Seagate Technology’s (STX) Neutral Rating Reiterated at Wedbush

Wedbush reissued their neutral rating on shares of Seagate Technology (NASDAQ:STX) in a research report released on Wednesday, Benzinga reports. Wedbush currently has a $100.00 price target on the data storage provider’s stock.

Other equities research analysts also recently issued research reports about the company. Wells Fargo & Company raised their price objective on Seagate Technology from $80.00 to $90.00 and gave the company an equal weight rating in a report on Thursday, February 1st. The Goldman Sachs Group lifted their target price on Seagate Technology from $65.00 to $84.00 and gave the stock a neutral rating in a report on Friday, January 26th. Cantor Fitzgerald reaffirmed a neutral rating and set a $95.00 target price on shares of Seagate Technology in a report on Monday, March 4th. Evercore ISI began coverage on Seagate Technology in a report on Tuesday, February 27th. They set an outperform rating and a $110.00 target price on the stock. Finally, Morgan Stanley raised Seagate Technology from an equal weight rating to an overweight rating and lifted their target price for the stock from $73.00 to $115.00 in a report on Tuesday, March 26th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Seagate Technology presently has an average rating of Hold and a consensus price target of $94.53.

Seagate Technology Stock Down 1.4 %

NASDAQ STX opened at $86.04 on Wednesday. Seagate Technology has a twelve month low of $54.47 and a twelve month high of $101.26. The company has a market cap of $18.03 billion, a price-to-earnings ratio of -66.70, a price-to-earnings-growth ratio of 719.92 and a beta of 1.04. The business’s fifty day moving average is $89.25 and its 200 day moving average is $82.81.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings data on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.04. The firm had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same period last year, the business earned ($0.43) EPS. The company’s revenue was down 11.0% compared to the same quarter last year. On average, research analysts anticipate that Seagate Technology will post 0.1 earnings per share for the current fiscal year.

Seagate Technology Dividend Announcement

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in STX. Farmers & Merchants Trust Co of Chambersburg PA bought a new stake in Seagate Technology in the 4th quarter valued at about $26,000. CVA Family Office LLC bought a new stake in Seagate Technology in the 4th quarter valued at about $27,000. Turtle Creek Wealth Advisors LLC bought a new stake in Seagate Technology in the 4th quarter valued at about $28,000. Parkside Financial Bank & Trust increased its position 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 buying an additional 205 shares in the last quarter. Finally, Northwest Financial Advisors bought a new stake in Seagate Technology in the 4th quarter valued at about $31,000. 92.87% of the stock is owned by 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.