Seagate Technology (NASDAQ:STX) Price Target Raised to $68.00

Seagate Technology (NASDAQ:STXFree Report) had its price objective hoisted by Susquehanna from $65.00 to $68.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has a negative rating on the data storage provider’s stock.

Several other equities analysts have also issued reports on STX. The Goldman Sachs Group dropped their price objective on Seagate Technology from $112.00 to $99.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. Summit Insights raised Seagate Technology from a “hold” rating to a “buy” rating in a research report on Wednesday. Benchmark raised Seagate Technology from a “hold” rating to a “buy” rating and set a $120.00 price objective for the company in a report on Wednesday. Morgan Stanley cut their target price on shares of Seagate Technology from $133.00 to $129.00 and set an “overweight” rating on the stock in a report on Tuesday. Finally, Evercore ISI increased their price target on shares of Seagate Technology from $125.00 to $135.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $122.56.

View Our Latest Research Report on Seagate Technology

Seagate Technology Stock Down 0.2 %

Shares of STX opened at $108.19 on Wednesday. The company has a market capitalization of $22.89 billion, a price-to-earnings ratio of 19.78 and a beta of 1.06. Seagate Technology has a 52-week low of $82.31 and a 52-week high of $115.32. The stock has a 50 day moving average price of $95.00 and a 200 day moving average price of $100.42.

Seagate Technology (NASDAQ:STXGet Free Report) last issued its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.28. Seagate Technology had a net margin of 14.67% and a negative return on equity of 63.48%. The business had revenue of $2.17 billion during the quarter, compared to analysts’ expectations of $2.13 billion. During the same quarter in the prior year, the business posted ($0.34) EPS. The company’s revenue for the quarter was up 49.1% on a year-over-year basis. On average, equities analysts anticipate that Seagate Technology will post 6.92 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Wednesday, March 19th will be paid a dividend of $0.72 per share. The ex-dividend date of this dividend is Wednesday, March 19th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.66%. Seagate Technology’s dividend payout ratio (DPR) is presently 52.65%.

Insider Activity at Seagate Technology

In other news, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $99.53, for a total value of $1,990,600.00. Following the completion of the transaction, the chief executive officer now owns 642,497 shares in the company, valued at $63,947,726.41. This trade represents a 3.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Yolanda Lee Conyers sold 750 shares of the business’s 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 completion of the sale, the director now owns 6,555 shares in the company, valued at $667,430.10. This represents a 10.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 50,073 shares of company stock worth $5,106,149 over the last 90 days. Company insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Seagate Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Point72 Asset Management L.P. purchased a new position in shares of Seagate Technology during the 3rd quarter worth approximately $133,031,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Seagate Technology by 341.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,308,958 shares of the data storage provider’s stock worth $143,370,000 after buying an additional 1,012,638 shares in the last quarter. State Street Corp increased its position in 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 buying an additional 541,585 shares in the last quarter. Franklin Resources Inc. raised its holdings in shares of Seagate Technology by 29.5% in the third quarter. Franklin Resources Inc. now owns 1,778,811 shares of the data storage provider’s stock worth $197,844,000 after acquiring an additional 405,232 shares during the last quarter. Finally, Point72 Hong Kong Ltd purchased a new stake in shares of Seagate Technology in the second quarter valued at $35,349,000. Institutional investors and hedge funds own 92.87% of the company’s stock.

About Seagate Technology

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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.

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