UBS Group Increases Seagate Technology (NASDAQ:STX) Price Target to $95.00

Seagate Technology (NASDAQ:STX) had its target price hoisted by UBS Group from $90.00 to $95.00 in a report issued on Wednesday morning, Benzinga reports. UBS Group currently has a neutral rating on the data storage provider’s stock.

Several other analysts have also weighed in on STX. Susquehanna lifted their price objective on shares of Seagate Technology from $50.00 to $55.00 and gave the company a negative rating in a research note on Wednesday, April 10th. Evercore ISI began coverage on shares of Seagate Technology in a research note on Tuesday, February 27th. They issued an outperform rating and a $110.00 price objective for the company. Morgan Stanley raised shares of Seagate Technology from an equal weight rating to an overweight rating and lifted their price target for the company from $73.00 to $115.00 in a research report on Tuesday, March 26th. Benchmark reissued a hold rating on shares of Seagate Technology in a research report on Wednesday. Finally, Robert W. Baird lifted their price target on shares of Seagate Technology from $70.00 to $100.00 and gave the company an outperform rating in a research report on Thursday, January 25th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Hold and an average price target of $94.53.

Seagate Technology Stock Performance

Seagate Technology stock opened at $87.11 on Wednesday. Seagate Technology has a 52-week low of $54.47 and a 52-week high of $101.26. The firm has a 50 day moving average price of $89.30 and a two-hundred day moving average price of $82.64. The firm has a market cap of $18.25 billion, a price-to-earnings ratio of -67.53, a PEG ratio of 715.12 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.04. The firm had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.68 billion. The firm’s revenue for the quarter was down 11.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.43) EPS. As a group, equities research analysts predict that Seagate Technology will post 0.1 EPS for the current fiscal year.

Seagate Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Thursday, June 20th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.21%. Seagate Technology’s payout ratio is -217.05%.

Institutional Investors Weigh In On Seagate Technology

A number of hedge funds have recently made changes to their positions in STX. Capital Research Global Investors raised its stake in shares of Seagate Technology by 39.3% during the 4th quarter. Capital Research Global Investors now owns 16,614,884 shares of the data storage provider’s stock worth $1,418,413,000 after purchasing an additional 4,685,454 shares during the period. Norges Bank bought a new stake in shares of Seagate Technology during the 4th quarter worth $188,834,000. FMR LLC raised its stake in Seagate Technology by 13.1% in the 3rd quarter. FMR LLC now owns 13,929,708 shares of the data storage provider’s stock valued at $918,664,000 after acquiring an additional 1,612,264 shares during the period. JPMorgan Chase & Co. raised its stake in Seagate Technology by 9.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 17,680,400 shares of the data storage provider’s stock valued at $1,166,022,000 after acquiring an additional 1,485,937 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its stake in Seagate Technology by 24.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,410,163 shares of the data storage provider’s stock valued at $158,950,000 after acquiring an additional 470,592 shares during the period. 92.87% of the stock is currently owned by institutional investors.

About Seagate Technology

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.