Rosenblatt Securities Boosts Seagate Technology (NASDAQ:STX) Price Target to $150.00

Seagate Technology (NASDAQ:STX) had its price target increased by Rosenblatt Securities from $140.00 to $150.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a buy rating on the data storage provider’s stock.

Several other brokerages also recently issued reports on STX. Wedbush reiterated an “outperform” rating and issued a $150.00 price target on shares of Seagate Technology in a report on Wednesday, October 23rd. Benchmark reiterated a “hold” rating on shares of Seagate Technology in a research note on Wednesday, October 23rd. Citigroup boosted their price target on Seagate Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Northland Securities upped their price target on Seagate Technology from $142.00 to $144.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $125.00 price objective on shares of Seagate Technology in a research note on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $122.56.

Seagate Technology Price Performance

NASDAQ STX opened at $108.18 on Wednesday. The business’s 50-day simple moving average is $94.55 and its 200-day simple moving average is $100.33. The firm has a market capitalization of $22.88 billion, a P/E ratio of 28.25 and a beta of 1.06. Seagate Technology has a 1-year low of $82.31 and a 1-year high of $115.32.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) 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 32.19%. The company had revenue of $2.17 billion during the quarter, compared to the consensus estimate of $2.13 billion. During the same period in the previous year, the firm earned ($0.34) earnings per share. Seagate Technology’s revenue for the quarter was up 49.1% on a year-over-year basis. On average, equities research analysts expect that Seagate Technology will post 7.18 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Wednesday, March 19th will be given a $0.72 dividend. 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 payout ratio is 75.20%.

Insider Activity at Seagate Technology

In other news, SVP Kian Fatt Chong sold 9,182 shares of the company’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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Yolanda Lee Conyers sold 750 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $101.82, for a total value of $76,365.00. Following the completion of the sale, the director now directly owns 6,555 shares in the company, valued at approximately $667,430.10. This trade represents a 10.27 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 50,073 shares of company stock valued at $5,106,149. Corporate insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Berkshire Bank boosted its holdings in shares of Seagate Technology by 2.6% during the fourth quarter. Berkshire Bank now owns 4,118 shares of the data storage provider’s stock valued at $355,000 after acquiring an additional 103 shares during the period. Pacer Advisors Inc. boosted its stake in Seagate Technology by 49.8% during the 4th quarter. Pacer Advisors Inc. now owns 29,044 shares of the data storage provider’s stock valued at $2,507,000 after purchasing an additional 9,656 shares during the period. KBC Group NV grew its position in Seagate Technology by 150.1% in the 4th quarter. KBC Group NV now owns 70,290 shares of the data storage provider’s stock worth $6,066,000 after purchasing an additional 42,182 shares during the last quarter. Blue Trust Inc. increased its stake in shares of Seagate Technology by 42.9% in the fourth quarter. Blue Trust Inc. now owns 3,407 shares of the data storage provider’s stock valued at $294,000 after purchasing an additional 1,022 shares during the period. Finally, Kingswood Wealth Advisors LLC raised its holdings in shares of Seagate Technology by 87.9% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 8,578 shares of the data storage provider’s stock valued at $740,000 after buying an additional 4,014 shares during the last quarter. 92.87% of the stock is currently owned by institutional investors.

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.