Seagate Technology (NASDAQ:STX) Price Target Raised to $85.00

Seagate Technology (NASDAQ:STX) had its price objective hoisted by UBS Group from $80.00 to $85.00 in a research note released on Wednesday,Benzinga reports. UBS Group currently has a neutral rating on the data storage provider’s stock.

A number of other equities analysts have also commented on the company. Rosenblatt Securities restated a “buy” rating and set a $130.00 price objective on shares of Seagate Technology in a research note on Wednesday. Wedbush reaffirmed an “outperform” rating and set a $150.00 price objective on shares of Seagate Technology in a research report on Wednesday, January 22nd. Benchmark upgraded shares of Seagate Technology from a “hold” rating to a “buy” rating and set a $120.00 target price for the company in a research report on Wednesday, January 22nd. Mizuho decreased their price objective on shares of Seagate Technology from $115.00 to $95.00 and set an “outperform” rating on the stock in a research note on Thursday, April 10th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $120.00 target price on shares of Seagate Technology in a research note on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $114.89.

Seagate Technology Stock Performance

STX opened at $93.07 on Wednesday. The stock has a fifty day moving average of $83.26 and a 200-day moving average of $92.95. The company has a market capitalization of $19.70 billion, a P/E ratio of 17.01 and a beta of 1.31. Seagate Technology has a fifty-two week low of $63.19 and a fifty-two week high of $115.32.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.75 by $0.15. Seagate Technology had a net margin of 14.67% and a negative return on equity of 63.48%. The firm had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter in the previous year, the firm posted $0.33 EPS. The business’s revenue for the quarter was up 30.5% compared to the same quarter last year. On average, equities research analysts predict that Seagate Technology will post 6.83 earnings per share for the current fiscal year.

Seagate Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Wednesday, June 25th will be issued a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 3.09%. The ex-dividend date of this dividend is Wednesday, June 25th. Seagate Technology’s payout ratio is presently 41.62%.

Insider Activity

In other news, CEO William D. Mosley sold 20,000 shares of the company’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $84.56, for a total value of $1,691,200.00. Following the sale, the chief executive officer now directly owns 555,677 shares of the company’s stock, valued at approximately $46,988,047.12. This represents a 3.47 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.81% of the company’s stock.

Institutional Trading of Seagate Technology

A number of institutional investors have recently bought and sold shares of STX. Ameriflex Group Inc. acquired a new stake in Seagate Technology during the fourth quarter worth approximately $26,000. Elequin Capital LP bought a new position in shares of Seagate Technology during the 4th quarter worth approximately $27,000. Fourth Dimension Wealth LLC acquired a new stake in shares of Seagate Technology during the 4th quarter worth approximately $27,000. Wayfinding Financial LLC bought a new stake in shares of Seagate Technology in the 1st quarter valued at $31,000. Finally, Golden State Wealth Management LLC lifted its position in shares of Seagate Technology by 2,200.0% during the 1st quarter. Golden State Wealth Management LLC now owns 460 shares of the data storage provider’s stock valued at $39,000 after acquiring an additional 440 shares during the period. Institutional investors own 92.87% of the company’s stock.

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.