Seagate Technology (NASDAQ:STX) Price Target Increased to $125.00 by Analysts at Rosenblatt Securities

Seagate Technology (NASDAQ:STX) had its price objective upped by Rosenblatt Securities from $115.00 to $125.00 in a research note released on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the data storage provider’s stock.

Several other research firms have also recently issued reports on STX. Cantor Fitzgerald increased their price objective on Seagate Technology from $100.00 to $120.00 and gave the stock a neutral rating in a research report on Tuesday, July 16th. Evercore ISI increased their price objective on Seagate Technology from $110.00 to $125.00 and gave the stock an outperform rating in a research report on Tuesday, July 16th. UBS Group increased their price objective on Seagate Technology from $90.00 to $95.00 and gave the stock a neutral rating in a research report on Wednesday, April 24th. Barclays cut their price objective on Seagate Technology from $85.00 to $80.00 and set an equal weight rating for the company in a research report on Monday, April 22nd. Finally, Wedbush increased their price objective on Seagate Technology from $100.00 to $130.00 and gave the stock an outperform rating in a research report on Monday, July 22nd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Hold and an average target price of $115.94.

Seagate Technology Stock Performance

Seagate Technology stock opened at $103.68 on Wednesday. Seagate Technology has a 12 month low of $57.79 and a 12 month high of $113.57. The business has a 50 day simple moving average of $101.31 and a 200-day simple moving average of $93.07.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 EPS for the quarter, topping the consensus estimate of $0.76 by $0.29. Seagate Technology had a negative return on equity of 8.41% and a net margin of 5.11%. The business had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.87 billion. During the same quarter in the prior year, the business earned ($0.29) earnings per share. The company’s quarterly revenue was up 17.8% compared to the same quarter last year. As a group, research analysts anticipate that Seagate Technology will post 5.65 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Monday, September 23rd will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date of this dividend is Monday, September 23rd. Seagate Technology’s payout ratio is currently -217.05%.

Insider Activity at Seagate Technology

In related news, SVP John Christopher Morris sold 11,158 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $90.00, for a total transaction of $1,004,220.00. Following the sale, the senior vice president now owns 17,767 shares of the company’s stock, valued at $1,599,030. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, EVP Ban Seng Teh sold 10,117 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $110.00, for a total transaction of $1,112,870.00. Following the sale, the executive vice president now owns 5,387 shares of the company’s stock, valued at $592,570. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP John Christopher Morris sold 11,158 shares of the stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $90.00, for a total value of $1,004,220.00. Following the sale, the senior vice president now directly owns 17,767 shares in the company, valued at approximately $1,599,030. The disclosure for this sale can be found here. Insiders have sold a total of 47,648 shares of company stock valued at $4,705,816 over the last quarter. Insiders own 0.89% of the company’s stock.

Institutional Trading of Seagate Technology

A number of hedge funds have recently added to or reduced their stakes in STX. HB Wealth Management LLC acquired a new stake in Seagate Technology in the 4th quarter worth about $203,000. CVA Family Office LLC acquired a new stake in Seagate Technology in the 4th quarter worth about $27,000. Raymond James Financial Services Advisors Inc. boosted its stake in Seagate Technology by 17.3% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 81,627 shares of the data storage provider’s stock worth $6,969,000 after buying an additional 12,047 shares during the last quarter. Kingswood Wealth Advisors LLC acquired a new stake in Seagate Technology in the 4th quarter worth about $287,000. Finally, Assenagon Asset Management S.A. boosted its stake in Seagate Technology by 2.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 9,251 shares of the data storage provider’s stock worth $790,000 after buying an additional 207 shares during the last quarter. 92.87% of the stock is owned by institutional investors and hedge funds.

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.