Mizuho Cuts Seagate Technology (NASDAQ:STX) Price Target to $110.00

Seagate Technology (NASDAQ:STX) had its price objective cut by Mizuho from $130.00 to $110.00 in a report published on Friday,Benzinga reports. They currently have an outperform rating on the data storage provider’s stock.

A number of other brokerages also recently commented on STX. Benchmark restated a “hold” rating on shares of Seagate Technology in a research note on Wednesday, October 23rd. The Goldman Sachs Group decreased their target price on shares of Seagate Technology from $112.00 to $99.00 and set a “neutral” rating for the company in a research report on Friday. Citigroup upped their price objective on shares of Seagate Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Northland Securities raised their target price on Seagate Technology from $142.00 to $144.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Finally, Rosenblatt Securities upped their price target on Seagate Technology from $125.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $121.53.

Seagate Technology Stock Up 0.2 %

Shares of NASDAQ:STX opened at $88.87 on Friday. The company has a market cap of $18.80 billion, a P/E ratio of 23.20 and a beta of 1.06. The company’s fifty day moving average is $95.35 and its two-hundred day moving average is $100.65. Seagate Technology has a 12-month low of $79.39 and a 12-month high of $115.32.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.30 by $0.28. The firm had revenue of $2.17 billion during the quarter, compared to the consensus estimate of $2.13 billion. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. The business’s revenue for the quarter was up 49.1% on a year-over-year basis. During the same period in the prior year, the business earned ($0.34) EPS. Equities research analysts anticipate that Seagate Technology will post 7.18 earnings per share for the current year.

Seagate Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, January 6th. Stockholders of record on Sunday, December 15th were given a dividend of $0.72 per share. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.70. This represents a $2.88 annualized dividend and a dividend yield of 3.24%. The ex-dividend date was Friday, December 13th. Seagate Technology’s payout ratio is 75.20%.

Insider Buying and Selling

In other news, Director Yolanda Lee Conyers sold 750 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $101.82, for a total transaction of $76,365.00. Following the completion of the sale, the director now owns 6,555 shares of the company’s stock, valued at approximately $667,430.10. This trade represents a 10.27 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP John Christopher Morris sold 1,131 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $111.90, for a total value of $126,558.90. Following the completion of the transaction, the senior vice president now directly owns 7,191 shares in the company, valued at $804,672.90. The trade was a 13.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 55,304 shares of company stock valued at $5,656,238 over the last quarter. Corporate insiders own 0.81% of the company’s stock.

Institutional Trading of Seagate Technology

Hedge funds and other institutional investors have recently made changes to their positions in the business. Sanders Capital LLC lifted its position in Seagate Technology by 0.9% during the 3rd quarter. Sanders Capital LLC now owns 16,367,591 shares of the data storage provider’s stock worth $1,792,742,000 after buying an additional 150,115 shares in the last quarter. State Street Corp raised its stake in shares of Seagate Technology by 6.8% in the third quarter. State Street Corp now owns 8,502,674 shares of the data storage provider’s stock worth $937,081,000 after acquiring an additional 541,585 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Seagate Technology by 8.3% during the third quarter. Geode Capital Management LLC now owns 4,162,512 shares of the data storage provider’s stock worth $454,477,000 after purchasing an additional 318,416 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of Seagate Technology by 29.5% during the third quarter. Franklin Resources Inc. now owns 1,778,811 shares of the data storage provider’s stock worth $197,844,000 after purchasing an additional 405,232 shares in the last quarter. Finally, Duquesne Family Office LLC grew its stake in shares of Seagate Technology by 22.0% during the second quarter. Duquesne Family Office LLC now owns 1,755,278 shares of the data storage provider’s stock valued at $181,268,000 after purchasing an additional 316,295 shares during the last quarter. 92.87% of the stock is currently owned by institutional investors and hedge funds.

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.