Seagate Technology (NASDAQ:STX) Given New $105.00 Price Target at Barclays

Seagate Technology (NASDAQ:STX) had its price objective boosted by Barclays from $95.00 to $105.00 in a report published on Wednesday morning,Benzinga reports. The firm currently has an equal weight rating on the data storage provider’s stock.

Several other research firms have also recently weighed in on STX. Northland Securities reissued an “outperform” rating and issued a $160.00 price target (up previously from $144.00) on shares of Seagate Technology in a research note on Wednesday. Rosenblatt Securities increased their price objective on Seagate Technology from $140.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday. Wells Fargo & Company reduced their target price on Seagate Technology from $120.00 to $110.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 16th. Bank of America increased their price target on Seagate Technology from $124.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Citigroup boosted their price objective on shares of Seagate Technology from $120.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, Seagate Technology presently has an average rating of “Moderate Buy” and a consensus target price of $122.56.

Seagate Technology Stock Performance

NASDAQ STX opened at $108.18 on Wednesday. The stock’s fifty day moving average is $94.55 and its two-hundred day moving average is $100.33. The firm has a market capitalization of $22.88 billion, a P/E ratio of 28.25 and a beta of 1.06. Seagate Technology has a fifty-two week low of $82.31 and a fifty-two week high of $115.32.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.30 by $0.28. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. 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 previous year, the company posted ($0.34) EPS. The company’s revenue was up 49.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Seagate Technology will post 7.18 EPS for the current year.

Seagate Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Shareholders of record on Wednesday, March 19th will be issued a dividend of $0.72 per share. The ex-dividend date is Wednesday, March 19th. This represents a $2.88 annualized dividend and a yield of 2.66%. Seagate Technology’s dividend payout ratio (DPR) is 75.20%.

Insider Activity

In other news, SVP Kian Fatt Chong sold 9,182 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $105.50, for a total value of $968,701.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO William D. Mosley sold 20,000 shares of the business’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $99.53, for a total transaction of $1,990,600.00. Following the transaction, the chief executive officer now owns 642,497 shares of the company’s stock, valued at approximately $63,947,726.41. The trade was a 3.02 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 50,073 shares of company stock worth $5,106,149. 0.81% of the stock is currently owned by company insiders.

Institutional Trading of Seagate Technology

Institutional investors have recently bought and sold shares of the business. Victory Capital Management Inc. increased its holdings in shares of Seagate Technology by 133.8% in the 3rd quarter. Victory Capital Management Inc. now owns 171,952 shares of the data storage provider’s stock valued at $18,834,000 after acquiring an additional 98,418 shares during the last quarter. Versor Investments LP acquired a new position in Seagate Technology in the third quarter valued at approximately $2,146,000. Lighthouse Investment Partners LLC purchased a new position in Seagate Technology in the second quarter valued at approximately $499,000. Forte Capital LLC ADV raised its holdings in Seagate Technology by 29.8% during the third quarter. Forte Capital LLC ADV now owns 28,972 shares of the data storage provider’s stock worth $3,173,000 after purchasing an additional 6,653 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its position in shares of Seagate Technology by 3,549.7% during the 3rd quarter. International Assets Investment Management LLC now owns 204,493 shares of the data storage provider’s stock worth $22,398,000 after buying an additional 198,890 shares during 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.