Seagate Technology (NASDAQ:STX) Given New $90.00 Price Target at Citigroup

Seagate Technology (NASDAQ:STX) had its target price reduced by Citigroup from $115.00 to $90.00 in a research report report published on Monday,Benzinga reports. They currently have a buy rating on the data storage provider’s stock.

A number of other brokerages have also issued reports on STX. Mizuho decreased their price target on Seagate Technology from $115.00 to $95.00 and set an “outperform” rating on the stock in a research note on Thursday, April 10th. Rosenblatt Securities raised their target price on shares of Seagate Technology from $140.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd. Wells Fargo & Company dropped their price target on shares of Seagate Technology from $120.00 to $110.00 and set an “equal weight” rating for the company in a research report on Thursday, January 16th. Northland Securities reiterated an “outperform” rating and issued a $160.00 price target (up previously from $144.00) on shares of Seagate Technology in a report on Wednesday, January 22nd. Finally, Susquehanna upped their price objective on Seagate Technology from $65.00 to $68.00 and gave the stock a “negative” rating in a report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $118.78.

Seagate Technology Stock Up 3.6 %

Shares of Seagate Technology stock opened at $72.67 on Monday. Seagate Technology has a fifty-two week low of $63.19 and a fifty-two week high of $115.32. The business’s fifty day moving average is $88.73 and its two-hundred day moving average is $95.50. The firm has a market cap of $15.38 billion, a PE ratio of 13.29 and a beta of 1.21.

Seagate Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 2nd. Shareholders of record on Wednesday, March 19th were given a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 3.96%. The ex-dividend date of this dividend was Wednesday, March 19th. Seagate Technology’s dividend payout ratio (DPR) is 52.65%.

Insider Activity

In other news, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $84.56, for a total transaction of $1,691,200.00. Following the completion of the sale, the chief executive officer now directly owns 555,677 shares in the company, valued at $46,988,047.12. This trade represents a 3.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Orion Portfolio Solutions LLC raised its position in shares of Seagate Technology by 15.1% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 2,452 shares of the data storage provider’s stock valued at $269,000 after purchasing an additional 321 shares in the last quarter. MML Investors Services LLC raised its holdings in Seagate Technology by 32.7% in the third quarter. MML Investors Services LLC now owns 19,283 shares of the data storage provider’s stock valued at $2,112,000 after acquiring an additional 4,751 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in Seagate Technology during the 3rd quarter valued at $612,000. World Investment Advisors LLC acquired a new position in Seagate Technology during the 3rd quarter worth $217,000. Finally, Wilmington Savings Fund Society FSB bought a new stake in shares of Seagate Technology in the 3rd quarter worth about $54,000. Hedge funds and other institutional investors own 92.87% of the company’s stock.

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.