Seagate Technology (NASDAQ:STX) Price Target Raised to $145.00 at Bank of America

Seagate Technology (NASDAQ:STX) had its price target hoisted by Bank of America from $135.00 to $145.00 in a research report report published on Monday,Benzinga reports. They currently have a buy rating on the data storage provider’s stock.

Other analysts have also issued research reports about the company. Wall Street Zen lowered Seagate Technology from a “buy” rating to a “hold” rating in a research report on Friday, May 30th. Wedbush reissued an “outperform” rating and set a $140.00 target price on shares of Seagate Technology in a research note on Wednesday, May 21st. Mizuho lowered their target price on Seagate Technology from $115.00 to $95.00 and set an “outperform” rating for the company in a report on Thursday, April 10th. UBS Group boosted their price target on shares of Seagate Technology from $80.00 to $85.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 30th. Finally, Citigroup increased their price target on shares of Seagate Technology from $105.00 to $125.00 and gave the stock a “buy” rating in a research report on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $119.42.

Seagate Technology Stock Performance

STX opened at $130.17 on Monday. The stock has a market capitalization of $27.62 billion, a PE ratio of 23.80 and a beta of 1.40. Seagate Technology has a one year low of $63.19 and a one year high of $132.23. The business’s 50 day moving average price is $94.23 and its 200 day moving average price is $94.30.

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

Seagate Technology announced that its Board of Directors has authorized a stock repurchase program on Thursday, May 22nd that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the data storage provider to buy up to 21.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Seagate Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Wednesday, June 25th will be issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend is Wednesday, June 25th. Seagate Technology’s dividend payout ratio (DPR) is 41.62%.

Insider Activity

In other news, CEO William D. Mosley sold 20,000 shares of the business’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $84.56, for a total value of $1,691,200.00. Following the completion of the sale, the chief executive officer now directly owns 555,677 shares of the company’s stock, valued at approximately $46,988,047.12. The trade was a 3.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Ban Seng Teh sold 4,201 shares of the firm’s stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $115.00, for a total value of $483,115.00. Following the transaction, the executive vice president now owns 22,999 shares in the company, valued at $2,644,885. This represents a 15.44% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 335,251 shares of company stock worth $38,760,472. Corporate insiders own 0.81% of the company’s stock.

Institutional Trading of Seagate Technology

Large investors have recently bought and sold shares of the business. Johnson Financial Group Inc. raised its holdings in shares of Seagate Technology by 22.7% in the fourth quarter. Johnson Financial Group Inc. now owns 606 shares of the data storage provider’s stock valued at $52,000 after buying an additional 112 shares during the last quarter. JFS Wealth Advisors LLC raised its stake in Seagate Technology by 27.0% during the 4th quarter. JFS Wealth Advisors LLC now owns 532 shares of the data storage provider’s stock valued at $46,000 after acquiring an additional 113 shares during the last quarter. Signaturefd LLC raised its stake in Seagate Technology by 2.3% during the 4th quarter. Signaturefd LLC now owns 4,988 shares of the data storage provider’s stock valued at $431,000 after acquiring an additional 113 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its position in Seagate Technology by 0.7% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 18,098 shares of the data storage provider’s stock worth $1,562,000 after acquiring an additional 120 shares during the period. Finally, Yousif Capital Management LLC grew its stake in shares of Seagate Technology by 0.4% in the 4th quarter. Yousif Capital Management LLC now owns 27,594 shares of the data storage provider’s stock valued at $2,382,000 after purchasing an additional 121 shares during the last quarter. 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.