Seagate Technology (NASDAQ:STX) Shares Up 6.5% on Analyst Upgrade

Seagate Technology Holdings PLC (NASDAQ:STX)’s stock price shot up 6.5% during trading on Monday after Wedbush raised their price target on the stock from $290.00 to $380.00. Wedbush currently has an outperform rating on the stock. Seagate Technology traded as high as $369.84 and last traded at $368.4280. 1,453,621 shares were traded during trading, a decline of 58% from the average session volume of 3,439,321 shares. The stock had previously closed at $346.10.

STX has been the subject of several other reports. Rosenblatt Securities upped their target price on Seagate Technology from $270.00 to $370.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. Zacks Research cut shares of Seagate Technology from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 19th. UBS Group raised their price objective on shares of Seagate Technology from $230.00 to $335.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 20th. Cantor Fitzgerald lifted their target price on shares of Seagate Technology from $280.00 to $400.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. Finally, Barclays increased their price target on shares of Seagate Technology from $240.00 to $370.00 and gave the company an “equal weight” rating in a research note on Thursday, January 15th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $356.09.

Insider Buying and Selling

In other news, Director Stephanie Tilenius sold 2,046 shares of the business’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $266.41, for a total transaction of $545,074.86. Following the completion of the transaction, the director directly owned 12,244 shares of the company’s stock, valued at approximately $3,261,924.04. The trade was a 14.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO William D. Mosley sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $262.82, for a total transaction of $5,256,400.00. Following the sale, the chief executive officer owned 465,668 shares in the company, valued at $122,386,863.76. The trade was a 4.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 132,557 shares of company stock worth $36,847,793 over the last three months. 0.79% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Armstrong Advisory Group Inc. acquired a new stake in Seagate Technology during the 4th quarter worth approximately $28,000. Avion Wealth raised its stake in shares of Seagate Technology by 343.5% during the fourth quarter. Avion Wealth now owns 102 shares of the data storage provider’s stock worth $28,000 after purchasing an additional 79 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Seagate Technology during the fourth quarter worth $37,000. First Horizon Corp purchased a new position in Seagate Technology in the 3rd quarter valued at $33,000. Finally, Raiffeisen Bank International AG purchased a new position in Seagate Technology in the 3rd quarter valued at $33,000. 92.87% of the stock is owned by hedge funds and other institutional investors.

Seagate Technology Trading Up 6.2%

The company has a market capitalization of $78.51 billion, a price-to-earnings ratio of 47.28, a PEG ratio of 1.04 and a beta of 1.60. The firm’s 50 day simple moving average is $289.16 and its 200-day simple moving average is $230.60.

Seagate Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 9th. Investors of record on Wednesday, December 24th were given a $0.74 dividend. The ex-dividend date was Wednesday, December 24th. This is an increase from Seagate Technology’s previous quarterly dividend of $0.72. This represents a $2.96 dividend on an annualized basis and a yield of 0.8%. Seagate Technology’s payout ratio is 38.00%.

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.