Seagate Technology (NASDAQ:STX) PT Raised to $125.00 at Citigroup

Seagate Technology (NASDAQ:STX) had its price target upped by Citigroup from $120.00 to $125.00 in a research report report published on Wednesday, Benzinga reports. Citigroup currently has a buy rating on the data storage provider’s stock.

Several other analysts have also commented on the stock. Northland Securities raised their price objective on shares of Seagate Technology from $119.00 to $142.00 and gave the stock an outperform rating in a report on Wednesday. Morgan Stanley raised their price objective on shares of Seagate Technology from $115.00 to $133.00 and gave the stock an overweight rating in a report on Wednesday. The Goldman Sachs Group raised their price objective on shares of Seagate Technology from $96.00 to $107.00 and gave the stock a neutral rating in a report on Wednesday. Loop Capital lifted their target price on shares of Seagate Technology from $105.00 to $135.00 and gave the company a buy rating in a report on Wednesday. Finally, Cantor Fitzgerald lifted their target price on shares of Seagate Technology from $120.00 to $125.00 and gave the company a neutral rating in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of Hold and an average target price of $115.94.

Seagate Technology Price Performance

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 business’s 50-day moving average is $101.31 and its 200 day moving average is $93.07.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings data on Tuesday, July 23rd. The data storage provider reported $1.05 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $1.87 billion. During the same period last year, the business posted ($0.29) earnings per share. Seagate Technology’s quarterly revenue was up 17.8% compared to the same quarter last year. As a group, research analysts predict that Seagate Technology will post 5.65 EPS for the current fiscal year.

Seagate Technology Dividend Announcement

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

Insiders Place Their Bets

In other Seagate Technology news, EVP Ban Seng Teh sold 10,117 shares of Seagate Technology stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $110.00, for a total value of $1,112,870.00. Following the completion of the sale, the executive vice president now owns 5,387 shares of the company’s stock, valued at approximately $592,570. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, SVP John Christopher Morris sold 5,928 shares of the business’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $99.99, for a total transaction of $592,740.72. Following the completion of the sale, the senior vice president now owns 12,185 shares of the company’s stock, valued at approximately $1,218,378.15. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Ban Seng Teh sold 10,117 shares of the business’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 sale, the executive vice president now directly owns 5,387 shares of the company’s stock, valued at approximately $592,570. The disclosure for this sale can be found here. In the last quarter, insiders sold 47,648 shares of company stock valued at $4,705,816. Company insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Seagate Technology

A number of hedge funds have recently modified their holdings of STX. Farmers & Merchants Trust Co of Chambersburg PA bought a new stake in shares of Seagate Technology during the 4th quarter valued at $26,000. CVA Family Office LLC bought a new stake in shares of Seagate Technology during the 4th quarter valued at $27,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Seagate Technology during the 4th quarter valued at $28,000. Northwest Financial Advisors bought a new stake in shares of Seagate Technology during the 4th quarter valued at $31,000. Finally, Family Firm Inc. bought a new stake in shares of Seagate Technology during the 2nd quarter valued at $41,000. Institutional investors 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.