UBS Group Boosts Seagate Technology (NASDAQ:STX) Price Target to $120.00

Seagate Technology (NASDAQ:STX) had its price target upped by UBS Group from $110.00 to $120.00 in a research report report published on Wednesday, Benzinga reports. UBS Group currently has a neutral rating on the data storage provider’s stock.

STX has been the subject of several other reports. Benchmark restated a hold rating on shares of Seagate Technology in a report on Wednesday, April 24th. Evercore ISI raised their price objective on shares of Seagate Technology from $110.00 to $125.00 and gave the stock an outperform rating in a report on Tuesday, July 16th. Loop Capital raised their price objective on shares of Seagate Technology from $105.00 to $110.00 and gave the stock a buy rating in a report on Tuesday, June 4th. Citigroup raised their price objective on shares of Seagate Technology from $110.00 to $120.00 and gave the stock a buy rating in a report on Friday, July 12th. Finally, The Goldman Sachs Group raised their price objective on shares of Seagate Technology from $84.00 to $96.00 and gave the stock a neutral rating in a report on Wednesday, April 24th. Two research 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’s stock. Based on data from MarketBeat, Seagate Technology currently has an average rating of Hold and an average price target 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 posted its earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.29. The company had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.87 billion. Seagate Technology had a negative return on equity of 8.41% and a net margin of 5.11%. Seagate Technology’s quarterly revenue was up 17.8% on a year-over-year basis. During the same period last year, the firm earned ($0.29) earnings per share. As a group, research analysts predict that Seagate Technology will post 5.65 EPS for the current fiscal year.

Seagate Technology Announces Dividend

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

Insider Buying and Selling

In related news, EVP Ban Seng Teh sold 9,703 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $95.00, for a total value of $921,785.00. Following the completion of the transaction, the executive vice president now directly owns 15,185 shares in the company, valued at approximately $1,442,575. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Seagate Technology news, SVP John Christopher Morris sold 5,928 shares of Seagate Technology stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $99.99, for a total value 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 transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Ban Seng Teh sold 9,703 shares of Seagate Technology stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $95.00, for a total transaction of $921,785.00. Following the completion of the sale, the executive vice president now directly owns 15,185 shares of the company’s stock, valued at approximately $1,442,575. The disclosure for this sale can be found here. Insiders sold a total of 47,648 shares of company stock worth $4,705,816 in the last three months. Insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Seagate Technology

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Seagate Technology by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 24,753,076 shares of the data storage provider’s stock worth $2,303,274,000 after purchasing an additional 746,395 shares during the period. Capital Research Global Investors grew its position in shares of Seagate Technology by 39.3% during the 4th quarter. Capital Research Global Investors now owns 16,614,884 shares of the data storage provider’s stock valued at $1,418,413,000 after acquiring an additional 4,685,454 shares during the period. Sanders Capital LLC grew its position in shares of Seagate Technology by 3.0% during the 4th quarter. Sanders Capital LLC now owns 15,486,153 shares of the data storage provider’s stock valued at $1,322,053,000 after acquiring an additional 443,768 shares during the period. Clearbridge Investments LLC grew its position in shares of Seagate Technology by 14.5% during the 1st quarter. Clearbridge Investments LLC now owns 2,656,828 shares of the data storage provider’s stock valued at $247,218,000 after acquiring an additional 337,464 shares during the period. Finally, Norges Bank bought a new stake in shares of Seagate Technology during the 4th quarter valued at $188,834,000. 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.