Seagate Technology (NASDAQ:STX) Price Target Raised to $125.00

Seagate Technology (NASDAQ:STX) had its price target raised by Citigroup from $120.00 to $125.00 in a research note published on Wednesday,Benzinga reports. Citigroup currently has a buy rating on the data storage provider’s stock.

A number of other research analysts also recently issued reports on the stock. StockNews.com downgraded shares of Seagate Technology from a “buy” rating to a “hold” rating in a research report on Tuesday, January 14th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $125.00 price target on shares of Seagate Technology in a research report on Wednesday, October 23rd. Wells Fargo & Company dropped their target price on Seagate Technology from $120.00 to $110.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 16th. Mizuho reduced their target price on Seagate Technology from $130.00 to $110.00 and set an “outperform” rating on the stock in a research report on Friday, January 10th. Finally, The Goldman Sachs Group dropped their price target on Seagate Technology from $112.00 to $99.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. One research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Seagate Technology currently has an average rating of “Moderate Buy” and an average target price of $122.56.

Seagate Technology Trading Down 0.2 %

Shares of NASDAQ STX opened at $108.19 on Wednesday. Seagate Technology has a 12-month low of $82.31 and a 12-month high of $115.32. The stock’s fifty day simple moving average is $95.00 and its two-hundred day simple moving average is $100.42. The stock has a market capitalization of $22.89 billion, a PE ratio of 19.78 and a beta of 1.06.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.30 by $0.28. The company had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.13 billion. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. The firm’s revenue for the quarter was up 49.1% compared to the same quarter last year. During the same quarter last year, the company earned ($0.34) earnings per share. On average, equities analysts predict that Seagate Technology will post 6.92 earnings per share for the current fiscal year.

Seagate Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Shareholders of record on Wednesday, March 19th will be given a $0.72 dividend. The ex-dividend date of this dividend is Wednesday, March 19th. This represents a $2.88 annualized dividend and a yield of 2.66%. Seagate Technology’s dividend payout ratio is presently 52.65%.

Insider Activity

In other Seagate Technology news, SVP Kian Fatt Chong sold 9,182 shares of Seagate Technology stock in a transaction on Friday, November 8th. The shares were sold at an average price of $105.50, for a total value of $968,701.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Yolanda Lee Conyers sold 750 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $101.82, for a total transaction of $76,365.00. Following the sale, the director now directly owns 6,555 shares in the company, valued at approximately $667,430.10. The trade was a 10.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 50,073 shares of company stock valued at $5,106,149 in the last three months. 0.81% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Sanders Capital LLC increased its holdings in Seagate Technology by 0.9% in 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 acquiring an additional 150,115 shares in the last quarter. State Street Corp increased its stake in shares of Seagate Technology by 6.8% during the third quarter. State Street Corp now owns 8,502,674 shares of the data storage provider’s stock worth $937,081,000 after purchasing an additional 541,585 shares in the last quarter. Geode Capital Management LLC increased its stake 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 stake in Seagate Technology by 29.5% in the 3rd quarter. Franklin Resources Inc. now owns 1,778,811 shares of the data storage provider’s stock valued at $197,844,000 after buying an additional 405,232 shares in the last quarter. Finally, Duquesne Family Office LLC boosted its holdings in Seagate Technology by 22.0% in the 2nd quarter. Duquesne Family Office LLC now owns 1,755,278 shares of the data storage provider’s stock worth $181,268,000 after buying an additional 316,295 shares during the last quarter. 92.87% of the stock is 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.