Seagate Technology (NASDAQ:STX) Price Target Raised to $360.00 at Wells Fargo & Company

Seagate Technology (NASDAQ:STX) had its price target raised by Wells Fargo & Company from $250.00 to $360.00 in a report released on Thursday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the data storage provider’s stock.

A number of other equities analysts also recently commented on STX. Citigroup raised their price objective on shares of Seagate Technology from $275.00 to $320.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. Zacks Research raised shares of Seagate Technology from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 2nd. UBS Group decreased their price objective on Seagate Technology from $235.00 to $230.00 and set a “neutral” rating on the stock in a report on Wednesday, October 29th. Bank of America upped their price target on Seagate Technology from $275.00 to $320.00 and gave the company a “buy” rating in a research report on Thursday, November 20th. Finally, Benchmark lifted their price objective on Seagate Technology from $255.00 to $325.00 and gave the company a “buy” rating in a report on Tuesday, December 16th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $314.74.

Seagate Technology Trading Up 2.6%

Shares of NASDAQ STX opened at $320.32 on Thursday. The firm has a market capitalization of $68.41 billion, a price-to-earnings ratio of 41.12, a PEG ratio of 1.22 and a beta of 1.60. Seagate Technology has a one year low of $63.19 and a one year high of $332.00. The business has a fifty day simple moving average of $282.16 and a 200 day simple moving average of $221.57.

Seagate Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 9th. Investors of record on Wednesday, December 24th were given a $0.74 dividend. This is an increase from Seagate Technology’s previous quarterly dividend of $0.72. This represents a $2.96 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Wednesday, December 24th. Seagate Technology’s dividend payout ratio (DPR) is presently 38.00%.

Insiders Place Their Bets

In other news, Director Stephanie Tilenius sold 2,046 shares of Seagate Technology stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $266.41, for a total transaction of $545,074.86. Following the completion of the transaction, the director directly owned 12,244 shares in the company, valued at approximately $3,261,924.04. The trade was a 14.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Ban Seng Teh sold 1,412 shares of Seagate Technology stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $299.31, for a total value of $422,625.72. Following the sale, the executive vice president directly owned 13,693 shares of the company’s stock, valued at approximately $4,098,451.83. The trade was a 9.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 132,557 shares of company stock worth $36,847,793 in the last three months. Insiders own 0.79% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Harbor Asset Planning Inc. acquired a new stake in shares of Seagate Technology in the second quarter valued at about $27,000. Rakuten Securities Inc. increased its stake in shares of Seagate Technology by 884.2% in the 2nd quarter. Rakuten Securities Inc. now owns 187 shares of the data storage provider’s stock valued at $27,000 after acquiring an additional 168 shares in the last quarter. Armstrong Advisory Group Inc. bought a new position in shares of Seagate Technology during the 4th quarter worth about $28,000. MTM Investment Management LLC acquired a new stake in Seagate Technology in the second quarter valued at approximately $29,000. Finally, First Horizon Corp acquired a new stake in Seagate Technology in the 3rd quarter valued at $33,000. 92.87% of the stock is currently owned by institutional investors.

Seagate Technology Company Profile

Seagate Technology (NASDAQ: STX) is a global data storage company that designs, manufactures and sells a broad range of storage products and systems. The firm’s product portfolio includes traditional hard disk drives (HDDs), solid-state drives (SSDs), hybrid storage devices and integrated storage systems aimed at enterprise, cloud, OEM and consumer markets. Seagate also provides services that support its hardware offerings, including data recovery and storage management solutions.

Seagate’s products are used in a wide array of applications, from large-scale data centers and cloud infrastructure to desktop and portable consumer devices.