Seagate Technology Holdings plc (NASDAQ:STX) Receives $118.83 Average PT from Brokerages

Seagate Technology Holdings plc (NASDAQ:STX) has been given a consensus recommendation of “Hold” by the nineteen ratings firms that are currently covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and eleven have given a buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $118.83.

Several research firms have recently commented on STX. TD Cowen raised their target price on shares of Seagate Technology from $110.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Northland Securities raised their target price on shares of Seagate Technology from $142.00 to $144.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. The Goldman Sachs Group lifted their price target on shares of Seagate Technology from $96.00 to $107.00 and gave the company a “neutral” rating in a research report on Wednesday, July 24th. Rosenblatt Securities lifted their price objective on shares of Seagate Technology from $125.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, Citigroup lifted their price target on shares of Seagate Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd.

Insider Transactions at Seagate Technology

In other Seagate Technology news, Director Yolanda Lee Conyers sold 750 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $96.10, for a total transaction of $72,075.00. Following the completion of the sale, the director now owns 3,034 shares of the company’s stock, valued at $291,567.40. This trade represents a 19.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP John Christopher Morris sold 1,131 shares of the firm’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $111.90, for a total value of $126,558.90. Following the sale, the senior vice president now directly owns 7,191 shares of the company’s stock, valued at $804,672.90. This represents a 13.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 201,820 shares of company stock valued at $21,892,856 in the last ninety days. 0.81% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Bessemer Group Inc. boosted its stake in shares of Seagate Technology by 68.7% during the first quarter. Bessemer Group Inc. now owns 17,564 shares of the data storage provider’s stock valued at $1,634,000 after purchasing an additional 7,150 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Seagate Technology by 2.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 258,033 shares of the data storage provider’s stock valued at $24,011,000 after buying an additional 6,044 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Seagate Technology by 21.1% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 232,957 shares of the data storage provider’s stock valued at $21,677,000 after acquiring an additional 40,649 shares in the last quarter. Versor Investments LP bought a new stake in shares of Seagate Technology during the third quarter valued at approximately $2,146,000. Finally, Lighthouse Investment Partners LLC bought a new stake in shares of Seagate Technology during the second quarter valued at approximately $499,000. Institutional investors own 92.87% of the company’s stock.

Seagate Technology Stock Performance

STX opened at $96.79 on Wednesday. Seagate Technology has a fifty-two week low of $74.33 and a fifty-two week high of $115.32. The company has a fifty day moving average of $105.02 and a two-hundred day moving average of $101.34. The stock has a market capitalization of $20.47 billion, a price-to-earnings ratio of 25.27 and a beta of 1.05.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same period in the previous year, the firm earned ($0.34) EPS. The business’s revenue was up 49.1% on a year-over-year basis. On average, equities research analysts forecast that Seagate Technology will post 7.18 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. Investors of record on Sunday, December 15th will be paid a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 2.98%. 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 presently 75.20%.

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.