Seagate Technology Holdings plc (NASDAQ:STX) Receives Average Recommendation of “Hold” from Brokerages

Seagate Technology Holdings plc (NASDAQ:STX) has been assigned an average rating of “Hold” from the seventeen research firms that are presently covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, eight have issued a hold recommendation and seven have issued a buy recommendation on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $94.53.

Several analysts have recently commented on the stock. Wedbush reiterated a “neutral” rating and issued a $100.00 target price on shares of Seagate Technology in a report on Wednesday. Cantor Fitzgerald increased their target price on shares of Seagate Technology from $95.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday. Evercore ISI assumed coverage on shares of Seagate Technology in a report on Tuesday, February 27th. They issued an “outperform” rating and a $110.00 target price for the company. Morgan Stanley upgraded shares of Seagate Technology from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $73.00 to $115.00 in a report on Tuesday, March 26th. Finally, Susquehanna raised their price objective on shares of Seagate Technology from $50.00 to $55.00 and gave the stock a “negative” rating in a report on Wednesday, April 10th.

Hedge Funds Weigh In On Seagate Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its position in shares of Seagate Technology by 9.2% in the third quarter. JPMorgan Chase & Co. now owns 17,680,400 shares of the data storage provider’s stock valued at $1,166,022,000 after acquiring an additional 1,485,937 shares during the period. Stratos Wealth Partners LTD. boosted its position in shares of Seagate Technology by 8.8% in the fourth quarter. Stratos Wealth Partners LTD. now owns 6,941 shares of the data storage provider’s stock valued at $593,000 after acquiring an additional 561 shares during the period. Gotham Asset Management LLC boosted its position in shares of Seagate Technology by 51.1% in the third quarter. Gotham Asset Management LLC now owns 86,680 shares of the data storage provider’s stock valued at $5,717,000 after acquiring an additional 29,323 shares during the period. SG Americas Securities LLC boosted its position in shares of Seagate Technology by 78.4% in the fourth quarter. SG Americas Securities LLC now owns 38,563 shares of the data storage provider’s stock valued at $3,292,000 after acquiring an additional 16,950 shares during the period. Finally, Nordea Investment Management AB boosted its position in shares of Seagate Technology by 5.0% in the fourth quarter. Nordea Investment Management AB now owns 13,293 shares of the data storage provider’s stock valued at $1,144,000 after acquiring an additional 630 shares during the period. Institutional investors own 92.87% of the company’s stock.

Seagate Technology Trading Down 1.4 %

STX opened at $86.04 on Friday. The company’s fifty day moving average price is $89.25 and its two-hundred day moving average price is $82.81. Seagate Technology has a 1-year low of $54.47 and a 1-year high of $101.26. The company has a market cap of $18.03 billion, a price-to-earnings ratio of -66.70, a PEG ratio of 719.92 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 EPS for the quarter, beating the consensus estimate of $0.29 by $0.04. The firm had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.68 billion. The business’s revenue for the quarter was down 11.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.43) EPS. As a group, equities analysts forecast that Seagate Technology will post 0.1 earnings per share for the current fiscal year.

Seagate Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Thursday, June 20th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Thursday, June 20th. This represents a $2.80 dividend on an annualized basis and a yield of 3.25%. Seagate Technology’s dividend payout ratio is presently -217.05%.

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.