Seagate Technology (NASDAQ:STX) Price Target Increased to $135.00 by Analysts at TD Cowen

Seagate Technology (NASDAQ:STX) had its target price boosted by TD Cowen from $110.00 to $135.00 in a research note released on Wednesday morning, Marketbeat reports. The brokerage currently has a buy rating on the data storage provider’s stock.

A number of other analysts have also weighed in on STX. Wedbush raised their price target on shares of Seagate Technology from $100.00 to $130.00 and gave the company an outperform rating in a report on Monday, July 22nd. Morgan Stanley upgraded Seagate Technology from an equal weight rating to an overweight rating and boosted their target price for the stock from $73.00 to $115.00 in a research report on Tuesday, March 26th. Bank of America reiterated a buy rating and issued a $110.00 price target on shares of Seagate Technology in a report on Wednesday, June 5th. UBS Group boosted their price objective on Seagate Technology from $90.00 to $95.00 and gave the stock a neutral rating in a report on Wednesday, April 24th. Finally, Evercore ISI raised their target price on shares of Seagate Technology from $110.00 to $125.00 and gave the company an outperform rating in a research note on Tuesday, July 16th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, Seagate Technology presently has an average rating of Hold and an average price target of $115.94.

Seagate Technology Stock Down 0.3 %

NASDAQ:STX opened at $103.68 on Wednesday. The firm has a market cap of $21.77 billion, a PE ratio of -80.37 and a beta of 1.02. The company’s 50-day moving average price is $101.31 and its two-hundred day moving average price is $93.16. Seagate Technology has a 12 month low of $57.79 and a 12 month high of $113.57.

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

Seagate Technology Announces Dividend

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

Insider Transactions at Seagate Technology

In other Seagate Technology news, SVP John Christopher Morris sold 5,928 shares of the stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $99.99, for a total transaction of $592,740.72. Following the completion of the transaction, the senior vice president now owns 12,185 shares in the company, valued at approximately $1,218,378.15. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Seagate Technology news, SVP John Christopher Morris sold 5,928 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $99.99, for a total transaction of $592,740.72. Following the completion of the transaction, the senior vice president now owns 12,185 shares of the company’s stock, valued at approximately $1,218,378.15. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Ban Seng Teh sold 10,742 shares of Seagate Technology stock in a transaction that occurred on Tuesday, June 11th. The shares were 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 $504,200. The disclosure for this sale can be found here. Insiders sold 47,648 shares of company stock valued at $4,705,816 over the last quarter. Corporate insiders own 0.89% of the company’s stock.

Institutional Trading of Seagate Technology

Institutional investors and hedge funds have recently bought and sold shares of the stock. New York State Common Retirement Fund increased its position in shares of Seagate Technology by 68.8% during 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 purchasing an additional 58,300 shares during the last quarter. Stratos Wealth Partners LTD. increased its holdings in Seagate Technology by 8.8% during the fourth quarter. Stratos Wealth Partners LTD. now owns 6,941 shares of the data storage provider’s stock worth $593,000 after buying an additional 561 shares during the last quarter. Baader Bank Aktiengesellschaft bought a new stake in Seagate Technology during the fourth quarter worth $230,000. Bessemer Group Inc. lifted its stake in Seagate Technology by 68.7% in the first quarter. Bessemer Group Inc. now owns 17,564 shares of the data storage provider’s stock valued at $1,634,000 after acquiring an additional 7,150 shares during the last quarter. Finally, Chapin Davis Inc. grew its position in shares of Seagate Technology by 210.8% in the 1st quarter. Chapin Davis Inc. now owns 29,152 shares of the data storage provider’s stock valued at $2,713,000 after acquiring an additional 19,773 shares during the period. Institutional investors 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.