Analysts at Vetr Inc. upgraded shares of Seagate Technology PLC (NASDAQ: STX) from Hold to Buy today. The company currently has a rating of Buy on the shares. The one-year price target of $33.38 is lower than the opening price of $35.59, causing a number of other analysts to comment on the stock recently. Looking back over the last year, Seagate Technology PLC stock has a high of $49.50. Usually, after analysts publish an upgrade report on a stock, they will later issue other updates, usually followed by a price target change.
The Fed stood pat on interest rates on Wednesday, helping stocks to mostly higher levels but Chairwoman Janet Yellen indicated an interest rate hike is likely by year’s end
On Wednesday, the S&P 500 SPX, +1.09% ended 1.1% higher, while the Dow DJIA, +0.90% jumped by 0.9%, or 164 points, as each exchange finished in positive territory for a second consecutive day.
The tech-heavy Nasdaq Composite COMP, +1.03% tacked on 1% and scored a record closing high.
S&P 500 futures ESZ6, +0.36% were up 6.55 points, or 0.3%, to 2,162.75 early Thursday, while Dow Jones Industrial Average futures YMZ6, +0.37% rose 58 points, or 0.3%, to 18,276. Nasdaq-100 futures NQZ6, +0.39% gained 16.25 points, or 0.3%, to 4,866.25.
Yesterday Seagate Technology PLC (NASDAQ: STX) shares last traded at $36.69, which represents a spike of $1.16 over the previous closing price. Opening at $35.59, they varied from $35.40 and $36.72 throughout the day.
Seagate Technology PLC (NASDAQ: STX) currently has a market cap of 11.01B.
3,641,139 shares traded hands yesterday, lower than the average, out of a total float 297,002,000. Look for trading volume to pick up in the coming days as momentum traders often use upticks in trading volume to determine substantial volume aggregation or distribution by institutional investors.
While an increase in trading for short periods will not mean much, conversely, a trend of heavy trading volume on the buy side over a period of days or weeks delivers a positive cue to market traders that institutions may be moving in, so institutional sponsorship is crucial.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors retain teams of analysts researching thousands of stocks, so it is good confirmation to see them buying a stock you’re considering.
Traders are able to make make more effective decisions on trades when they track the trading habits of professional investors.
Trades for Seagate Technology PLC (NASDAQ: STX) have ranged from $18.42 – 49.50, and the stock now has a 50-day MA of $33.65 and 200-day MA of $28.74. Today’s last price is 0.26% lower than the 52 week high of $49.50.
Earnings growth is an important factor to look at when buying stocks and investors look for companies that have increased their earnings by at least 25% for the past 3 years.
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