Seagate Technology (NASDAQ:STX) Price Target Raised to $130.00

Seagate Technology (NASDAQ:STX) had its target price upped by Citigroup from $125.00 to $130.00 in a research report released on Wednesday, Benzinga reports. The firm currently has a buy rating on the data storage provider’s stock.

A number of other analysts have also recently weighed in on STX. Morgan Stanley increased their target price on shares of Seagate Technology from $115.00 to $133.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Benchmark reiterated a “hold” rating on shares of Seagate Technology in a research note on Wednesday, July 24th. Robert W. Baird lifted their target price on Seagate Technology from $100.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. The Goldman Sachs Group increased their price target on Seagate Technology from $96.00 to $107.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 24th. Finally, Barclays boosted their price objective on Seagate Technology from $80.00 to $95.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 24th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, Seagate Technology has a consensus rating of “Moderate Buy” and a consensus target price of $118.83.

Seagate Technology Stock Performance

Shares of Seagate Technology stock opened at $103.01 on Wednesday. Seagate Technology has a 1 year low of $64.12 and a 1 year high of $115.32. The firm’s 50-day simple moving average is $105.16 and its 200-day simple moving average is $99.75. The firm has a market cap of $21.63 billion, a PE ratio of -79.85 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $2.13 billion. During the same quarter in the prior year, the firm posted ($0.34) earnings per share. Seagate Technology’s revenue for the quarter was up 49.1% compared to the same quarter last year. On average, equities analysts predict that Seagate Technology will post 7.09 earnings per share for the current year.

Seagate Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, January 6th. Shareholders 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 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date of this dividend is Friday, December 13th. Seagate Technology’s dividend payout ratio (DPR) is presently -217.05%.

Insider Activity

In related news, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 654,270 shares of the company’s stock, valued at $61,148,074.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO William D. Mosley sold 20,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $93.46, for a total transaction of $1,869,200.00. Following the completion of the sale, the chief executive officer now directly owns 654,270 shares of the company’s stock, valued at $61,148,074.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ban Seng Teh sold 4,872 shares of Seagate Technology stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $110.00, for a total transaction of $535,920.00. Following the completion of the transaction, the executive vice president now owns 9,969 shares in the company, valued at approximately $1,096,590. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 218,398 shares of company stock worth $23,238,106. 0.89% of the stock is owned by company insiders.

Institutional Investors Weigh In On Seagate Technology

Several hedge funds have recently modified their holdings of STX. Quarry LP purchased a new position in Seagate Technology in the 2nd quarter worth about $27,000. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in shares of 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 buying an additional 337 shares during the period. Family Firm Inc. purchased a new position in shares of Seagate Technology in the second quarter worth approximately $41,000. JFS Wealth Advisors LLC raised its holdings in shares of 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 acquiring an additional 293 shares during the period. Finally, Larson Financial Group LLC lifted its position in shares of Seagate Technology by 15,766.7% in the 2nd quarter. Larson Financial Group LLC now owns 476 shares of the data storage provider’s stock valued at $49,000 after acquiring an additional 473 shares in the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

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.