Seagate Technology (NASDAQ:STX) Price Target Raised to $125.00

Seagate Technology (NASDAQ:STX) had its price target raised by Cantor Fitzgerald from $120.00 to $125.00 in a research report released on Wednesday, Benzinga reports. They currently have a neutral rating on the data storage provider’s stock.

A number of other research firms also recently commented on STX. Evercore ISI lifted their target price on shares of Seagate Technology from $110.00 to $125.00 and gave the stock an outperform rating in a research report on Tuesday, July 16th. Rosenblatt Securities lifted their target price on shares of Seagate Technology from $115.00 to $125.00 and gave the stock a buy rating in a research report on Wednesday. Bank of America reaffirmed a buy rating and issued a $110.00 target price on shares of Seagate Technology in a research report on Wednesday, June 5th. Mizuho lifted their target price on shares of Seagate Technology from $100.00 to $110.00 and gave the stock a buy rating in a research report on Friday, May 31st. Finally, Citigroup lifted their target price on shares of Seagate Technology from $110.00 to $120.00 and gave the stock a buy rating in a research report on Friday, July 12th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Hold and an average target price of $115.94.

Seagate Technology Stock Performance

Shares of NASDAQ STX opened at $103.68 on Wednesday. Seagate Technology has a twelve month low of $57.79 and a twelve month high of $113.57. The company has a 50 day moving average of $101.31 and a 200 day moving average of $93.07.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data on Tuesday, July 23rd. The data storage provider reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.29. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.41%. The company had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same period in the previous year, the business earned ($0.29) EPS. The firm’s revenue for the quarter was up 17.8% on a year-over-year basis. On average, sell-side analysts forecast that Seagate Technology will post 5.65 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 23rd will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.70%. The ex-dividend date of this dividend is Monday, September 23rd. Seagate Technology’s dividend payout ratio is -217.05%.

Insider Activity

In other news, SVP John Christopher Morris sold 11,158 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $90.00, for a total transaction of $1,004,220.00. Following the sale, the senior vice president now directly owns 17,767 shares in the company, valued at approximately $1,599,030. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, SVP John Christopher Morris sold 11,158 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $90.00, for a total transaction of $1,004,220.00. Following the sale, the senior vice president now directly owns 17,767 shares in the company, valued at approximately $1,599,030. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Ban Seng Teh sold 10,742 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $100.00, for a total transaction of $1,074,200.00. Following the sale, the executive vice president now owns 5,042 shares in the company, valued at $504,200. The disclosure for this sale can be found here. In the last three months, insiders have sold 47,648 shares of company stock worth $4,705,816. 0.89% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Seagate Technology

Several hedge funds have recently added to or reduced their stakes in the company. CWM LLC grew its stake in Seagate Technology by 3.0% in the 2nd quarter. CWM LLC now owns 3,307 shares of the data storage provider’s stock worth $342,000 after acquiring an additional 97 shares in the last quarter. Csenge Advisory Group grew its stake in Seagate Technology by 1.4% in the 1st quarter. Csenge Advisory Group now owns 8,473 shares of the data storage provider’s stock worth $788,000 after acquiring an additional 119 shares in the last quarter. Kingswood Wealth Advisors LLC grew its stake in Seagate Technology by 3.7% in the 2nd quarter. Kingswood Wealth Advisors LLC now owns 3,452 shares of the data storage provider’s stock worth $357,000 after acquiring an additional 122 shares in the last quarter. Burney Co. grew its stake in Seagate Technology by 3.3% in the 1st quarter. Burney Co. now owns 3,948 shares of the data storage provider’s stock worth $367,000 after acquiring an additional 125 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. boosted its stake in shares of Seagate Technology by 1.5% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 8,446 shares of the data storage provider’s stock valued at $786,000 after purchasing an additional 126 shares in the last quarter. 92.87% of the stock is currently owned by 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.