Seagate Technology (NASDAQ:STX) Price Target Lowered to $110.00 at Mizuho

Seagate Technology (NASDAQ:STX) had its target price decreased by Mizuho from $130.00 to $110.00 in a research report report published on Friday morning,Benzinga reports. Mizuho currently has an outperform rating on the data storage provider’s stock.

Several other equities research analysts have also recently commented on STX. Cantor Fitzgerald restated a “neutral” rating and issued a $125.00 target price on shares of Seagate Technology in a research note on Wednesday, October 23rd. The Goldman Sachs Group cut their price objective on shares of Seagate Technology from $112.00 to $99.00 and set a “neutral” rating on the stock in a research report on Friday. Citigroup raised their target price on shares of Seagate Technology from $125.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Wedbush reiterated an “outperform” rating and issued a $150.00 price target on shares of Seagate Technology in a research note on Wednesday, October 23rd. Finally, Northland Securities increased their price objective on shares of Seagate Technology from $142.00 to $144.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, Seagate Technology currently has an average rating of “Moderate Buy” and a consensus target price of $118.39.

Seagate Technology Stock Up 0.2 %

Shares of STX stock opened at $88.87 on Friday. Seagate Technology has a 12-month low of $79.39 and a 12-month high of $115.32. The firm has a fifty day moving average of $95.55 and a 200-day moving average of $100.77. The company has a market capitalization of $18.80 billion, a price-to-earnings ratio of 23.20 and a beta of 1.06.

Seagate Technology (NASDAQ:STX) last released its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.30 by $0.28. The firm had revenue of $2.17 billion during the quarter, compared to analysts’ expectations of $2.13 billion. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. The company’s revenue was up 49.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.34) EPS. On average, equities analysts expect that Seagate Technology will post 7.18 EPS for the current year.

Seagate Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, January 6th. Shareholders of record on Sunday, December 15th were given a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 3.24%. This is a boost from Seagate Technology’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, December 13th. Seagate Technology’s payout ratio is 75.20%.

Insider Buying and Selling at Seagate Technology

In other Seagate Technology news, Director Jay L. Geldmacher sold 4,100 shares of the company’s stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $103.30, for a total value of $423,530.00. Following the transaction, the director now directly owns 2,852 shares of the company’s stock, valued at $294,611.60. This represents a 58.98 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP John Christopher Morris sold 1,131 shares of the stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $111.90, for a total value of $126,558.90. Following the transaction, the senior vice president now owns 7,191 shares in the company, valued at $804,672.90. The trade was a 13.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 55,304 shares of company stock worth $5,656,238 over the last ninety days. Insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Seagate Technology

Several institutional investors and hedge funds have recently modified their holdings of STX. Point72 Asset Management L.P. bought a new stake in Seagate Technology in the 3rd quarter valued at about $133,031,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Seagate Technology by 341.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,308,958 shares of the data storage provider’s stock valued at $143,370,000 after buying an additional 1,012,638 shares in the last quarter. State Street Corp boosted its stake in shares of Seagate Technology by 6.8% in the third quarter. State Street Corp now owns 8,502,674 shares of the data storage provider’s stock valued at $937,081,000 after buying an additional 541,585 shares during the period. Franklin Resources Inc. grew its position in Seagate Technology by 29.5% during the third quarter. Franklin Resources Inc. now owns 1,778,811 shares of the data storage provider’s stock worth $197,844,000 after buying an additional 405,232 shares in the last quarter. Finally, Point72 Hong Kong Ltd bought a new position in Seagate Technology during the 2nd quarter worth $35,349,000. 92.87% of the stock is currently owned by institutional investors and hedge funds.

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.