Bank of America Issues Positive Forecast for Seagate Technology (NASDAQ:STX) Stock Price

Seagate Technology (NASDAQ:STX) had its price target raised by Bank of America from $124.00 to $130.00 in a research report report published on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the data storage provider’s stock.

A number of other equities research analysts have also recently issued reports on STX. StockNews.com cut Seagate Technology from a “buy” rating to a “hold” rating in a research note on Tuesday, January 14th. Rosenblatt Securities boosted their target price on shares of Seagate Technology from $140.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday. Mizuho dropped their price target on shares of Seagate Technology from $130.00 to $110.00 and set an “outperform” rating on the stock in a research note on Friday, January 10th. Northland Securities boosted their price objective on Seagate Technology from $142.00 to $144.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Finally, Evercore ISI raised their target price on Seagate Technology from $125.00 to $135.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, Seagate Technology currently has a consensus rating of “Moderate Buy” and an average target price of $122.56.

Seagate Technology Stock Down 0.2 %

Shares of NASDAQ:STX opened at $108.19 on Wednesday. The company has a market cap of $22.89 billion, a PE ratio of 19.78 and a beta of 1.06. Seagate Technology has a fifty-two week low of $82.31 and a fifty-two week high of $115.32. The firm has a 50-day simple moving average of $95.00 and a 200 day simple moving average of $100.42.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, beating the consensus estimate of $1.30 by $0.28. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. The company had revenue of $2.17 billion during the quarter, compared to analyst estimates of $2.13 billion. During the same period in the prior year, the company earned ($0.34) earnings per share. The business’s revenue was up 49.1% compared to the same quarter last year. As a group, research analysts forecast that Seagate Technology will post 6.92 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Shareholders of record on Wednesday, March 19th will be issued 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 dividend payout ratio is currently 52.65%.

Insider Transactions 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 Friday, November 1st. The shares were sold at an average price of $99.53, for a total transaction of $1,990,600.00. Following the completion of the sale, the chief executive officer now directly owns 642,497 shares of the company’s stock, valued at approximately $63,947,726.41. This represents a 3.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Yolanda Lee Conyers sold 750 shares of Seagate Technology stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $101.82, for a total transaction of $76,365.00. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 50,073 shares of company stock valued at $5,106,149 in the last three months. 0.81% of the stock is currently owned by corporate insiders.

Institutional Trading of Seagate Technology

Several large investors have recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC grew its holdings in shares of Seagate Technology by 3.6% during the third quarter. Sequoia Financial Advisors LLC now owns 2,560 shares of the data storage provider’s stock valued at $281,000 after buying an additional 89 shares in the last quarter. Affinity Capital Advisors LLC boosted its position in Seagate Technology by 1.5% during the 3rd quarter. Affinity Capital Advisors LLC now owns 6,620 shares of the data storage provider’s stock worth $725,000 after acquiring an additional 100 shares during the period. Berkshire Bank grew its stake in Seagate Technology by 2.6% during the 4th 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 in the last quarter. My Legacy Advisors LLC increased its holdings in shares of Seagate Technology by 3.9% in the 4th quarter. My Legacy Advisors LLC now owns 3,113 shares of the data storage provider’s stock valued at $294,000 after purchasing an additional 118 shares during the period. Finally, AdvisorNet Financial Inc boosted its holdings in shares of Seagate Technology by 3.7% during the fourth quarter. AdvisorNet Financial Inc now owns 3,377 shares of the data storage provider’s stock worth $291,000 after purchasing an additional 122 shares during the period. 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.