Seagate Technology (NASDAQ:STX) Upgraded at StockNews.com

StockNews.com upgraded shares of Seagate Technology (NASDAQ:STX) from a hold rating to a buy rating in a research note published on Friday morning.

A number of other research firms have also recently issued reports on STX. Citigroup lifted their price target on shares of Seagate Technology from $120.00 to $125.00 and gave the company a buy rating in a research note on Wednesday. Wells Fargo & Company raised their price objective on Seagate Technology from $90.00 to $120.00 and gave the company an equal weight rating in a report on Wednesday. Susquehanna raised their price objective on Seagate Technology from $55.00 to $65.00 and gave the company a negative rating in a report on Wednesday. Cantor Fitzgerald raised their price objective on shares of Seagate Technology from $120.00 to $125.00 and gave the stock a neutral rating in a research report on Wednesday. Finally, Loop Capital raised their target price on Seagate Technology from $105.00 to $135.00 and gave the stock a buy rating in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, Seagate Technology has an average rating of Hold and a consensus target price of $115.94.

Seagate Technology Price Performance

Seagate Technology stock opened at $103.68 on Friday. The company’s fifty day moving average price is $101.31 and its 200 day moving average price is $93.07. Seagate Technology has a 1 year low of $57.79 and a 1 year high of $113.57.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.87 billion. During the same quarter last year, the company earned ($0.29) EPS. The firm’s revenue for the quarter was up 17.8% compared to the same quarter last year. On average, sell-side analysts predict that Seagate Technology will post 5.65 earnings per share for the current fiscal year.

Seagate Technology Dividend Announcement

The firm also recently announced 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. This represents a $2.80 annualized dividend and a dividend yield of 2.70%. The ex-dividend date is Monday, September 23rd. Seagate Technology’s dividend payout ratio (DPR) is presently -217.05%.

Insider Transactions at Seagate Technology

In other news, SVP John Christopher Morris sold 11,158 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $90.00, for a total transaction of $1,004,220.00. Following the sale, the senior vice president now owns 17,767 shares of the company’s stock, valued at approximately $1,599,030. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Seagate Technology news, EVP Ban Seng Teh sold 9,703 shares of Seagate Technology stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $95.00, for a total transaction of $921,785.00. Following the transaction, the executive vice president now owns 15,185 shares of the company’s stock, valued at $1,442,575. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP John Christopher Morris sold 11,158 shares of Seagate Technology stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $90.00, for a total value of $1,004,220.00. Following the transaction, the senior vice president now directly owns 17,767 shares in the company, valued at approximately $1,599,030. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 47,648 shares of company stock valued at $4,705,816. Corporate insiders own 0.89% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Leisure Capital Management increased its position in Seagate Technology by 5.9% during the second quarter. Leisure Capital Management now owns 15,830 shares of the data storage provider’s stock worth $1,635,000 after buying an additional 881 shares during the period. HB Wealth Management LLC grew its stake in shares of Seagate Technology by 46.4% in the 2nd quarter. HB Wealth Management LLC now owns 4,097 shares of the data storage provider’s stock valued at $423,000 after purchasing an additional 1,298 shares during the last quarter. Kintegral Advisory LLC grew its stake in shares of Seagate Technology by 26.6% in the 2nd quarter. Kintegral Advisory LLC now owns 7,557 shares of the data storage provider’s stock valued at $786,000 after purchasing an additional 1,587 shares during the last quarter. Emfo LLC purchased a new position in shares of Seagate Technology in the 2nd quarter valued at approximately $181,000. Finally, Checchi Capital Advisers LLC grew its stake in shares of Seagate Technology by 3.8% in the 2nd quarter. Checchi Capital Advisers LLC now owns 3,945 shares of the data storage provider’s stock valued at $407,000 after purchasing an additional 143 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.