Seagate Technology Holdings plc (NASDAQ:STX) Receives $118.83 Average Target Price from Brokerages

Seagate Technology Holdings plc (NASDAQ:STX) has earned a consensus rating of “Hold” from the nineteen brokerages that are presently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $118.83.

A number of research analysts recently weighed in on the stock. Wedbush reiterated an “outperform” rating and issued a $150.00 price objective on shares of Seagate Technology in a research note on Wednesday, October 23rd. TD Cowen increased their price objective on Seagate Technology from $110.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. The Goldman Sachs Group lifted their target price on Seagate Technology from $96.00 to $107.00 and gave the company a “neutral” rating in a report on Wednesday, July 24th. Northland Securities increased their price target on shares of Seagate Technology from $142.00 to $144.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Finally, Morgan Stanley boosted their price objective on shares of Seagate Technology from $115.00 to $133.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th.

Insider Buying and Selling at Seagate Technology

In related news, CEO William D. Mosley sold 141,785 shares of Seagate Technology stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $110.18, for a total transaction of $15,621,871.30. Following the sale, the chief executive officer now directly owns 668,616 shares in the company, valued at $73,668,110.88. The trade was a 17.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Ban Seng Teh sold 4,872 shares of the business’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $110.00, for a total transaction of $535,920.00. Following the sale, the executive vice president now owns 9,969 shares in the company, valued at approximately $1,096,590. This trade represents a 32.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 201,820 shares of company stock valued at $21,892,856 in the last quarter. Company insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Seagate Technology

Several large investors have recently made changes to their positions in STX. Ashton Thomas Securities LLC bought a new position in shares of Seagate Technology during the third quarter valued at $26,000. Quarry LP purchased a new stake in shares of Seagate Technology during the 2nd quarter valued at about $27,000. Kayne Anderson Rudnick Investment Management LLC grew its stake in shares of Seagate Technology by 2,407.1% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider’s stock worth $36,000 after acquiring an additional 337 shares during the period. Family Firm Inc. purchased a new position in shares of Seagate Technology during the second quarter valued at approximately $41,000. Finally, Advisors Asset Management Inc. lifted its position in Seagate Technology by 177.9% during the third quarter. Advisors Asset Management Inc. now owns 403 shares of the data storage provider’s stock valued at $44,000 after purchasing an additional 258 shares during the period. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Seagate Technology Trading Down 0.7 %

Seagate Technology stock opened at $96.79 on Wednesday. The business’s 50 day simple moving average is $105.02 and its 200 day simple moving average is $101.23. Seagate Technology has a 12 month low of $74.33 and a 12 month high of $115.32. The company has a market cap of $20.47 billion, a price-to-earnings ratio of 25.27 and a beta of 1.05.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.30 by $0.28. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. The company had revenue of $2.17 billion during the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter in the prior year, the company earned ($0.34) EPS. The firm’s quarterly revenue was up 49.1% compared to the same quarter last year. As a group, equities research analysts forecast that Seagate Technology will post 7.35 earnings per share for the current fiscal year.

Seagate Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Sunday, December 15th will be paid a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.70. Seagate Technology’s dividend payout ratio is 73.11%.

About Seagate Technology

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.