Seagate Technology (NASDAQ:STX) Given New $110.00 Price Target at Mizuho

Seagate Technology (NASDAQ:STX) had its price objective cut by Mizuho from $130.00 to $110.00 in a report issued on Friday,Benzinga reports. They currently have an outperform rating on the data storage provider’s stock.

A number of other research firms also recently weighed in on STX. StockNews.com upgraded shares of Seagate Technology from a “hold” rating to a “buy” rating in a report on Thursday, October 17th. Northland Securities boosted their price target on Seagate Technology from $142.00 to $144.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Citigroup raised their price objective on Seagate Technology from $125.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $125.00 target price on shares of Seagate Technology in a research report on Wednesday, October 23rd. Finally, The Goldman Sachs Group dropped their price target on shares of Seagate Technology from $112.00 to $99.00 and set a “neutral” rating on the stock in a research report on Friday. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, Seagate Technology has an average rating of “Moderate Buy” and a consensus price target of $118.39.

Seagate Technology Trading Up 0.2 %

STX opened at $88.87 on Friday. The stock has a fifty day moving average price of $95.55 and a 200 day moving average price of $100.77. Seagate Technology has a 1 year low of $79.39 and a 1 year high of $115.32. The stock has a market cap of $18.80 billion, a price-to-earnings ratio of 23.20 and a beta of 1.06.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.28. The business had revenue of $2.17 billion during the quarter, compared to analyst estimates of $2.13 billion. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. The firm’s revenue was up 49.1% on a year-over-year basis. During the same period in the previous year, the company earned ($0.34) EPS. As a group, sell-side analysts forecast that Seagate Technology will post 7.18 earnings per share for the current fiscal year.

Seagate Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, January 6th. Shareholders of record on Sunday, December 15th were paid a $0.72 dividend. The ex-dividend date was Friday, December 13th. This is an increase from Seagate Technology’s previous quarterly dividend of $0.70. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.24%. Seagate Technology’s payout ratio is currently 75.20%.

Insider Activity

In other Seagate Technology news, SVP John Christopher Morris sold 1,131 shares of the company’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $111.90, for a total transaction of $126,558.90. Following the completion of the sale, the senior vice president now owns 7,191 shares in the company, valued at approximately $804,672.90. The trade was a 13.59 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Yolanda Lee Conyers sold 750 shares of Seagate Technology stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $101.82, for a total value of $76,365.00. Following the sale, the director now directly owns 6,555 shares of the company’s stock, valued at approximately $667,430.10. This trade represents a 10.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 55,304 shares of company stock valued at $5,656,238 over the last three months. 0.81% of the stock is owned by insiders.

Hedge Funds Weigh In On Seagate Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in STX. Ashton Thomas Securities LLC bought a new stake in shares of Seagate Technology in the 3rd quarter valued at about $26,000. Quarry LP acquired a new position in Seagate Technology during the second quarter valued at approximately $27,000. Kayne Anderson Rudnick Investment Management LLC increased its stake in Seagate Technology by 2,407.1% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider’s stock valued at $36,000 after purchasing an additional 337 shares in the last quarter. Advisors Asset Management Inc. raised its holdings in Seagate Technology by 177.9% in the third quarter. Advisors Asset Management Inc. now owns 403 shares of the data storage provider’s stock worth $44,000 after purchasing an additional 258 shares during the period. Finally, JFS Wealth Advisors LLC boosted its position in shares of Seagate Technology by 232.5% during the third quarter. JFS Wealth Advisors LLC now owns 419 shares of the data storage provider’s stock worth $46,000 after purchasing an additional 293 shares in the last quarter. Institutional investors 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.