Seagate Technology (NASDAQ:STX) Sees Strong Trading Volume

Shares of Seagate Technology Holdings plc (NASDAQ:STX) saw an uptick in trading volume on Tuesday . 1,276,479 shares changed hands during trading, a decline of 52% from the previous session’s volume of 2,656,591 shares.The stock last traded at $95.42 and had previously closed at $88.21.

Wall Street Analysts Forecast Growth

STX has been the subject of a number of research analyst reports. Robert W. Baird upped their price target on shares of Seagate Technology from $70.00 to $100.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. Bank of America raised their target price on shares of Seagate Technology from $80.00 to $87.00 and gave the stock a “buy” rating in a report on Wednesday, December 6th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $95.00 price target on shares of Seagate Technology in a report on Monday, March 4th. Wedbush reissued a “neutral” rating and set a $100.00 price objective on shares of Seagate Technology in a research note on Thursday, January 25th. Finally, The Goldman Sachs Group boosted their target price on Seagate Technology from $65.00 to $84.00 and gave the stock a “neutral” rating in a research report on Friday, January 26th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $84.17.

Seagate Technology Stock Performance

The business’s fifty day moving average price is $89.17 and its two-hundred day moving average price is $79.43.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results on Wednesday, January 24th. The data storage provider reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.19. The company had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.56 billion. On average, sell-side analysts forecast that Seagate Technology Holdings plc will post -0.17 earnings per share for the current fiscal year.

Seagate Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 4th. Stockholders of record on Thursday, March 21st will be given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date of this dividend is Wednesday, March 20th. Seagate Technology’s dividend payout ratio is -80.00%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Capital Research Global Investors lifted its position in shares of Seagate Technology by 39.3% during the 4th quarter. Capital Research Global Investors now owns 16,614,884 shares of the data storage provider’s stock worth $1,418,413,000 after purchasing an additional 4,685,454 shares during the last quarter. BlackRock Inc. boosted its position in shares of Seagate Technology by 20.5% in the first quarter. BlackRock Inc. now owns 15,620,098 shares of the data storage provider’s stock valued at $1,032,801,000 after acquiring an additional 2,662,098 shares during the period. Norges Bank acquired a new stake in shares of Seagate Technology in the fourth quarter worth $188,834,000. FMR LLC increased its position in Seagate Technology by 13.1% during the third quarter. FMR LLC now owns 13,929,708 shares of the data storage provider’s stock worth $918,664,000 after acquiring an additional 1,612,264 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in Seagate Technology by 9.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 17,680,400 shares of the data storage provider’s stock valued at $1,166,022,000 after purchasing an additional 1,485,937 shares during the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

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.