Seagate Technology (NASDAQ:STX) Shares Up 2.4% – Time to Buy?

Seagate Technology Holdings PLC (NASDAQ:STX) shares traded up 2.4% during trading on Wednesday . The company traded as high as $764.97 and last traded at $751.07. 2,146,084 shares changed hands during trading, a decline of 49% from the average session volume of 4,219,989 shares. The stock had previously closed at $733.35.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Cantor Fitzgerald upped their price target on shares of Seagate Technology from $700.00 to $1,000.00 and gave the company an “overweight” rating in a research report on Wednesday, April 29th. Zacks Research raised shares of Seagate Technology from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 1st. Sanford C. Bernstein increased their price objective on shares of Seagate Technology from $620.00 to $1,000.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 29th. Rosenblatt Securities increased their price objective on shares of Seagate Technology from $500.00 to $1,000.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Finally, Wedbush increased their price objective on shares of Seagate Technology from $700.00 to $825.00 and gave the stock an “outperform” rating in a research report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Seagate Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $733.71.

Seagate Technology Stock Up 2.4%

The company has a market cap of $168.41 billion, a P/E ratio of 71.26 and a beta of 1.98. The stock’s 50-day moving average price is $541.33 and its 200-day moving average price is $401.33. The company has a current ratio of 1.33, a quick ratio of 0.85 and a debt-to-equity ratio of 3.16.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Tuesday, April 28th. The data storage provider reported $4.10 earnings per share for the quarter, topping analysts’ consensus estimates of $3.51 by $0.59. Seagate Technology had a net margin of 21.60% and a return on equity of 1,005.65%. The company had revenue of $3.11 billion for the quarter, compared to analyst estimates of $2.96 billion. During the same quarter in the prior year, the business posted $1.90 EPS. The firm’s revenue was up 44.1% compared to the same quarter last year. Seagate Technology has set its Q4 2026 guidance at 4.800-5.200 EPS. As a group, research analysts forecast that Seagate Technology Holdings PLC will post 14.1 EPS for the current year.

Seagate Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 7th. Investors of record on Wednesday, June 24th will be issued a $0.74 dividend. This represents a $2.96 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Wednesday, June 24th. Seagate Technology’s dividend payout ratio is currently 28.08%.

Insider Buying and Selling

In related news, CFO Gianluca Romano sold 1,902 shares of the company’s stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $770.00, for a total value of $1,464,540.00. Following the sale, the chief financial officer owned 40,945 shares in the company, valued at $31,527,650. This represents a 4.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ban Seng Teh sold 8,003 shares of the company’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $817.28, for a total transaction of $6,540,691.84. Following the completion of the sale, the executive vice president owned 3,691 shares in the company, valued at $3,016,580.48. This represents a 68.44% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 118,283 shares of company stock worth $65,989,618 over the last ninety days. Insiders own 0.79% of the company’s stock.

Institutional Investors Weigh In On Seagate Technology

Institutional investors and hedge funds have recently made changes to their positions in the business. Integrated Wealth Concepts LLC increased its stake in Seagate Technology by 168.0% in the 1st quarter. Integrated Wealth Concepts LLC now owns 7,177 shares of the data storage provider’s stock valued at $610,000 after buying an additional 4,499 shares during the last quarter. Sivia Capital Partners LLC purchased a new stake in Seagate Technology in the 2nd quarter valued at about $262,000. Cerity Partners LLC increased its stake in Seagate Technology by 25.8% in the 2nd quarter. Cerity Partners LLC now owns 36,682 shares of the data storage provider’s stock valued at $5,294,000 after buying an additional 7,517 shares during the last quarter. Sei Investments Co. increased its stake in Seagate Technology by 64.8% in the 2nd quarter. Sei Investments Co. now owns 8,543 shares of the data storage provider’s stock valued at $1,233,000 after buying an additional 3,358 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in Seagate Technology by 0.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 127,887 shares of the data storage provider’s stock valued at $18,458,000 after buying an additional 462 shares during the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

About Seagate Technology

Seagate Technology (NASDAQ: STX) is a global data storage company that designs, manufactures and sells a broad range of storage products and systems. The firm’s product portfolio includes traditional hard disk drives (HDDs), solid-state drives (SSDs), hybrid storage devices and integrated storage systems aimed at enterprise, cloud, OEM and consumer markets. Seagate also provides services that support its hardware offerings, including data recovery and storage management solutions.

Seagate’s products are used in a wide array of applications, from large-scale data centers and cloud infrastructure to desktop and portable consumer devices.