Seagate Technology (NASDAQ:STX) Price Target Raised to $135.00 at Evercore ISI

Seagate Technology (NASDAQ:STX) had its target price increased by Evercore ISI from $125.00 to $135.00 in a research note released on Wednesday morning, Benzinga reports. They currently have an outperform rating on the data storage provider’s stock.

A number of other research analysts have also recently issued reports on STX. UBS Group lifted their price objective on Seagate Technology from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Wednesday, July 24th. StockNews.com raised shares of Seagate Technology from a “hold” rating to a “buy” rating in a report on Thursday, October 17th. Barclays boosted their target price on Seagate Technology from $80.00 to $95.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 24th. Benchmark reaffirmed a “hold” rating on shares of Seagate Technology in a report on Wednesday, July 24th. Finally, Morgan Stanley boosted their price objective on Seagate Technology from $115.00 to $133.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $118.83.

Seagate Technology Trading Down 8.1 %

Shares of NASDAQ:STX opened at $103.52 on Wednesday. The business’s 50 day moving average is $105.04 and its 200-day moving average is $99.55. The firm has a market capitalization of $21.79 billion, a PE ratio of 67.22 and a beta of 1.04. Seagate Technology has a 1-year low of $64.12 and a 1-year high of $115.32.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.30 by $0.28. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.41%. The firm had revenue of $2.17 billion during the quarter, compared to analyst estimates of $2.13 billion. During the same quarter in the prior year, the business posted ($0.34) earnings per share. The company’s quarterly revenue was up 49.1% compared to the same quarter last year. On average, sell-side analysts predict that Seagate Technology will post 7.09 EPS for the current year.

Seagate Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Sunday, December 15th will be given a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.78%. This is a boost from Seagate Technology’s previous quarterly dividend of $0.70. Seagate Technology’s dividend payout ratio (DPR) is currently 181.82%.

Insider Activity at Seagate Technology

In other Seagate Technology news, CEO William D. Mosley sold 141,785 shares of the business’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $110.18, for a total value of $15,621,871.30. Following the completion of the transaction, the chief executive officer now directly owns 668,616 shares of the company’s stock, valued at approximately $73,668,110.88. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO William D. Mosley sold 141,785 shares of the stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $110.18, for a total transaction of $15,621,871.30. Following the completion of the sale, the chief executive officer now owns 668,616 shares of the company’s stock, valued at $73,668,110.88. This represents a 0.00 % 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. Also, SVP John Christopher Morris sold 1,131 shares of the business’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $111.90, for a total transaction of $126,558.90. Following the completion of the sale, the senior vice president now directly owns 7,191 shares in the company, valued at $804,672.90. This 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 214,298 shares of company stock worth $22,814,576 in the last quarter. Corporate insiders own 0.81% of the company’s stock.

Institutional Trading of Seagate Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in Seagate Technology by 3.1% in the first quarter. Vanguard Group Inc. now owns 24,753,076 shares of the data storage provider’s stock valued at $2,303,274,000 after purchasing an additional 746,395 shares in the last quarter. Clearbridge Investments LLC increased its position in shares of Seagate Technology by 14.5% in the first quarter. Clearbridge Investments LLC now owns 2,656,828 shares of the data storage provider’s stock valued at $247,218,000 after acquiring an additional 337,464 shares during the last quarter. Duquesne Family Office LLC raised its holdings in Seagate Technology by 22.0% during the second quarter. Duquesne Family Office LLC now owns 1,755,278 shares of the data storage provider’s stock worth $181,268,000 after acquiring an additional 316,295 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Seagate Technology by 0.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,019,657 shares of the data storage provider’s stock valued at $105,306,000 after purchasing an additional 9,062 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its stake in Seagate Technology by 6.2% in the first quarter. Russell Investments Group Ltd. now owns 688,996 shares of the data storage provider’s stock valued at $64,130,000 after purchasing an additional 40,100 shares in the last quarter. 92.87% of the stock is currently owned by institutional investors and hedge funds.

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.