Seagate Technology’s (STX) Outperform Rating Reiterated at Northland Securities

Northland Securities reiterated their outperform rating on shares of Seagate Technology (NASDAQ:STX) in a report published on Wednesday morning,Benzinga reports. They currently have a $160.00 target price on the data storage provider’s stock, up from their previous target price of $144.00.

A number of other analysts also recently weighed in on the company. Benchmark reiterated a “hold” rating on shares of Seagate Technology in a report on Wednesday, October 23rd. Wells Fargo & Company lowered their target price on Seagate Technology from $120.00 to $110.00 and set an “equal weight” rating for the company in a report on Thursday, January 16th. StockNews.com lowered shares of Seagate Technology from a “buy” rating to a “hold” rating in a research note on Tuesday, January 14th. Cantor Fitzgerald reissued a “neutral” rating and set a $125.00 target price on shares of Seagate Technology in a research note on Wednesday, October 23rd. Finally, Mizuho decreased 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 note on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $122.56.

Seagate Technology Price Performance

Seagate Technology stock opened at $108.19 on Wednesday. The firm has a market cap of $22.89 billion, a P/E ratio of 19.78 and a beta of 1.06. The stock’s 50 day moving average is $95.00 and its 200 day moving average is $100.42. Seagate Technology has a one year low of $82.31 and a one year high of $115.32.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data 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. The company had revenue of $2.17 billion during the quarter, compared to analysts’ expectations of $2.13 billion. Seagate Technology had a net margin of 14.67% and a negative return on equity of 63.48%. Seagate Technology’s revenue for the quarter was up 49.1% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.34) earnings per share. Equities analysts anticipate that Seagate Technology will post 6.92 earnings per share for the current fiscal year.

Seagate Technology Dividend Announcement

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

Insider Transactions at Seagate Technology

In other news, SVP Kian Fatt Chong sold 9,182 shares of the company’s 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 SEC, which is available at this hyperlink. 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 value of $76,365.00. Following the transaction, the director now owns 6,555 shares of the company’s stock, 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. Over the last ninety days, insiders have sold 50,073 shares of company stock valued at $5,106,149. 0.81% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Seagate Technology

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Ashton Thomas Securities LLC purchased a new position in Seagate Technology in the 3rd quarter worth approximately $26,000. Quarry LP bought a new stake in shares of Seagate Technology during the 2nd quarter worth $27,000. Kayne Anderson Rudnick Investment Management LLC grew its position in Seagate Technology by 2,407.1% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider’s stock worth $36,000 after acquiring an additional 337 shares in the last quarter. Advisors Asset Management Inc. increased its stake in Seagate Technology by 177.9% in the third quarter. Advisors Asset Management Inc. now owns 403 shares of the data storage provider’s stock valued at $44,000 after acquiring an additional 258 shares during the last quarter. Finally, JFS Wealth Advisors LLC raised its position in Seagate Technology by 232.5% during the third 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 in the last quarter. 92.87% of the stock is owned by hedge funds and other 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.