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

Seagate Technology (NASDAQ:STX) had its price objective raised by TD Cowen from $110.00 to $135.00 in a research note issued to investors on Wednesday, Marketbeat reports. The firm currently has a buy rating on the data storage provider’s stock.

Several other equities research analysts have also recently commented on STX. Evercore ISI raised their target price on Seagate Technology from $110.00 to $125.00 and gave the stock an outperform rating in a research note on Tuesday, July 16th. The Goldman Sachs Group lifted their price objective on shares of Seagate Technology from $84.00 to $96.00 and gave the company a neutral rating in a research note on Wednesday, April 24th. Bank of America reissued a buy rating and set a $110.00 target price on shares of Seagate Technology in a research note on Wednesday, June 5th. Loop Capital lifted their price target on shares of Seagate Technology from $105.00 to $110.00 and gave the company a buy rating in a research note on Tuesday, June 4th. Finally, Citigroup increased their price objective 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 assigned a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $115.94.

Seagate Technology Stock Performance

Shares of NASDAQ STX opened at $103.68 on Wednesday. The company’s 50 day moving average price is $101.31 and its 200-day moving average price is $93.16. Seagate Technology has a 52-week low of $57.79 and a 52-week high of $113.57. The company has a market capitalization of $21.77 billion, a P/E ratio of -80.37 and a beta of 1.02.

Seagate Technology (NASDAQ:STX) last released its earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same quarter in the previous year, the business earned ($0.29) earnings per share. Seagate Technology’s revenue for the quarter was up 17.8% on a year-over-year basis. Analysts forecast that Seagate Technology will post 5.65 earnings per share for the current year.

Seagate Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Monday, September 23rd will be given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date is Monday, September 23rd. Seagate Technology’s payout ratio is currently -217.05%.

Insider Buying and Selling at Seagate Technology

In other news, EVP Ban Seng Teh sold 9,703 shares of the stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $95.00, for a total value of $921,785.00. Following the completion of the sale, the executive vice president now owns 15,185 shares in the company, valued at $1,442,575. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, SVP John Christopher Morris sold 5,928 shares of Seagate Technology stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $99.99, for a total transaction of $592,740.72. Following the sale, the senior vice president now directly owns 12,185 shares in the company, valued at approximately $1,218,378.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ban Seng Teh sold 9,703 shares of the business’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $95.00, for a total transaction of $921,785.00. Following the completion of the transaction, the executive vice president now owns 15,185 shares in the company, valued at $1,442,575. 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. Corporate insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Seagate Technology

Several large investors have recently added to or reduced their stakes in the company. Farmers & Merchants Trust Co of Chambersburg PA bought a new stake in Seagate Technology during the 4th quarter valued at $26,000. CVA Family Office LLC bought a new position in Seagate Technology in the 4th quarter worth about $27,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Seagate Technology during the fourth quarter valued at about $28,000. Northwest Financial Advisors purchased a new stake in shares of Seagate Technology in the fourth quarter worth about $31,000. Finally, Family Firm Inc. bought a new position in shares of Seagate Technology in the second quarter valued at approximately $41,000. Hedge funds and other 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.