Wedbush Upgrades Seagate Technology (NASDAQ:STX) to “Outperform”

Wedbush upgraded shares of Seagate Technology (NASDAQ:STX) from a neutral rating to an outperform rating in a research report sent to investors on Wednesday morning, Marketbeat reports. The brokerage currently has $100.00 price objective on the data storage provider’s stock. Wedbush also issued estimates for Seagate Technology’s Q4 2024 earnings at $0.65 EPS, FY2024 earnings at $0.49 EPS, Q1 2025 earnings at $1.01 EPS, Q2 2025 earnings at $1.54 EPS, Q3 2025 earnings at $1.74 EPS, Q4 2025 earnings at $1.99 EPS and FY2025 earnings at $6.27 EPS.

Several other research analysts have also recently weighed in on the stock. Evercore ISI initiated coverage on shares of Seagate Technology in a research report on Tuesday, February 27th. They set an outperform rating and a $110.00 price target on the stock. Morgan Stanley upgraded shares of Seagate Technology from an equal weight rating to an overweight rating and raised their price target for the stock from $73.00 to $115.00 in a report on Tuesday, March 26th. Rosenblatt Securities upped their price objective on Seagate Technology from $100.00 to $115.00 and gave the company a buy rating in a report on Thursday, January 25th. Susquehanna raised their target price on Seagate Technology from $50.00 to $55.00 and gave the stock a negative rating in a research note on Wednesday, April 10th. Finally, Mizuho restated a buy rating and issued a $100.00 target price on shares of Seagate Technology in a research report on Tuesday, April 9th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Seagate Technology has an average rating of Hold and a consensus target price of $94.53.

Seagate Technology Trading Up 1.4 %

STX opened at $87.50 on Wednesday. The firm has a market capitalization of $18.37 billion, a PE ratio of -67.83, a PEG ratio of 237.98 and a beta of 1.06. Seagate Technology has a twelve month low of $54.47 and a twelve month high of $101.26. The firm’s 50-day moving average price is $89.18 and its 200 day moving average price is $83.43.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.04. The company had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter last year, the company earned ($0.43) earnings per share. Seagate Technology’s revenue for the quarter was down 11.0% on a year-over-year basis. As a group, analysts predict that Seagate Technology will post 0.3 earnings per share for the current fiscal year.

Seagate Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Stockholders 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 annualized dividend and a dividend yield of 3.20%. Seagate Technology’s dividend payout ratio is presently -217.05%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Farmers & Merchants Trust Co of Chambersburg PA purchased a new stake in shares of Seagate Technology during the fourth quarter worth $26,000. CVA Family Office LLC purchased a new position in shares of Seagate Technology in the 4th quarter valued at about $27,000. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Seagate Technology during the fourth quarter worth about $28,000. Parkside Financial Bank & Trust lifted its stake in Seagate Technology by 85.4% in the third quarter. Parkside Financial Bank & Trust now owns 445 shares of the data storage provider’s stock worth $29,000 after acquiring an additional 205 shares during the last quarter. Finally, Northwest Financial Advisors acquired a new stake in shares of Seagate Technology in the 4th quarter valued at $31,000. Institutional investors and hedge funds 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.