Citigroup Boosts Seagate Technology (NASDAQ:STX) Price Target to $125.00

Seagate Technology (NASDAQ:STX) had its price objective hoisted by Citigroup from $120.00 to $125.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the data storage provider’s stock.

Other analysts have also recently issued reports about the company. Mizuho dropped their target price on Seagate Technology from $130.00 to $110.00 and set an “outperform” rating for the company in a report on Friday, January 10th. Morgan Stanley cut their price objective on shares of Seagate Technology from $133.00 to $129.00 and set an “overweight” rating for the company in a research report on Tuesday. Evercore ISI boosted their target price on shares of Seagate Technology from $125.00 to $135.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. The Goldman Sachs Group cut their price target on shares of Seagate Technology from $112.00 to $99.00 and set a “neutral” rating for the company in a report on Friday, January 10th. Finally, Benchmark reiterated a “hold” rating on shares of Seagate Technology in a report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Seagate Technology has a consensus rating of “Moderate Buy” and an average target price of $122.56.

Seagate Technology Trading Down 0.2 %

STX opened at $108.19 on Wednesday. Seagate Technology has a twelve month low of $82.31 and a twelve month high of $115.32. The firm has a market capitalization of $22.89 billion, a PE ratio of 19.78 and a beta of 1.06. The firm’s 50-day moving average price is $95.00 and its 200 day moving average price is $100.42.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.30 by $0.28. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. The business had revenue of $2.17 billion during the quarter, compared to analyst estimates of $2.13 billion. During the same period in the prior year, the business earned ($0.34) earnings per share. The business’s revenue was up 49.1% compared to the same quarter last year. As a group, analysts predict that Seagate Technology will post 6.92 earnings per share for the current fiscal year.

Seagate Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Wednesday, March 19th will be issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date of this dividend is Wednesday, March 19th. Seagate Technology’s dividend payout ratio (DPR) is currently 52.65%.

Insiders Place Their Bets

In other news, CEO William D. Mosley sold 20,000 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $102.83, for a total transaction of $2,056,600.00. Following the completion of the transaction, the chief executive officer now directly owns 622,497 shares of the company’s stock, valued at approximately $64,011,366.51. The trade was a 3.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Yolanda Lee Conyers sold 750 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $101.82, for a total transaction of $76,365.00. Following the sale, the director now owns 6,555 shares in the company, valued at $667,430.10. The trade was a 10.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 50,073 shares of company stock worth $5,106,149 in the last ninety days. 0.81% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Seagate Technology

A number of large investors have recently modified their holdings of STX. Blair William & Co. IL purchased a new stake in shares of Seagate Technology during the 2nd quarter worth $314,000. Canada Pension Plan Investment Board lifted its holdings in Seagate Technology by 96,580.0% during the 2nd quarter. Canada Pension Plan Investment Board now owns 9,668 shares of the data storage provider’s stock worth $998,000 after buying an additional 9,658 shares during the last quarter. Sei Investments Co. boosted its position in shares of Seagate Technology by 33.7% during the 2nd quarter. Sei Investments Co. now owns 14,484 shares of the data storage provider’s stock worth $1,496,000 after acquiring an additional 3,647 shares in the last quarter. Thrivent Financial for Lutherans increased its holdings in shares of Seagate Technology by 26.1% in the 2nd quarter. Thrivent Financial for Lutherans now owns 10,475 shares of the data storage provider’s stock valued at $1,081,000 after acquiring an additional 2,165 shares during the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC raised its position in shares of Seagate Technology by 2,407.1% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider’s stock worth $36,000 after acquiring an additional 337 shares in the last quarter. 92.87% of the stock is owned by hedge funds and other 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.