UBS Group Raises Seagate Technology (NASDAQ:STX) Price Target to $95.00

Seagate Technology (NASDAQ:STX) had its price target increased by UBS Group from $90.00 to $95.00 in a research report report published on Wednesday morning, Benzinga reports. UBS Group currently has a neutral rating on the data storage provider’s stock.

STX has been the subject of several other reports. The Goldman Sachs Group boosted their price objective on Seagate Technology from $84.00 to $96.00 and gave the company a neutral rating in a report on Wednesday. Rosenblatt Securities upped their target price on Seagate Technology from $100.00 to $115.00 and gave the company a buy rating in a report on Thursday, January 25th. Barclays lowered their target price on Seagate Technology from $85.00 to $80.00 and set an equal weight rating for the company in a report on Monday, April 22nd. Robert W. Baird upped their target price on Seagate Technology from $70.00 to $100.00 and gave the company an outperform rating in a report on Thursday, January 25th. Finally, Wells Fargo & Company upped their target price on Seagate Technology from $80.00 to $90.00 and gave the company an equal weight rating in a report on Thursday, February 1st. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of Hold and an average price target of $94.53.

Seagate Technology Stock Down 1.4 %

Shares of Seagate Technology stock opened at $86.04 on Wednesday. The firm has a market cap of $18.03 billion, a P/E ratio of -66.70, a P/E/G ratio of 719.92 and a beta of 1.04. Seagate Technology has a fifty-two week low of $54.47 and a fifty-two week high of $101.26. The business has a 50-day moving average price of $89.25 and a 200 day moving average price of $82.81.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share 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 the consensus estimate of $1.68 billion. The firm’s quarterly revenue was down 11.0% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.43) earnings per share. As a group, equities research analysts anticipate that Seagate Technology will post 0.1 earnings per share for the current year.

Seagate Technology Announces Dividend

The company 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 $0.70 dividend. 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 (DPR) is -217.05%.

Institutional Investors Weigh In On Seagate Technology

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Seagate Technology by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 24,006,681 shares of the data storage provider’s stock worth $2,049,450,000 after purchasing an additional 425,117 shares during the period. JPMorgan Chase & Co. lifted its position in 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 worth $1,166,022,000 after purchasing an additional 1,485,937 shares during the period. Capital Research Global Investors lifted its position in Seagate Technology by 39.3% in the fourth quarter. Capital Research Global Investors now owns 16,614,884 shares of the data storage provider’s stock worth $1,418,413,000 after purchasing an additional 4,685,454 shares during the period. Sanders Capital LLC lifted its position in shares of Seagate Technology by 3.0% during the 4th quarter. Sanders Capital LLC now owns 15,486,153 shares of the data storage provider’s stock valued at $1,322,053,000 after acquiring an additional 443,768 shares during the last quarter. Finally, FMR LLC lifted its position in shares of Seagate Technology by 13.1% during the 3rd quarter. FMR LLC now owns 13,929,708 shares of the data storage provider’s stock valued at $918,664,000 after acquiring an additional 1,612,264 shares during 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.