UBS Group Boosts Seagate Technology (NASDAQ:STX) Price Target to $120.00

Seagate Technology (NASDAQ:STX) had its price target hoisted by UBS Group from $110.00 to $120.00 in a research report released on Wednesday, Benzinga reports. UBS Group currently has a neutral rating on the data storage provider’s stock.

Other equities analysts have also recently issued reports about the stock. Barclays cut their target price on shares of Seagate Technology from $85.00 to $80.00 and set an equal weight rating on the stock in a report on Monday, April 22nd. Evercore ISI lifted their target price on shares of Seagate Technology from $110.00 to $125.00 and gave the company an outperform rating in a report on Tuesday, July 16th. Susquehanna lifted their target price on shares of Seagate Technology from $55.00 to $65.00 and gave the company a negative rating in a report on Wednesday. Benchmark reaffirmed a hold rating on shares of Seagate Technology in a report on Wednesday, April 24th. Finally, Cantor Fitzgerald lifted their target price on shares of Seagate Technology from $120.00 to $125.00 and gave the company a neutral rating in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $115.94.

Seagate Technology Price Performance

STX stock opened at $103.68 on Wednesday. Seagate Technology has a twelve month low of $57.79 and a twelve month high of $113.57. The company’s 50 day moving average is $101.31 and its two-hundred day moving average is $93.07.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings data on Tuesday, July 23rd. The data storage provider reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.29. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.41%. The company had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.87 billion. During the same quarter last year, the company earned ($0.29) earnings per share. The firm’s revenue for the quarter was up 17.8% on a year-over-year basis. On average, equities research analysts expect that Seagate Technology will post 5.65 earnings per share for the current fiscal year.

Seagate Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Monday, September 23rd will be given a dividend of $0.70 per share. The ex-dividend date is Monday, September 23rd. This represents a $2.80 annualized dividend and a dividend yield of 2.70%. Seagate Technology’s payout ratio is currently -217.05%.

Insiders Place Their Bets

In related news, SVP John Christopher Morris sold 11,158 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $90.00, for a total value of $1,004,220.00. Following the sale, the senior vice president now directly owns 17,767 shares in the company, valued at approximately $1,599,030. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, SVP John Christopher Morris sold 11,158 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $90.00, for a total value of $1,004,220.00. Following the sale, the senior vice president now directly owns 17,767 shares in the company, valued at approximately $1,599,030. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Ban Seng Teh sold 9,703 shares of the business’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $95.00, for a total transaction of $921,785.00. Following the completion of the sale, the executive vice president now owns 15,185 shares in the company, valued at $1,442,575. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 47,648 shares of company stock worth $4,705,816. Corporate insiders own 0.89% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in STX. Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in Seagate Technology in the 4th quarter valued at about $26,000. CVA Family Office LLC acquired a new position in Seagate Technology in the 4th quarter valued at about $27,000. Turtle Creek Wealth Advisors LLC acquired a new position in Seagate Technology in the 4th quarter valued at about $28,000. Northwest Financial Advisors acquired a new position in Seagate Technology in the 4th quarter valued at about $31,000. Finally, Family Firm Inc. acquired a new position in Seagate Technology in the 2nd quarter valued at about $41,000. Institutional investors and hedge funds own 92.87% of the company’s stock.

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.