Seagate Technology (NASDAQ:STX) Given New $150.00 Price Target at Rosenblatt Securities

Seagate Technology (NASDAQ:STX) had its price objective lifted by Rosenblatt Securities from $140.00 to $150.00 in a research report report published on Wednesday morning,Benzinga reports. Rosenblatt Securities currently has a buy rating on the data storage provider’s stock.

STX has been the topic of a number of other research reports. The Goldman Sachs Group dropped their target price on Seagate Technology from $112.00 to $99.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. Cantor Fitzgerald reissued a “neutral” rating and issued a $125.00 price objective on shares of Seagate Technology in a research note on Wednesday, October 23rd. Mizuho reduced their target price on shares of Seagate Technology from $130.00 to $110.00 and set an “outperform” rating for the company in a research note on Friday, January 10th. Wedbush reiterated an “outperform” rating and set a $150.00 price target on shares of Seagate Technology in a research note on Wednesday, October 23rd. Finally, Citigroup raised their price objective on shares of Seagate Technology from $125.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $122.56.

Seagate Technology Price Performance

Shares of NASDAQ:STX opened at $108.18 on Wednesday. Seagate Technology has a 1-year low of $82.31 and a 1-year high of $115.32. The stock has a market cap of $22.88 billion, a P/E ratio of 28.25 and a beta of 1.06. The firm has a fifty day moving average price of $94.55 and a 200 day moving average price of $100.33.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.30 by $0.28. The business had revenue of $2.17 billion during the quarter, compared to the consensus estimate of $2.13 billion. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. The business’s quarterly revenue was up 49.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.34) earnings per share. Sell-side analysts expect that Seagate Technology will post 7.18 EPS for the current fiscal year.

Seagate Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Wednesday, March 19th will be given a dividend of $0.72 per share. The ex-dividend date is Wednesday, March 19th. This represents a $2.88 annualized dividend and a dividend yield of 2.66%. Seagate Technology’s dividend payout ratio is currently 75.20%.

Insider Buying and Selling at Seagate Technology

In related news, SVP Kian Fatt Chong sold 9,182 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $105.50, for a total transaction of $968,701.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William D. Mosley sold 20,000 shares of Seagate Technology stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $99.53, for a total transaction of $1,990,600.00. Following the completion of the sale, the chief executive officer now directly owns 642,497 shares of the company’s stock, valued at $63,947,726.41. The trade was a 3.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 50,073 shares of company stock worth $5,106,149. 0.81% of the stock is owned by insiders.

Institutional Investors Weigh In On Seagate Technology

Hedge funds have recently made changes to their positions in the business. Sanders Capital LLC lifted its position in Seagate Technology by 0.9% during the third quarter. Sanders Capital LLC now owns 16,367,591 shares of the data storage provider’s stock worth $1,792,742,000 after buying an additional 150,115 shares during the period. State Street Corp increased its stake in shares of Seagate Technology by 6.8% during the 3rd quarter. State Street Corp now owns 8,502,674 shares of the data storage provider’s stock valued at $937,081,000 after acquiring an additional 541,585 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Seagate Technology by 8.3% during the 3rd quarter. Geode Capital Management LLC now owns 4,162,512 shares of the data storage provider’s stock worth $454,477,000 after acquiring an additional 318,416 shares during the period. Franklin Resources Inc. boosted its position in shares of Seagate Technology by 29.5% in the third quarter. Franklin Resources Inc. now owns 1,778,811 shares of the data storage provider’s stock worth $197,844,000 after acquiring an additional 405,232 shares during the last quarter. Finally, Duquesne Family Office LLC grew its holdings in Seagate Technology by 22.0% in the second quarter. Duquesne Family Office LLC now owns 1,755,278 shares of the data storage provider’s stock valued at $181,268,000 after purchasing an additional 316,295 shares during the period. Institutional investors and hedge funds own 92.87% of the company’s stock.

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.