Barclays Raises Seagate Technology (NASDAQ:STX) Price Target to $95.00

Seagate Technology (NASDAQ:STX) had its price objective hoisted by Barclays from $80.00 to $95.00 in a report released on Wednesday, Benzinga reports. The firm currently has an equal weight rating on the data storage provider’s stock.

A number of other brokerages have also recently issued reports on STX. Bank of America reiterated a buy rating and issued a $110.00 price target on shares of Seagate Technology in a research note on Wednesday, June 5th. Morgan Stanley raised their price target on shares of Seagate Technology from $115.00 to $133.00 and gave the company an overweight rating in a research report on Wednesday. Citigroup upped their price objective on Seagate Technology from $110.00 to $120.00 and gave the company a buy rating in a research report on Friday, July 12th. Susquehanna lifted their target price on Seagate Technology from $55.00 to $65.00 and gave the stock a negative rating in a report on Wednesday. Finally, Benchmark reaffirmed a hold rating on shares of Seagate Technology in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $115.94.

Seagate Technology Stock Down 0.3 %

NASDAQ:STX opened at $103.68 on Wednesday. Seagate Technology has a 1-year low of $57.79 and a 1-year high of $113.57. The firm’s 50-day moving average price is $101.31 and its 200-day moving average price is $93.07.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.29. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.41%. The business had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same quarter last year, the firm earned ($0.29) earnings per share. The business’s revenue for the quarter was up 17.8% on a year-over-year basis. As a group, sell-side analysts predict that Seagate Technology will post 5.65 EPS for the current fiscal year.

Seagate Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Monday, September 23rd will be paid a dividend of $0.70 per share. The ex-dividend date is Monday, September 23rd. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.70%. Seagate Technology’s dividend payout ratio (DPR) is presently -217.05%.

Insiders Place Their Bets

In other news, EVP Ban Seng Teh sold 10,117 shares of the company’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $110.00, for a total value of $1,112,870.00. Following the completion of the transaction, the executive vice president now owns 5,387 shares of the company’s stock, valued at $592,570. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, EVP Ban Seng Teh sold 10,117 shares of the company’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $110.00, for a total transaction of $1,112,870.00. Following the completion of the transaction, the executive vice president now owns 5,387 shares in the company, valued at $592,570. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP John Christopher Morris sold 11,158 shares of Seagate Technology stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $90.00, for a total transaction of $1,004,220.00. Following the completion of the sale, the senior vice president now owns 17,767 shares in the company, valued at $1,599,030. The disclosure for this sale can be found here. Insiders sold a total of 47,648 shares of company stock worth $4,705,816 over the last three months. 0.89% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of STX. New York State Common Retirement Fund raised its stake in Seagate Technology by 68.8% during the fourth quarter. New York State Common Retirement Fund now owns 143,049 shares of the data storage provider’s stock valued at $12,212,000 after purchasing an additional 58,300 shares in the last quarter. Stratos Wealth Partners LTD. raised its position in shares of Seagate Technology by 8.8% during the 4th quarter. Stratos Wealth Partners LTD. now owns 6,941 shares of the data storage provider’s stock valued at $593,000 after buying an additional 561 shares in the last quarter. Baader Bank Aktiengesellschaft bought a new position in shares of Seagate Technology in the 4th quarter valued at about $230,000. Chapin Davis Inc. grew its position in Seagate Technology by 210.8% in the first quarter. Chapin Davis Inc. now owns 29,152 shares of the data storage provider’s stock worth $2,713,000 after acquiring an additional 19,773 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in Seagate Technology by 1.1% during the fourth quarter. The Manufacturers Life Insurance Company now owns 136,111 shares of the data storage provider’s stock worth $11,620,000 after acquiring an additional 1,419 shares during the last quarter. 92.87% of the stock is currently owned by institutional investors.

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.