Northland Securities Raises Seagate Technology (NASDAQ:STX) Price Target to $144.00

Seagate Technology (NASDAQ:STX) had its target price boosted by Northland Securities from $142.00 to $144.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The brokerage currently has an outperform rating on the data storage provider’s stock.

STX has been the subject of a number of other research reports. Wells Fargo & Company upped their price target on Seagate Technology from $90.00 to $120.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 24th. The Goldman Sachs Group upped their target price on shares of Seagate Technology from $96.00 to $107.00 and gave the company a “neutral” rating in a research note on Wednesday, July 24th. Loop Capital lifted their price target on shares of Seagate Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Cantor Fitzgerald upped their price objective on shares of Seagate Technology from $120.00 to $125.00 and gave the company a “neutral” rating in a research report on Wednesday, July 24th. Finally, Evercore ISI lifted their target price on Seagate Technology from $125.00 to $135.00 and gave the stock an “outperform” rating in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $118.83.

Seagate Technology Stock Down 0.9 %

STX opened at $103.01 on Wednesday. Seagate Technology has a 52-week low of $64.12 and a 52-week high of $115.32. The company has a 50 day moving average of $105.16 and a two-hundred day moving average of $99.75. The company has a market cap of $21.63 billion, a P/E ratio of -79.85 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, beating the consensus estimate of $1.30 by $0.28. Seagate Technology had a negative return on equity of 30.18% and a net margin of 11.34%. The company had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same period last year, the company posted ($0.34) earnings per share. The firm’s revenue was up 49.1% compared to the same quarter last year. Research analysts anticipate that Seagate Technology will post 7.09 earnings per share for the current year.

Seagate Technology Increases Dividend

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

Insider Activity

In related news, Director Jay L. Geldmacher sold 4,100 shares of the stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $103.30, for a total transaction of $423,530.00. Following the sale, the director now owns 2,852 shares in the company, valued at $294,611.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Jay L. Geldmacher sold 4,100 shares of the company’s stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $103.30, for a total transaction of $423,530.00. Following the completion of the transaction, the director now directly owns 2,852 shares in the company, valued at $294,611.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $93.46, for a total value of $1,869,200.00. Following the completion of the sale, the chief executive officer now owns 654,270 shares in the company, valued at $61,148,074.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 218,398 shares of company stock valued at $23,238,106. Company insiders own 0.89% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Seagate Technology by 3.1% during the first quarter. Vanguard Group Inc. now owns 24,753,076 shares of the data storage provider’s stock worth $2,303,274,000 after buying an additional 746,395 shares during the period. Clearbridge Investments LLC raised its stake in Seagate Technology by 14.5% during the 1st quarter. Clearbridge Investments LLC now owns 2,656,828 shares of the data storage provider’s stock valued at $247,218,000 after acquiring an additional 337,464 shares in the last quarter. Duquesne Family Office LLC boosted its position in Seagate Technology by 22.0% during the 2nd quarter. Duquesne Family Office LLC now owns 1,755,278 shares of the data storage provider’s stock worth $181,268,000 after acquiring an additional 316,295 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Seagate Technology by 0.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,019,657 shares of the data storage provider’s stock worth $105,306,000 after purchasing an additional 9,062 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in shares of Seagate Technology by 6.2% during the first quarter. Russell Investments Group Ltd. now owns 688,996 shares of the data storage provider’s stock valued at $64,130,000 after purchasing an additional 40,100 shares during the period. Institutional investors 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.