company offers a range of mass capacity storage products, encompassing enterprise hard disk drives (HDDs), solid-state drives (SSDs), and network-attached storage solutions.

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