Seagate Technology (NASDAQ:STX) Price Target Raised to $135.00

Seagate Technology (NASDAQ:STX) had its price objective lifted by Evercore ISI from $125.00 to $135.00 in a research report report published on Wednesday morning, Benzinga reports. The firm currently has an outperform rating on the data storage provider’s stock.

Several other brokerages have also weighed in on STX. Benchmark reaffirmed a “hold” rating on shares of Seagate Technology in a research note on Wednesday, July 24th. Rosenblatt Securities increased their price target on shares of Seagate Technology from $125.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday. Cantor Fitzgerald increased their price target on shares of Seagate Technology from $120.00 to $125.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 24th. Wedbush increased their price target on shares of Seagate Technology from $100.00 to $130.00 and gave the stock an “outperform” rating in a research report on Monday, July 22nd. Finally, Wells Fargo & Company increased their price target on shares of Seagate Technology from $90.00 to $120.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 24th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $118.83.

Seagate Technology Stock Down 0.9 %

Shares of NASDAQ STX opened at $103.01 on Wednesday. Seagate Technology has a 52 week low of $64.12 and a 52 week high of $115.32. The firm has a 50-day simple moving average of $105.16 and a 200-day simple moving average of $99.68. The stock has a market capitalization of $21.63 billion, a price-to-earnings ratio of -79.85 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.30 by $0.28. The company had revenue of $2.17 billion during the quarter, compared to analyst estimates of $2.13 billion. Seagate Technology had a net margin of 11.34% and a negative return on equity of 30.18%. Seagate Technology’s revenue was up 49.1% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.34) earnings per share. As a group, equities research analysts expect that Seagate Technology will post 7.09 EPS for the current year.

Seagate Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Investors of record on Sunday, December 15th will be given a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 2.80%. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, December 13th. Seagate Technology’s dividend payout ratio (DPR) is -217.05%.

Insider Activity at Seagate Technology

In related news, SVP John Christopher Morris sold 1,131 shares of Seagate Technology stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $111.90, for a total value of $126,558.90. Following the transaction, the senior vice president now directly owns 7,191 shares in the company, valued at $804,672.90. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Seagate Technology news, EVP Ban Seng Teh sold 4,872 shares of the business’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $110.00, for a total transaction of $535,920.00. Following the sale, the executive vice president now directly owns 9,969 shares in the company, valued at approximately $1,096,590. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John Christopher Morris sold 1,131 shares of the business’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $111.90, for a total transaction of $126,558.90. Following the sale, the senior vice president now owns 7,191 shares in the company, valued at $804,672.90. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 218,398 shares of company stock worth $23,238,106 in the last three months. Insiders own 0.89% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Quarry LP acquired a new position in shares of Seagate Technology during the 2nd quarter worth $27,000. Kayne Anderson Rudnick Investment Management LLC raised its stake in shares of Seagate Technology by 2,407.1% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider’s stock worth $36,000 after buying an additional 337 shares during the last quarter. Family Firm Inc. acquired a new position in shares of Seagate Technology during the 2nd quarter worth $41,000. JFS Wealth Advisors LLC raised its stake in shares of Seagate Technology by 232.5% during the 3rd quarter. JFS Wealth Advisors LLC now owns 419 shares of the data storage provider’s stock worth $46,000 after buying an additional 293 shares during the last quarter. Finally, Larson Financial Group LLC raised its stake in shares of Seagate Technology by 15,766.7% during the 2nd quarter. Larson Financial Group LLC now owns 476 shares of the data storage provider’s stock worth $49,000 after buying an additional 473 shares during the last quarter. 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.