Barclays Trims Seagate Technology (NASDAQ:STX) Target Price to $80.00

Seagate Technology (NASDAQ:STX) had its target price decreased by Barclays from $85.00 to $80.00 in a report issued on Monday morning, Benzinga reports. Barclays currently has an equal weight rating on the data storage provider’s stock.

Several other research analysts have also recently weighed in on STX. The Goldman Sachs Group boosted their price objective on shares of Seagate Technology from $65.00 to $84.00 and gave the stock a neutral rating in a research report on Friday, January 26th. Evercore ISI initiated coverage on Seagate Technology in a research note on Tuesday, February 27th. They set an outperform rating and a $110.00 price target on the stock. Cantor Fitzgerald reiterated a neutral rating and issued a $95.00 price target on shares of Seagate Technology in a report on Monday, March 4th. Morgan Stanley raised Seagate Technology from an equal weight rating to an overweight rating and boosted their price objective for the stock from $73.00 to $115.00 in a report on Tuesday, March 26th. Finally, Wells Fargo & Company upped their target price on shares of Seagate Technology from $80.00 to $90.00 and gave the company an equal weight rating in a research report on Thursday, February 1st. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Seagate Technology currently has an average rating of Hold and an average target price of $94.53.

Seagate Technology Stock Performance

Seagate Technology stock opened at $87.26 on Monday. The business’s fifty day moving average is $89.28 and its two-hundred day moving average is $82.67. The firm has a market cap of $18.28 billion, a P/E ratio of -67.64, a P/E/G ratio of 715.12 and a beta of 1.04. Seagate Technology has a 52 week low of $54.47 and a 52 week high of $101.26.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.04. The company had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same quarter last year, the company earned ($0.43) EPS. The firm’s quarterly revenue was down 11.0% on a year-over-year basis. On average, equities research analysts predict that Seagate Technology will post 0.1 earnings per share for the current year.

Seagate Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Thursday, June 20th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.21%. The ex-dividend date of this dividend is Thursday, June 20th. Seagate Technology’s dividend payout ratio is currently -217.05%.

Hedge Funds Weigh In On Seagate Technology

Hedge funds have recently made changes to their positions in the stock. Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in shares of Seagate Technology during the 4th quarter valued at $26,000. CVA Family Office LLC acquired a new position in shares of Seagate Technology during the 4th quarter valued at $27,000. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Seagate Technology during the 4th quarter valued at $28,000. Parkside Financial Bank & Trust lifted its position in shares of Seagate Technology by 85.4% during the 3rd quarter. Parkside Financial Bank & Trust now owns 445 shares of the data storage provider’s stock valued at $29,000 after acquiring an additional 205 shares during the period. Finally, Northwest Financial Advisors acquired a new position in shares of Seagate Technology during the 4th quarter valued at $31,000. 92.87% of the stock is currently owned by institutional investors.

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.