Seagate Technology (NASDAQ:STX) Price Target Cut to $110.00 by Analysts at Wells Fargo & Company

Seagate Technology (NASDAQ:STX) had its target price lowered by Wells Fargo & Company from $120.00 to $110.00 in a research report report published on Thursday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the data storage provider’s stock.

STX has been the subject of several other research reports. Rosenblatt Securities boosted their price objective on shares of Seagate Technology from $125.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Mizuho reduced their price target on shares of Seagate Technology from $130.00 to $110.00 and set an “outperform” rating for the company in a research report on Friday, January 10th. StockNews.com cut shares of Seagate Technology from a “buy” rating to a “hold” rating in a report on Tuesday, January 14th. Northland Securities boosted their target price on Seagate Technology from $142.00 to $144.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $125.00 price objective on shares of Seagate Technology in a research report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $120.94.

Seagate Technology Price Performance

Shares of STX stock opened at $97.67 on Thursday. Seagate Technology has a 1 year low of $82.31 and a 1 year high of $115.32. The company’s fifty day simple moving average is $94.40 and its two-hundred day simple moving average is $100.31. The stock has a market capitalization of $20.66 billion, a price-to-earnings ratio of 25.50 and a beta of 1.06.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $2.13 billion. During the same period in the previous year, the company posted ($0.34) EPS. The firm’s revenue for the quarter was up 49.1% compared to the same quarter last year. Equities research analysts anticipate that Seagate Technology will post 7.18 EPS for the current year.

Seagate Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, January 6th. Stockholders of record on Sunday, December 15th were paid a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.95%. The ex-dividend date was Friday, December 13th. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.70. Seagate Technology’s payout ratio is 75.20%.

Insider Buying and Selling

In other Seagate Technology news, SVP John Christopher Morris sold 1,131 shares of the company’s stock in a transaction on Tuesday, October 22nd. The shares were 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 approximately $804,672.90. This represents a 13.59 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William D. Mosley sold 20,000 shares of Seagate Technology stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $102.83, for a total value of $2,056,600.00. Following the sale, the chief executive officer now directly owns 622,497 shares in the company, valued at approximately $64,011,366.51. The trade was a 3.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 55,304 shares of company stock worth $5,656,238 in the last ninety days. 0.81% of the stock is owned by insiders.

Hedge Funds Weigh In On Seagate Technology

A number of institutional investors have recently added to or reduced their stakes in STX. Ashton Thomas Securities LLC purchased a new position in shares of Seagate Technology during the third quarter valued at approximately $26,000. Quarry LP purchased a new position in Seagate Technology in the 2nd quarter worth approximately $27,000. Kayne Anderson Rudnick Investment Management LLC lifted its position in Seagate Technology by 2,407.1% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider’s stock valued at $36,000 after acquiring an additional 337 shares in the last quarter. Advisors Asset Management Inc. boosted its stake in Seagate Technology by 177.9% during the 3rd 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 last quarter. Finally, JFS Wealth Advisors LLC increased its holdings in shares of Seagate Technology by 232.5% in the 3rd quarter. JFS Wealth Advisors LLC now owns 419 shares of the data storage provider’s stock worth $46,000 after purchasing an additional 293 shares in the last quarter. Institutional investors own 92.87% of the company’s stock.

Seagate Technology Company Profile

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.