Seagate Technology (NASDAQ:STX) Receives “Outperform” Rating from Wedbush

Wedbush reiterated their outperform rating on shares of Seagate Technology (NASDAQ:STX) in a research note published on Wednesday morning, Benzinga reports. They currently have a $150.00 price objective on the data storage provider’s stock.

A number of other equities research analysts have also issued reports on the company. Susquehanna increased their target price on Seagate Technology from $55.00 to $65.00 and gave the company a “negative” rating in a research note on Wednesday, July 24th. UBS Group lifted their price objective on shares of Seagate Technology from $110.00 to $120.00 and gave the company a “neutral” rating in a research note on Wednesday, July 24th. Loop Capital upped their target price on shares of Seagate Technology from $105.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. StockNews.com raised shares of Seagate Technology from a “hold” rating to a “buy” rating in a report on Thursday, October 17th. Finally, The Goldman Sachs Group boosted their price objective on shares of Seagate Technology from $96.00 to $107.00 and gave the stock a “neutral” rating in a report on Wednesday, July 24th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, Seagate Technology currently has a consensus rating of “Hold” and a consensus price target of $118.83.

Seagate Technology Stock Performance

STX opened at $103.52 on Wednesday. Seagate Technology has a 1 year low of $64.12 and a 1 year high of $115.32. The firm has a 50 day moving average price of $105.04 and a 200 day moving average price of $99.55. The company has a market cap of $21.79 billion, a PE ratio of 67.22 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.30 by $0.28. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.41%. The business had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter last year, the firm posted ($0.34) EPS. The business’s revenue for the quarter was up 49.1% compared to the same quarter last year. On average, sell-side analysts predict that Seagate Technology will post 7.09 earnings per share for the current year.

Seagate Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 6th. Investors of record on Sunday, December 15th will be issued a $0.72 dividend. This is an increase from Seagate Technology’s previous quarterly dividend of $0.70. This represents a $2.88 annualized dividend and a dividend yield of 2.78%. Seagate Technology’s dividend payout ratio (DPR) is 181.82%.

Insider Buying and Selling

In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $93.46, for a total value of $1,869,200.00. Following the sale, the chief executive officer now directly owns 654,270 shares in the company, valued at approximately $61,148,074.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Seagate Technology news, SVP John Christopher Morris sold 1,131 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $111.90, for a total value of $126,558.90. Following the completion of the transaction, the senior vice president now owns 7,191 shares in the company, valued at approximately $804,672.90. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $93.46, for a total transaction of $1,869,200.00. Following the completion of the sale, the chief executive officer now owns 654,270 shares in the company, valued at $61,148,074.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 214,298 shares of company stock worth $22,814,576 in the last three months. 0.81% of the stock is owned by insiders.

Hedge Funds Weigh In On Seagate Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bessemer Group Inc. boosted its position in Seagate Technology by 68.7% during the 1st quarter. Bessemer Group Inc. now owns 17,564 shares of the data storage provider’s stock worth $1,634,000 after acquiring an additional 7,150 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings 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 worth $24,011,000 after purchasing an additional 6,044 shares during the period. Chapin Davis Inc. grew its position in Seagate Technology by 210.8% in the 1st quarter. Chapin Davis Inc. now owns 29,152 shares of the data storage provider’s stock valued at $2,713,000 after buying an additional 19,773 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Seagate Technology by 21.1% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 232,957 shares of the data storage provider’s stock worth $21,677,000 after buying an additional 40,649 shares in the last quarter. Finally, Illinois Municipal Retirement Fund lifted its stake in shares of Seagate Technology by 15.7% in the 1st quarter. Illinois Municipal Retirement Fund now owns 60,702 shares of the data storage provider’s stock worth $5,648,000 after acquiring an additional 8,242 shares during the period. 92.87% of the stock is 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.