Rosenblatt Securities Believes Seagate Tech (NASDAQ: STX) Won’t Stop Here

In a report released today, Kevin Cassidy from Rosenblatt Securities maintained a Buy rating on Seagate Tech (STXResearch Report). The company’s shares closed last Tuesday at $96.95, close to its 52-week high of $106.22.

According to TipRanks.com, Cassidy is a top 100 analyst with an average return of 26.7% and a 71.3% success rate. Cassidy covers the Technology sector, focusing on stocks such as Smart Global Holdings, Skyworks Solutions, and ON Semiconductor.

Currently, the analyst consensus on Seagate Tech is a Moderate Buy with an average price target of $88.59.

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Based on Seagate Tech’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $2.73 billion and net profit of $329 million. In comparison, last year the company earned revenue of $2.72 billion and had a net profit of $320 million.

Based on the recent corporate insider activity of 176 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.