Seagate Technology Holdings PLC (NASDAQ:STX) Given Average Rating of “Moderate Buy” by Brokerages

Seagate Technology Holdings PLC (NASDAQ:STX) has been assigned a consensus recommendation of “Moderate Buy” from the twenty-six research firms that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, five have issued a hold recommendation, eighteen have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month target price among brokers that have covered the stock in the last year is $293.1304.

A number of research firms recently weighed in on STX. TD Cowen increased their price target on Seagate Technology from $270.00 to $340.00 and gave the company a “buy” rating in a research report on Tuesday, November 11th. Fox Advisors raised their target price on shares of Seagate Technology from $245.00 to $270.00 in a report on Wednesday, October 29th. Wedbush boosted their price target on shares of Seagate Technology from $260.00 to $290.00 and gave the company an “outperform” rating in a report on Wednesday, October 29th. Robert W. Baird raised their price objective on shares of Seagate Technology from $188.00 to $270.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 29th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Seagate Technology in a research note on Monday.

Seagate Technology Stock Up 0.9%

STX opened at $285.22 on Thursday. The firm has a market cap of $60.91 billion, a PE ratio of 36.61, a P/E/G ratio of 1.11 and a beta of 1.59. The business has a fifty day simple moving average of $264.34 and a 200-day simple moving average of $203.69. Seagate Technology has a fifty-two week low of $63.19 and a fifty-two week high of $308.93.

Seagate Technology Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 9th. Investors of record on Wednesday, December 24th will be given a dividend of $0.74 per share. The ex-dividend date of this dividend is Wednesday, December 24th. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.72. This represents a $2.96 annualized dividend and a yield of 1.0%. Seagate Technology’s payout ratio is presently 36.97%.

Insider Transactions at Seagate Technology

In other news, Director Stephanie Tilenius sold 2,046 shares of the stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $266.41, for a total value of $545,074.86. Following the completion of the sale, the director directly owned 12,244 shares of the company’s stock, valued at $3,261,924.04. This represents a 14.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Gianluca Romano sold 54,021 shares of the firm’s stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $285.16, for a total transaction of $15,404,628.36. Following the sale, the chief financial officer owned 56,293 shares of the company’s stock, valued at approximately $16,052,511.88. This represents a 48.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 132,555 shares of company stock worth $36,030,007. 0.79% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Vision Financial Markets LLC bought a new position in Seagate Technology during the second quarter worth about $173,000. Nordea Investment Management AB increased its stake in shares of Seagate Technology by 18.0% in the 2nd quarter. Nordea Investment Management AB now owns 18,422 shares of the data storage provider’s stock valued at $2,632,000 after acquiring an additional 2,808 shares during the last quarter. Central Asset Investments & Management Holdings HK Ltd raised its position in shares of Seagate Technology by 185.8% in the 2nd quarter. Central Asset Investments & Management Holdings HK Ltd now owns 18,734 shares of the data storage provider’s stock valued at $2,704,000 after acquiring an additional 12,178 shares during the period. Retirement Planning Co of New England Inc. acquired a new position in Seagate Technology during the first quarter valued at approximately $272,000. Finally, Channing Capital Management LLC acquired a new position in Seagate Technology during the second quarter valued at approximately $4,542,000. 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.