Seagate Technology (NASDAQ:STX) PT Raised to $120.00 at Robert W. Baird

Seagate Technology (NASDAQ:STX) had its price target lifted by Robert W. Baird from $100.00 to $120.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have an outperform rating on the data storage provider’s stock.

Other research analysts also recently issued research reports about the company. Morgan Stanley lifted their price target on Seagate Technology from $115.00 to $133.00 and gave the stock an overweight rating in a research note on Wednesday. Citigroup boosted their target price on shares of Seagate Technology from $110.00 to $120.00 and gave the company a buy rating in a research note on Friday, July 12th. Northland Securities boosted their target price on shares of Seagate Technology from $119.00 to $142.00 and gave the company an outperform rating in a research note on Wednesday. The Goldman Sachs Group boosted their target price on shares of Seagate Technology from $96.00 to $107.00 and gave the company a neutral rating in a research note on Wednesday. Finally, Bank of America reissued a buy rating and issued a $110.00 target price on shares of Seagate Technology in a research note on Wednesday, June 5th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Seagate Technology presently has an average rating of Hold and a consensus target price of $115.94.

Seagate Technology Stock Down 0.3 %

NASDAQ:STX opened at $103.68 on Wednesday. Seagate Technology has a 52-week low of $57.79 and a 52-week high of $113.57. The stock has a fifty day simple moving average of $101.31 and a 200-day simple moving average of $93.16.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.29. The business had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.87 billion. Seagate Technology had a negative return on equity of 8.41% and a net margin of 5.11%. The business’s revenue was up 17.8% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.29) EPS. As a group, research analysts predict that Seagate Technology will post 6.21 EPS for the current year.

Seagate Technology Announces Dividend

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

Insider Transactions at Seagate Technology

In other news, SVP John Christopher Morris sold 11,158 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $90.00, for a total transaction of $1,004,220.00. Following the completion of the sale, the senior vice president now owns 17,767 shares in the company, valued at approximately $1,599,030. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Ban Seng Teh sold 10,742 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $100.00, for a total transaction of $1,074,200.00. Following the completion of the sale, the executive vice president now owns 5,042 shares in the company, valued at approximately $504,200. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP John Christopher Morris sold 11,158 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was 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 owns 17,767 shares of the company’s stock, valued at approximately $1,599,030. The disclosure for this sale can be found here. In the last quarter, insiders sold 47,648 shares of company stock worth $4,705,816. 0.89% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Seagate Technology

Institutional investors and hedge funds have recently bought and sold shares of the stock. New York State Common Retirement Fund boosted its holdings in Seagate Technology by 68.8% in the 4th quarter. New York State Common Retirement Fund now owns 143,049 shares of the data storage provider’s stock worth $12,212,000 after acquiring an additional 58,300 shares during the period. Stratos Wealth Partners LTD. boosted its holdings in Seagate Technology by 8.8% in the 4th quarter. Stratos Wealth Partners LTD. now owns 6,941 shares of the data storage provider’s stock worth $593,000 after acquiring an additional 561 shares during the period. Baader Bank Aktiengesellschaft purchased a new position in Seagate Technology in the 4th quarter worth approximately $230,000. Bessemer Group Inc. boosted its holdings in Seagate Technology by 68.7% in 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. Finally, Chapin Davis Inc. boosted its holdings 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 worth $2,713,000 after acquiring an additional 19,773 shares during the period. Hedge funds and other institutional investors 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.