UBS Group Issues Positive Forecast for Seagate Technology (NASDAQ:STX) Stock Price

Seagate Technology (NASDAQ:STX) had its price objective raised by UBS Group from $95.00 to $105.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have a neutral rating on the data storage provider’s stock.

Other equities analysts also recently issued reports about the stock. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $125.00 target price on shares of Seagate Technology in a research note on Wednesday, October 23rd. Morgan Stanley reduced their price objective on Seagate Technology from $133.00 to $129.00 and set an “overweight” rating on the stock in a report on Tuesday. Rosenblatt Securities lifted their target price on Seagate Technology from $140.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday. Citigroup upped their price target on Seagate Technology from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, StockNews.com lowered Seagate Technology from a “buy” rating to a “hold” rating in a research report on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $122.56.

Seagate Technology Price Performance

STX stock opened at $108.18 on Wednesday. The business has a fifty day moving average price of $94.55 and a 200 day moving average price of $100.33. Seagate Technology has a fifty-two week low of $82.31 and a fifty-two week high of $115.32. The stock has a market capitalization of $22.88 billion, a price-to-earnings ratio of 28.25 and a beta of 1.06.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.30 by $0.28. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. The company had revenue of $2.17 billion during the quarter, compared to analyst estimates of $2.13 billion. During the same period last year, the company posted ($0.34) earnings per share. The firm’s quarterly revenue was up 49.1% compared to the same quarter last year. On average, equities analysts expect that Seagate Technology will post 7.18 earnings per share for the current fiscal year.

Seagate Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 2nd. Shareholders of record on Wednesday, March 19th will be paid a $0.72 dividend. The ex-dividend date of this dividend is Wednesday, March 19th. This represents a $2.88 dividend on an annualized basis and a yield of 2.66%. Seagate Technology’s payout ratio is 75.20%.

Insider Transactions at Seagate Technology

In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $102.83, for a total transaction of $2,056,600.00. Following the completion of the transaction, the chief executive officer now owns 622,497 shares in the company, valued at approximately $64,011,366.51. This represents a 3.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Yolanda Lee Conyers sold 750 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $101.82, for a total value of $76,365.00. Following the completion of the sale, the director now 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 have sold a total of 50,073 shares of company stock valued at $5,106,149 over the last 90 days. 0.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On Seagate Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Point72 Asset Management L.P. acquired a new position in shares of Seagate Technology during the 3rd quarter worth about $133,031,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Seagate Technology by 341.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,308,958 shares of the data storage provider’s stock valued at $143,370,000 after purchasing an additional 1,012,638 shares during the last quarter. State Street Corp grew its stake in Seagate Technology by 6.8% in the third quarter. State Street Corp now owns 8,502,674 shares of the data storage provider’s stock valued at $937,081,000 after purchasing an additional 541,585 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Seagate Technology by 29.5% during the 3rd quarter. Franklin Resources Inc. now owns 1,778,811 shares of the data storage provider’s stock worth $197,844,000 after purchasing an additional 405,232 shares during the last quarter. Finally, Point72 Hong Kong Ltd bought a new stake in shares of Seagate Technology during the 2nd quarter worth approximately $35,349,000. Institutional investors and hedge funds own 92.87% of the company’s stock.

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.