Seagate Technology (NASDAQ:STX) PT Raised to $120.00 at Robert W. Baird

Seagate Technology (NASDAQ:STX) had its price objective hoisted by Robert W. Baird from $100.00 to $120.00 in a research note published on Wednesday morning, Benzinga reports. The brokerage currently has an outperform rating on the data storage provider’s stock.

Several other equities analysts have also recently issued reports on STX. Benchmark reiterated a hold rating on shares of Seagate Technology in a research note on Wednesday. Wells Fargo & Company boosted their target price on shares of Seagate Technology from $90.00 to $120.00 and gave the company an equal weight rating in a research note on Wednesday. Northland Securities boosted their target price on shares of Seagate Technology from $119.00 to $142.00 and gave the company an outperform rating in a research note on Wednesday. TD Cowen boosted their target price on shares of Seagate Technology from $110.00 to $135.00 and gave the company a buy rating in a research note on Wednesday. Finally, Bank of America reiterated a buy rating and issued a $110.00 target price on shares of Seagate Technology in a research note on Wednesday, June 5th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Seagate Technology currently has an average rating of Hold and a consensus target price of $115.94.

Seagate Technology Stock Down 0.3 %

STX stock opened at $103.68 on Wednesday. The firm’s fifty day simple moving average is $101.31 and its 200-day simple moving average is $93.16. Seagate Technology has a 12 month low of $57.79 and a 12 month high of $113.57.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings data on Tuesday, July 23rd. The data storage provider reported $1.05 EPS for the quarter, beating the consensus estimate of $0.76 by $0.29. The business had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.87 billion. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.41%. The business’s revenue for the quarter was up 17.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.29) EPS. On average, equities analysts anticipate that Seagate Technology will post 6.21 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Stockholders 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 dividend yield of 2.70%. The ex-dividend date of this dividend is Monday, September 23rd. Seagate Technology’s dividend payout ratio (DPR) is -217.05%.

Insider Activity

In other news, SVP John Christopher Morris sold 11,158 shares of the stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $90.00, for a total value of $1,004,220.00. Following the completion of the sale, the senior vice president now directly owns 17,767 shares in the company, valued at $1,599,030. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, EVP Ban Seng Teh sold 10,117 shares of the company’s stock in a transaction dated 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 $592,570. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John Christopher Morris sold 11,158 shares of the company’s stock in a transaction dated 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 directly owns 17,767 shares of the company’s stock, valued at approximately $1,599,030. The disclosure for this sale can be found here. Insiders sold 47,648 shares of company stock worth $4,705,816 over the last three months. Insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Seagate Technology

Hedge funds have recently modified their holdings of the company. Farmers & Merchants Trust Co of Chambersburg PA purchased a new stake in shares of Seagate Technology in the fourth quarter valued at about $26,000. CVA Family Office LLC purchased a new stake in shares of Seagate Technology in the fourth quarter valued at about $27,000. Turtle Creek Wealth Advisors LLC purchased a new position in Seagate Technology during the fourth quarter worth about $28,000. Northwest Financial Advisors purchased a new position in Seagate Technology during the fourth quarter worth about $31,000. Finally, Family Firm Inc. purchased a new position in Seagate Technology during the second quarter worth about $41,000. Hedge funds and other 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.