Seagate Technology (NASDAQ:STX) Price Target Raised to $120.00

Seagate Technology (NASDAQ:STX) had its price target hoisted by Wells Fargo & Company from $90.00 to $120.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The brokerage currently has an equal weight rating on the data storage provider’s stock.

A number of other equities analysts have also issued reports on STX. Wedbush increased their price objective on Seagate Technology from $100.00 to $130.00 and gave the stock an outperform rating in a report on Monday, July 22nd. The Goldman Sachs Group increased their price objective on Seagate Technology from $96.00 to $107.00 and gave the stock a neutral rating in a report on Wednesday. Evercore ISI increased their price objective on Seagate Technology from $110.00 to $125.00 and gave the stock an outperform rating in a report on Tuesday, July 16th. Cantor Fitzgerald increased their price objective on Seagate Technology from $120.00 to $125.00 and gave the stock a neutral rating in a report on Wednesday. Finally, Barclays decreased their price objective on Seagate Technology from $85.00 to $80.00 and set an equal weight rating for the company in a report on Monday, April 22nd. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of Hold and an average target price of $115.94.

Seagate Technology Stock Down 0.3 %

NASDAQ:STX opened at $103.68 on Wednesday. The stock has a 50 day moving average of $101.31 and a 200-day moving average of $93.07. Seagate Technology has a 52 week low of $57.79 and a 52 week high of $113.57.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 EPS for the quarter, beating the consensus estimate of $0.76 by $0.29. The company had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.87 billion. Seagate Technology had a negative return on equity of 8.41% and a net margin of 5.11%. The business’s revenue was up 17.8% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.29) earnings per share. As a group, sell-side analysts anticipate that Seagate Technology will post 5.65 earnings per share for the current fiscal year.

Seagate Technology Dividend Announcement

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

Insider Activity

In other news, SVP John Christopher Morris sold 5,928 shares of the 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 completion of the sale, the senior vice president now owns 12,185 shares in the company, valued at approximately $1,218,378.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, SVP John Christopher Morris sold 5,928 shares of the 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 completion of the sale, the senior vice president now owns 12,185 shares in the company, valued at approximately $1,218,378.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Ban Seng Teh sold 10,117 shares of the stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $110.00, for a total value of $1,112,870.00. Following the sale, the executive vice president now owns 5,387 shares of the company’s stock, valued at approximately $592,570. The disclosure for this sale can be found here. In the last 90 days, insiders sold 47,648 shares of company stock worth $4,705,816. Insiders own 0.89% of the company’s stock.

Institutional Trading of Seagate Technology

A number of hedge funds have recently modified their holdings of STX. Farmers & Merchants Trust Co of Chambersburg PA purchased a new stake in shares of Seagate Technology in the fourth quarter valued at $26,000. CVA Family Office LLC purchased a new stake in shares of Seagate Technology in the fourth quarter valued at $27,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Seagate Technology in the fourth quarter valued at $28,000. Northwest Financial Advisors purchased a new stake in shares of Seagate Technology in the fourth quarter valued at $31,000. Finally, Family Firm Inc. purchased a new stake in shares of Seagate Technology in the second quarter valued at $41,000. Hedge funds and other institutional investors 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.