Citigroup Cuts Seagate Technology (NASDAQ:STX) Price Target to $115.00

Seagate Technology (NASDAQ:STX) had its price target trimmed by Citigroup from $125.00 to $115.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the data storage provider’s stock.

A number of other brokerages have also recently commented on STX. Rosenblatt Securities upped their price target on Seagate Technology from $140.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, January 22nd. Northland Securities reaffirmed an “outperform” rating and issued a $160.00 price target (up from $144.00) on shares of Seagate Technology in a research note on Wednesday, January 22nd. UBS Group upped their price target on Seagate Technology from $95.00 to $105.00 and gave the company a “neutral” rating in a research note on Wednesday, January 22nd. Mizuho lowered their price target on Seagate Technology from $130.00 to $110.00 and set an “outperform” rating for the company in a research note on Friday, January 10th. Finally, Morgan Stanley lowered their price target on Seagate Technology from $133.00 to $129.00 and set an “overweight” rating for the company in a research note on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $121.00.

Seagate Technology Trading Down 0.6 %

Seagate Technology stock opened at $88.38 on Tuesday. The company has a market cap of $18.71 billion, a PE ratio of 16.16 and a beta of 1.01. The company’s 50-day moving average is $96.33 and its two-hundred day moving average is $98.84. Seagate Technology has a 1 year low of $82.31 and a 1 year high of $115.32.

Seagate Technology Announces Dividend

The firm 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 annualized dividend and a dividend yield of 3.26%. Seagate Technology’s dividend payout ratio is currently 52.65%.

Hedge Funds Weigh In On Seagate Technology

Hedge funds have recently made changes to their positions in the business. Victory Capital Management Inc. boosted its holdings in shares of Seagate Technology by 133.8% in the 3rd quarter. Victory Capital Management Inc. now owns 171,952 shares of the data storage provider’s stock valued at $18,834,000 after buying an additional 98,418 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of Seagate Technology by 9.5% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 48,834 shares of the data storage provider’s stock valued at $4,215,000 after buying an additional 4,229 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Seagate Technology by 341.7% in the 3rd 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 valued at $143,370,000 after buying an additional 1,012,638 shares during the last quarter. Kingswood Wealth Advisors LLC boosted its holdings in shares of Seagate Technology by 87.9% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 8,578 shares of the data storage provider’s stock valued at $740,000 after buying an additional 4,014 shares during the last quarter. Finally, Asset Management One Co. Ltd. boosted its holdings in shares of Seagate Technology by 9.9% in the 4th quarter. Asset Management One Co. Ltd. now owns 84,222 shares of the data storage provider’s stock valued at $7,360,000 after buying an additional 7,599 shares during the last quarter. 92.87% of the stock is owned by institutional investors.

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.