Why Did Northland Securities Downgrade Seagate Tech’s Stock?

Seagate Tech (STX) received a Hold rating and a $98.00 price target from Northland Securities analyst Gus Richard today. The company’s shares closed last Thursday at $96.82, close to its 52-week high of $106.22.

According to TipRanks.com, Richard is a top 100 analyst with an average return of 33.9% and a 71.2% success rate. Richard covers the Technology sector, focusing on stocks such as Advanced Micro Devices, Power Integrations, and Enphase Energy.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Seagate Tech with a $89.26 average price target, representing a -11.6% downside. In a report issued on May 18, Mizuho Securities also maintained a Hold rating on the stock with a $88.00 price target.

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The company has a one-year high of $106.22 and a one-year low of $43.53. Currently, Seagate Tech has an average volume of 3.65M.

Based on the recent corporate insider activity of 175 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of STX in relation to earlier this year. Most recently, in March 2021, Stephen Luczo, a Director at STX sold 194,384 shares for a total of $14,903,421.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Seagate Technology Plc engages in the development, production, and distribution of data storage products and electronic data storage solutions. Its products include hard disk drives, solid state hybrid drives, solid state drives, peripheral component interconnect express cards, serial advanced technology attachment controllers, storage subsystems and computing solutions. It offers its products under the Backup Plus and Expansion product lines, and Maxtor and LaCie brands. The company was founded by Finis Conner, Syed Iftikar, Doug Mahon, David Thomas Mitchell, and Alan F. Shugart in 1978 and is headquartered in Dublin, Ireland.

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