Seagate Technology (NASDAQ:STX) Price Target Raised to $105.00

Seagate Technology (NASDAQ:STX) had its price target boosted by UBS Group from $95.00 to $105.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a neutral rating on the data storage provider’s stock.

Several other brokerages have also weighed in on STX. Northland Securities restated an “outperform” rating and set a $160.00 target price (up from $144.00) on shares of Seagate Technology in a research report on Wednesday. Cantor Fitzgerald restated a “neutral” rating and issued a $125.00 price target on shares of Seagate Technology in a report on Wednesday, October 23rd. Susquehanna lifted their price objective on Seagate Technology from $65.00 to $68.00 and gave the stock a “negative” rating in a report on Wednesday. Evercore ISI upped their target price on Seagate Technology from $125.00 to $135.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Finally, Benchmark raised Seagate Technology from a “hold” rating to a “buy” rating and set a $120.00 price target for the company in a research note on Wednesday. One analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $122.56.

Seagate Technology Price Performance

Seagate Technology stock opened at $108.19 on Wednesday. The stock’s 50 day moving average price is $95.00 and its 200 day moving average price is $100.42. Seagate Technology has a 1-year low of $82.31 and a 1-year high of $115.32. The company has a market cap of $22.89 billion, a PE ratio of 19.78 and a beta of 1.06.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, topping the consensus estimate of $1.30 by $0.28. The company had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.13 billion. Seagate Technology had a net margin of 14.67% and a negative return on equity of 63.48%. The business’s revenue was up 49.1% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.34) EPS. On average, equities research analysts anticipate that Seagate Technology will post 6.92 EPS for the current fiscal year.

Seagate Technology Dividend Announcement

The firm 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 $0.72 dividend. 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 presently 52.65%.

Insider Transactions at Seagate Technology

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in STX. Sequoia Financial Advisors LLC increased its stake in Seagate Technology by 3.6% during the third quarter. Sequoia Financial Advisors LLC now owns 2,560 shares of the data storage provider’s stock worth $281,000 after acquiring an additional 89 shares during the last quarter. Affinity Capital Advisors LLC grew its holdings in shares of Seagate Technology by 1.5% during the 3rd quarter. Affinity Capital Advisors LLC now owns 6,620 shares of the data storage provider’s stock worth $725,000 after purchasing an additional 100 shares during the period. Berkshire Bank increased its position in Seagate Technology by 2.6% during the 4th quarter. Berkshire Bank now owns 4,118 shares of the data storage provider’s stock worth $355,000 after purchasing an additional 103 shares in the last quarter. My Legacy Advisors LLC raised its holdings in Seagate Technology by 3.9% in the fourth quarter. My Legacy Advisors LLC now owns 3,113 shares of the data storage provider’s stock valued at $294,000 after buying an additional 118 shares during the period. Finally, AdvisorNet Financial Inc lifted its position in Seagate Technology by 3.7% during the fourth quarter. AdvisorNet Financial Inc now owns 3,377 shares of the data storage provider’s stock valued at $291,000 after buying an additional 122 shares in the last quarter. 92.87% of the stock is owned by hedge funds and other 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.