Seagate Technology (NASDAQ:STX) Stock Rating Upgraded by StockNews.com

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

A number of other analysts have also issued reports on the stock. Northland Securities boosted their target price on shares of Seagate Technology from $119.00 to $142.00 and gave the company an outperform rating in a research note on Wednesday, July 24th. Citigroup lifted their price objective on Seagate Technology from $120.00 to $125.00 and gave the company a buy rating in a report on Wednesday, July 24th. Rosenblatt Securities lifted their price objective on Seagate Technology from $115.00 to $125.00 and gave the company a buy rating in a report on Wednesday, July 24th. Wedbush lifted their price objective on Seagate Technology from $100.00 to $130.00 and gave the company an outperform rating in a report on Monday, July 22nd. Finally, Cantor Fitzgerald lifted their price objective on Seagate Technology from $120.00 to $125.00 and gave the company a neutral rating in a report on Wednesday, July 24th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, Seagate Technology has a consensus rating of Hold and an average price target of $115.94.

Seagate Technology Trading Up 1.6 %

Shares of STX opened at $109.81 on Wednesday. The firm has a market capitalization of $23.06 billion, a P/E ratio of -85.12 and a beta of 1.04. Seagate Technology has a 12-month low of $64.12 and a 12-month high of $113.57. The firm has a fifty day moving average price of $102.51 and a 200-day moving average price of $98.48.

Seagate Technology (NASDAQ:STX) last issued its 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. The firm had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.87 billion. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.41%. The business’s revenue was up 17.8% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.29) earnings per share. Analysts predict that Seagate Technology will post 6.72 earnings per share for the current year.

Seagate Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, October 7th. Shareholders of record on Monday, September 23rd were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.55%. The ex-dividend date of this dividend was Monday, September 23rd. Seagate Technology’s dividend payout ratio is presently -217.05%.

Insider Buying and Selling at Seagate Technology

In other Seagate Technology news, EVP Ban Seng Teh sold 10,117 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $110.00, for a total transaction of $1,112,870.00. Following the transaction, the executive vice president now owns 5,387 shares in the company, valued at approximately $592,570. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Seagate Technology news, EVP Ban Seng Teh sold 10,117 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $110.00, for a total transaction of $1,112,870.00. Following the transaction, the executive vice president now owns 5,387 shares in the company, valued at approximately $592,570. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO William D. Mosley sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $107.68, for a total transaction of $2,153,600.00. Following the transaction, the chief executive officer now owns 648,616 shares in the company, valued at $69,842,970.88. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 223,284 shares of company stock worth $23,800,887. 0.89% of the stock is owned by corporate insiders.

Institutional Trading of Seagate Technology

Hedge funds and other institutional investors have recently made changes to their positions in the business. Quarry LP acquired a new stake in shares of Seagate Technology in the second quarter worth $27,000. Kayne Anderson Rudnick Investment Management LLC increased its stake in shares of Seagate Technology by 2,407.1% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider’s stock worth $36,000 after acquiring an additional 337 shares during the period. Family Firm Inc. acquired a new stake in shares of Seagate Technology in the second quarter worth $41,000. Richardson Financial Services Inc. acquired a new stake in shares of Seagate Technology in the fourth quarter worth $47,000. Finally, Larson Financial Group LLC increased its stake in shares of Seagate Technology by 15,766.7% in the second quarter. Larson Financial Group LLC now owns 476 shares of the data storage provider’s stock worth $49,000 after acquiring an additional 473 shares during the period. 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.