Seagate Technology (NASDAQ:STX) PT Raised to $130.00 at Citigroup

Seagate Technology (NASDAQ:STX) had its target price raised by Citigroup from $125.00 to $130.00 in a research report released on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the data storage provider’s stock.

A number of other analysts also recently commented on the company. Evercore ISI boosted their target price on Seagate Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 16th. Northland Securities increased their price objective 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. The Goldman Sachs Group lifted their target price on shares of Seagate Technology from $96.00 to $107.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 24th. UBS Group increased their price target on shares of Seagate Technology from $110.00 to $120.00 and gave the company a “neutral” rating in a research report on Wednesday, July 24th. Finally, Loop Capital lifted their price objective on Seagate Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $118.83.

Seagate Technology Stock Performance

Shares of NASDAQ STX opened at $103.01 on Wednesday. The company’s fifty day moving average is $105.16 and its two-hundred day moving average is $99.75. The firm has a market capitalization of $21.63 billion, a P/E ratio of -79.85 and a beta of 1.04. Seagate Technology has a one year low of $64.12 and a one year high of $115.32.

Seagate Technology (NASDAQ:STX) last issued 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. Seagate Technology had a net margin of 11.34% and a negative return on equity of 30.18%. The company had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same period in the prior year, the business posted ($0.34) earnings per share. The firm’s revenue for the quarter was up 49.1% compared to the same quarter last year. On average, sell-side analysts forecast that Seagate Technology will post 7.09 earnings per share for the current fiscal year.

Seagate Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Sunday, December 15th will be issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.70. Seagate Technology’s dividend payout ratio (DPR) is -217.05%.

Insider Activity

In related news, Director Yolanda Lee Conyers sold 750 shares of Seagate Technology stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $96.10, for a total value of $72,075.00. Following the transaction, the director now owns 3,034 shares in the company, valued at approximately $291,567.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Ban Seng Teh sold 4,872 shares of the company’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $110.00, for a total transaction of $535,920.00. Following the completion of the sale, the executive vice president now directly owns 9,969 shares of the company’s stock, valued at approximately $1,096,590. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Yolanda Lee Conyers sold 750 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $96.10, for a total value of $72,075.00. Following the completion of the transaction, the director now directly owns 3,034 shares in the company, valued at $291,567.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 218,398 shares of company stock valued at $23,238,106 in the last ninety days. Company insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Seagate Technology

Several hedge funds have recently modified their holdings of STX. JFS Wealth Advisors LLC boosted its holdings in Seagate Technology by 232.5% in the 3rd quarter. JFS Wealth Advisors LLC now owns 419 shares of the data storage provider’s stock worth $46,000 after acquiring an additional 293 shares during the period. SteelPeak Wealth LLC lifted its position in shares of Seagate Technology by 541.3% during the third quarter. SteelPeak Wealth LLC now owns 14,160 shares of the data storage provider’s stock worth $1,561,000 after purchasing an additional 11,952 shares in the last quarter. First Trust Direct Indexing L.P. boosted its stake in shares of Seagate Technology by 18.2% in the third quarter. First Trust Direct Indexing L.P. now owns 8,163 shares of the data storage provider’s stock valued at $894,000 after purchasing an additional 1,259 shares during the period. New York State Teachers Retirement System grew its holdings in Seagate Technology by 2.7% during the 3rd quarter. New York State Teachers Retirement System now owns 175,239 shares of the data storage provider’s stock valued at $19,194,000 after purchasing an additional 4,659 shares in the last quarter. Finally, Diversify Advisory Services LLC purchased a new stake in Seagate Technology during the 3rd quarter worth $202,000. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

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.