Seagate Technology (NASDAQ:STX) Price Target Raised to $100.00

Seagate Technology (NASDAQ:STX) had its price target hoisted by Cantor Fitzgerald from $95.00 to $100.00 in a research report released on Wednesday, Benzinga reports. Cantor Fitzgerald currently has a neutral rating on the data storage provider’s stock. Cantor Fitzgerald also issued estimates for Seagate Technology’s FY2024 earnings at $0.37 EPS.

STX has been the topic of a number of other reports. Evercore ISI started coverage on shares of Seagate Technology in a research report on Tuesday, February 27th. They set an outperform rating and a $110.00 target price on the stock. Rosenblatt Securities raised their target price on shares of Seagate Technology from $100.00 to $115.00 and gave the stock a buy rating in a research report on Thursday, January 25th. BNP Paribas lowered shares of Seagate Technology from a neutral rating to an underperform rating and set a $65.00 price objective on the stock. in a research report on Thursday, January 11th. Morgan Stanley upgraded shares of Seagate Technology from an equal weight rating to an overweight rating and lifted their price objective for the company from $73.00 to $115.00 in a research report on Tuesday, March 26th. Finally, Mizuho reiterated a buy rating and issued a $100.00 price objective on shares of Seagate Technology in a research report on Tuesday, April 9th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $94.53.

Seagate Technology Trading Down 1.4 %

STX stock opened at $86.04 on Wednesday. The stock has a market cap of $18.03 billion, a P/E ratio of -66.70, a PEG ratio of 719.92 and a beta of 1.04. The company’s 50 day moving average is $89.25 and its two-hundred day moving average is $82.81. Seagate Technology has a twelve month low of $54.47 and a twelve month high of $101.26.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. The business had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.68 billion. The business’s revenue was down 11.0% on a year-over-year basis. During the same quarter last year, the business posted ($0.43) earnings per share. On average, equities research analysts predict that Seagate Technology will post 0.1 earnings per share for the current year.

Seagate Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Thursday, June 20th will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.25%. The ex-dividend date of this dividend is Thursday, June 20th. Seagate Technology’s dividend payout ratio (DPR) is presently -217.05%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in shares of Seagate Technology during the 4th quarter worth $26,000. CVA Family Office LLC acquired a new position in Seagate Technology in the 4th quarter valued at about $27,000. Turtle Creek Wealth Advisors LLC acquired a new position in Seagate Technology in the 4th quarter valued at about $28,000. Parkside Financial Bank & Trust raised its stake in Seagate Technology by 85.4% in the 3rd quarter. Parkside Financial Bank & Trust now owns 445 shares of the data storage provider’s stock valued at $29,000 after purchasing an additional 205 shares during the last quarter. Finally, Northwest Financial Advisors acquired a new position in Seagate Technology in the 4th quarter valued at about $31,000. Institutional investors and hedge funds own 92.87% of the company’s stock.

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.