Seagate Technology (NASDAQ:STX) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Seagate Technology (NASDAQ:STX) from a hold rating to a buy rating in a report issued on Wednesday.

Several other analysts also recently commented on the stock. Cantor Fitzgerald increased their price objective on shares of Seagate Technology from $120.00 to $125.00 and gave the company a neutral rating in a research report on Wednesday, July 24th. Wedbush increased their price objective on shares of Seagate Technology from $100.00 to $130.00 and gave the company an outperform rating in a research report on Monday, July 22nd. Morgan Stanley raised their price target on shares of Seagate Technology from $115.00 to $133.00 and gave the company an overweight rating in a report on Wednesday, July 24th. Rosenblatt Securities raised their price target on shares of Seagate Technology from $115.00 to $125.00 and gave the company a buy rating in a report on Wednesday, July 24th. Finally, Susquehanna raised their price target on shares of Seagate Technology from $55.00 to $65.00 and gave the company a negative rating in a report on Wednesday, July 24th. Two 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. According to data from MarketBeat, the company presently has a consensus rating of Hold and an average price target of $115.94.

Seagate Technology Price Performance

Shares of Seagate Technology stock opened at $109.81 on Wednesday. The company has a 50-day moving average of $102.51 and a 200 day moving average of $98.48. The firm has a market cap of $23.06 billion, a price-to-earnings ratio of -85.12 and a beta of 1.04. Seagate Technology has a 1 year low of $64.12 and a 1 year high of $113.57.

Seagate Technology (NASDAQ:STX) last issued 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 company had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.87 billion. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.41%. Seagate Technology’s quarterly revenue was up 17.8% compared to the same quarter last year. During the same period last year, the business earned ($0.29) EPS. On average, equities analysts anticipate that Seagate Technology will post 6.72 EPS for the current year.

Seagate Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, October 7th. Shareholders of record on Monday, September 23rd were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date was Monday, September 23rd. Seagate Technology’s payout ratio is -217.05%.

Insiders Place Their Bets

In other news, CEO William D. Mosley sold 20,000 shares of Seagate Technology stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $107.68, for a total transaction of $2,153,600.00. Following the sale, the chief executive officer now owns 648,616 shares in the company, valued at $69,842,970.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO William D. Mosley sold 141,785 shares of the firm’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $110.18, for a total value of $15,621,871.30. Following the completion of the transaction, the chief executive officer now directly owns 668,616 shares of the company’s stock, valued at approximately $73,668,110.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $107.68, for a total transaction of $2,153,600.00. Following the completion of the transaction, the chief executive officer now directly owns 648,616 shares of the company’s stock, valued at approximately $69,842,970.88. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 223,284 shares of company stock worth $23,800,887. Company insiders own 0.89% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of STX. Putnam Investments LLC grew its holdings in shares of Seagate Technology by 124.3% in the fourth quarter. Putnam Investments LLC now owns 680,456 shares of the data storage provider’s stock valued at $58,091,000 after purchasing an additional 377,148 shares in the last quarter. Redwood Investment Management LLC purchased a new position in Seagate Technology during the fourth quarter worth $2,183,000. Clear Street Markets LLC boosted its stake in Seagate Technology by 150.0% during the fourth quarter. Clear Street Markets LLC now owns 2,000 shares of the data storage provider’s stock worth $171,000 after buying an additional 1,200 shares during the period. V Square Quantitative Management LLC boosted its stake in Seagate Technology by 4.9% during the fourth quarter. V Square Quantitative Management LLC now owns 4,517 shares of the data storage provider’s stock worth $386,000 after buying an additional 213 shares during the period. Finally, Integrated Advisors Network LLC boosted its stake in Seagate Technology by 46.2% during the fourth quarter. Integrated Advisors Network LLC now owns 5,833 shares of the data storage provider’s stock worth $498,000 after buying an additional 1,843 shares during the period. 92.87% of the stock is owned by hedge funds and other institutional investors.

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.