Rosenblatt Securities Boosts Seagate Technology (NASDAQ:STX) Price Target to $150.00

Seagate Technology (NASDAQ:STX) had its target price boosted by Rosenblatt Securities from $140.00 to $150.00 in a research note released on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the data storage provider’s stock.

Several other research firms have also issued reports on STX. Cantor Fitzgerald reiterated a “neutral” rating and set a $125.00 target price on shares of Seagate Technology in a report on Wednesday, October 23rd. Benchmark reissued a “hold” rating on shares of Seagate Technology in a report on Wednesday, October 23rd. The Goldman Sachs Group lowered their target price on shares of Seagate Technology from $112.00 to $99.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. Mizuho cut their price target on shares of Seagate Technology from $130.00 to $110.00 and set an “outperform” rating for the company in a research note on Friday, January 10th. Finally, Morgan Stanley lowered their price objective on shares of Seagate Technology from $133.00 to $129.00 and set an “overweight” rating on the stock in a research note on Tuesday. One 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. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $122.56.

Seagate Technology Stock Down 0.2 %

Shares of STX stock opened at $108.19 on Wednesday. Seagate Technology has a 12 month low of $82.31 and a 12 month high of $115.32. The company’s fifty day simple moving average is $95.00 and its 200-day simple moving average is $100.42. The firm has a market cap of $22.89 billion, a PE ratio of 19.78 and a beta of 1.06.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, topping the consensus estimate of $1.30 by $0.28. The firm had revenue of $2.17 billion for the quarter, compared to analysts’ expectations of $2.13 billion. Seagate Technology had a net margin of 14.67% and a negative return on equity of 63.48%. The company’s revenue for the quarter was up 49.1% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.34) EPS. On average, equities analysts predict that Seagate Technology will post 6.92 earnings per share for the current fiscal year.

Seagate Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Shareholders of record on Wednesday, March 19th will be issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date is Wednesday, March 19th. Seagate Technology’s dividend payout ratio is currently 52.65%.

Insider Transactions at Seagate Technology

In other news, SVP Kian Fatt Chong sold 9,182 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $105.50, for a total value of $968,701.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William D. Mosley sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $99.53, for a total transaction of $1,990,600.00. Following the sale, the chief executive officer now directly owns 642,497 shares of the company’s stock, valued at approximately $63,947,726.41. This trade represents a 3.02 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 50,073 shares of company stock valued at $5,106,149. 0.81% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. boosted its holdings in shares of Seagate Technology by 133.8% in the 3rd quarter. Victory Capital Management Inc. now owns 171,952 shares of the data storage provider’s stock valued at $18,834,000 after purchasing an additional 98,418 shares in the last quarter. Versor Investments LP bought a new stake in shares of Seagate Technology during the 3rd quarter worth $2,146,000. Lighthouse Investment Partners LLC acquired a new stake in Seagate Technology in the second quarter valued at about $499,000. Forte Capital LLC ADV grew its position in Seagate Technology by 29.8% in the third quarter. Forte Capital LLC ADV now owns 28,972 shares of the data storage provider’s stock valued at $3,173,000 after acquiring an additional 6,653 shares during the last quarter. Finally, International Assets Investment Management LLC raised its stake in Seagate Technology by 3,549.7% during the third quarter. International Assets Investment Management LLC now owns 204,493 shares of the data storage provider’s stock worth $22,398,000 after acquiring an additional 198,890 shares in the last quarter. 92.87% of the stock is currently owned by institutional investors and hedge funds.

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.