Barclays Boosts Seagate Technology (NASDAQ:STX) Price Target to $105.00

Seagate Technology (NASDAQ:STX) had its price objective hoisted by Barclays from $95.00 to $105.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the data storage provider’s stock.

Other research analysts have also issued reports about the stock. Northland Securities restated an “outperform” rating and issued a $160.00 price objective (up from $144.00) on shares of Seagate Technology in a research note on Wednesday. Benchmark reaffirmed a “hold” rating on shares of Seagate Technology in a research note on Wednesday, October 23rd. Wedbush reiterated an “outperform” rating and issued a $150.00 target price on shares of Seagate Technology in a research note on Wednesday, October 23rd. Bank of America boosted their target price on Seagate Technology from $124.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $125.00 price target on shares of Seagate Technology in a report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Seagate Technology presently has an average rating of “Moderate Buy” and an average target price of $122.56.

Seagate Technology Stock Up 6.8 %

STX opened at $108.18 on Wednesday. Seagate Technology has a 52 week low of $82.31 and a 52 week high of $115.32. The business’s 50 day moving average is $94.55 and its two-hundred day moving average is $100.33. The firm has a market cap of $22.88 billion, a price-to-earnings ratio of 28.25 and a beta of 1.06.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.30 by $0.28. The business had revenue of $2.17 billion for the quarter, compared to analysts’ expectations of $2.13 billion. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. The company’s quarterly revenue was up 49.1% on a year-over-year basis. During the same period in the previous year, the company posted ($0.34) EPS. Equities analysts expect that Seagate Technology will post 7.18 EPS for the current fiscal year.

Seagate Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Wednesday, March 19th will be paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 2.66%. The ex-dividend date of this dividend is Wednesday, March 19th. Seagate Technology’s dividend payout ratio (DPR) is 75.20%.

Insider Activity at Seagate Technology

In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $102.83, for a total value of $2,056,600.00. Following the sale, the chief executive officer now owns 622,497 shares of the company’s stock, valued at $64,011,366.51. This represents a 3.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Kian Fatt Chong sold 9,182 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $105.50, for a total transaction of $968,701.00. The disclosure for this sale can be found here. Insiders sold 50,073 shares of company stock valued at $5,106,149 in the last ninety days. Corporate insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Seagate Technology

A number of institutional investors and hedge funds have recently bought and sold shares of STX. Sanders Capital LLC raised its holdings in shares of Seagate Technology by 0.9% in 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 acquiring an additional 150,115 shares during the last quarter. State Street Corp boosted its stake in shares of Seagate Technology by 6.8% during the third 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 increased its position in 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 purchasing an additional 318,416 shares in the last quarter. Franklin Resources Inc. raised its stake in Seagate Technology by 29.5% in the 3rd quarter. Franklin Resources Inc. now owns 1,778,811 shares of the data storage provider’s stock valued at $197,844,000 after purchasing an additional 405,232 shares during the last quarter. Finally, Duquesne Family Office LLC lifted its holdings in Seagate Technology by 22.0% in the 2nd 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 in the last quarter. Hedge funds and other 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.