Seagate Technology (NASDAQ:STX) Trading Up 7.7% Following Analyst Upgrade

Seagate Technology Holdings PLC (NASDAQ:STX) shares shot up 7.7% during trading on Monday after Bank of America raised their price target on the stock from $170.00 to $215.00. Bank of America currently has a buy rating on the stock. Seagate Technology traded as high as $206.35 and last traded at $211.11. 574,095 shares changed hands during trading, a decline of 85% from the average session volume of 3,838,769 shares. The stock had previously closed at $195.99.

A number of other research analysts also recently commented on STX. UBS Group increased their price target on shares of Seagate Technology from $85.00 to $155.00 and gave the company a “neutral” rating in a report on Monday, July 21st. Barclays increased their price target on shares of Seagate Technology from $180.00 to $200.00 and gave the company an “equal weight” rating in a report on Thursday, September 11th. TD Cowen increased their price target on shares of Seagate Technology from $135.00 to $175.00 and gave the company a “buy” rating in a report on Wednesday, July 30th. Citigroup increased their price target on shares of Seagate Technology from $167.00 to $215.00 and gave the company a “buy” rating in a report on Monday, September 8th. Finally, Wells Fargo & Company increased their price target on shares of Seagate Technology from $122.00 to $160.00 and gave the company an “equal weight” rating in a report on Thursday, July 17th. Fourteen investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Seagate Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $160.89.

Insider Buying and Selling

In related news, EVP Ban Seng Teh sold 3,732 shares of the stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $193.30, for a total value of $721,395.60. Following the sale, the executive vice president directly owned 4,172 shares of the company’s stock, valued at $806,447.60. This represents a 47.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider James Ci Lee sold 1,116 shares of the firm’s stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $153.36, for a total transaction of $171,149.76. Following the transaction, the insider directly owned 257 shares in the company, valued at approximately $39,413.52. This trade represents a 81.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 75,558 shares of company stock worth $12,209,971 over the last three months. 0.79% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Seagate Technology

A number of institutional investors have recently modified their holdings of the stock. Valeo Financial Advisors LLC purchased a new position in shares of Seagate Technology during the second quarter worth approximately $366,000. Osaic Holdings Inc. increased its position in shares of Seagate Technology by 59.3% during the second quarter. Osaic Holdings Inc. now owns 68,115 shares of the data storage provider’s stock worth $9,162,000 after acquiring an additional 25,351 shares during the period. FSC Wealth Advisors LLC purchased a new position in shares of Seagate Technology during the second quarter worth approximately $69,000. Orion Porfolio Solutions LLC increased its position in shares of Seagate Technology by 36.4% during the second quarter. Orion Porfolio Solutions LLC now owns 3,346 shares of the data storage provider’s stock worth $483,000 after acquiring an additional 893 shares during the period. Finally, Thrivent Financial for Lutherans increased its position in shares of Seagate Technology by 49.6% during the second quarter. Thrivent Financial for Lutherans now owns 13,000 shares of the data storage provider’s stock worth $1,876,000 after acquiring an additional 4,313 shares during the period. 92.87% of the stock is owned by hedge funds and other institutional investors.

Seagate Technology Price Performance

The firm has a market capitalization of $44.96 billion, a PE ratio of 31.18, a price-to-earnings-growth ratio of 1.21 and a beta of 1.53. The stock’s 50-day moving average price is $161.00 and its 200 day moving average price is $122.62.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Tuesday, July 29th. The data storage provider reported $2.59 EPS for the quarter, topping analysts’ consensus estimates of $2.45 by $0.14. The business had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.40 billion. Seagate Technology had a net margin of 16.15% and a negative return on equity of 169.60%. The company’s quarterly revenue was up 29.5% compared to the same quarter last year. During the same period last year, the company posted $1.05 earnings per share. Seagate Technology has set its Q1 2026 guidance at 2.100-2.500 EPS. Equities research analysts forecast that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current fiscal year.

Seagate Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 9th. Investors of record on Tuesday, September 30th will be issued a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Tuesday, September 30th. Seagate Technology’s dividend payout ratio (DPR) is presently 42.54%.

Seagate Technology declared that its Board of Directors has initiated a stock buyback plan on Thursday, May 22nd that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the data storage provider to purchase up to 21.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

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.