Seagate Technology (NASDAQ:STX) Earns Neutral Rating from Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their neutral rating on shares of Seagate Technology (NASDAQ:STX) in a report released on Wednesday morning, Benzinga reports. They currently have a $125.00 target price on the data storage provider’s stock.

Other analysts have also recently issued reports about the stock. The Goldman Sachs Group lifted their target price on shares of Seagate Technology from $96.00 to $107.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 24th. Loop Capital lifted their price objective on shares of Seagate Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. StockNews.com raised Seagate Technology from a “hold” rating to a “buy” rating in a research report on Thursday, October 17th. Wells Fargo & Company lifted their price target on Seagate Technology from $90.00 to $120.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 24th. Finally, TD Cowen increased their price objective on Seagate Technology from $110.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Two equities research analysts have 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 stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $118.83.

Seagate Technology Stock Down 0.9 %

Shares of STX opened at $103.01 on Wednesday. The company has a 50 day moving average of $105.16 and a two-hundred day moving average of $99.75. Seagate Technology has a twelve month low of $64.12 and a twelve month high of $115.32. The company has a market cap of $21.63 billion, a price-to-earnings ratio of -79.85 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.30 by $0.28. Seagate Technology had a negative return on equity of 30.18% and a net margin of 11.34%. The firm had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same period in the previous year, the business earned ($0.34) EPS. The firm’s revenue for the quarter was up 49.1% on a year-over-year basis. On average, sell-side analysts expect that Seagate Technology will post 7.09 EPS for the current year.

Seagate Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Sunday, December 15th will be paid 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 2.80%. The ex-dividend date is Friday, December 13th. Seagate Technology’s dividend payout ratio is presently -217.05%.

Insider Activity at Seagate Technology

In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $93.46, for a total transaction of $1,869,200.00. Following the transaction, the chief executive officer now owns 654,270 shares in the company, valued at approximately $61,148,074.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Yolanda Lee Conyers sold 750 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $96.10, for a total value of $72,075.00. Following the transaction, the director now directly owns 3,034 shares of the company’s stock, valued at approximately $291,567.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO William D. Mosley sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $93.46, for a total value of $1,869,200.00. Following the sale, the chief executive officer now owns 654,270 shares of the company’s stock, valued at approximately $61,148,074.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 218,398 shares of company stock worth $23,238,106 in the last 90 days. Corporate insiders own 0.89% of the company’s stock.

Institutional Trading of Seagate Technology

A number of institutional investors have recently made changes to their positions in the company. JFS Wealth Advisors LLC raised its stake in Seagate Technology by 232.5% in the 3rd quarter. JFS Wealth Advisors LLC now owns 419 shares of the data storage provider’s stock valued at $46,000 after purchasing an additional 293 shares during the last quarter. SteelPeak Wealth LLC raised its position in shares of Seagate Technology by 541.3% in the third quarter. SteelPeak Wealth LLC now owns 14,160 shares of the data storage provider’s stock valued at $1,561,000 after buying an additional 11,952 shares during the last quarter. First Trust Direct Indexing L.P. raised its position in shares of Seagate Technology by 18.2% in the third quarter. First Trust Direct Indexing L.P. now owns 8,163 shares of the data storage provider’s stock valued at $894,000 after buying an additional 1,259 shares during the last quarter. New York State Teachers Retirement System boosted its position in Seagate Technology by 2.7% during the third quarter. New York State Teachers Retirement System now owns 175,239 shares of the data storage provider’s stock worth $19,194,000 after acquiring an additional 4,659 shares during the last quarter. Finally, Diversify Advisory Services LLC purchased a new stake in Seagate Technology during the 3rd quarter valued at about $202,000. 92.87% of the stock is owned by institutional investors and hedge funds.

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.