StockNews.com Upgrades Seagate Technology (NASDAQ:STX) to Buy

StockNews.com upgraded shares of Seagate Technology (NASDAQ:STX) from a hold rating to a buy rating in a research report released on Wednesday morning.

A number of other analysts have also weighed in on STX. Evercore ISI increased their price objective on shares of Seagate Technology from $125.00 to $135.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. UBS Group raised their price target on shares of Seagate Technology from $95.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday, January 22nd. Morgan Stanley dropped their price target on shares of Seagate Technology from $133.00 to $129.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 21st. Mizuho dropped their price target on shares of Seagate Technology from $130.00 to $110.00 and set an “outperform” rating on the stock in a research report on Friday, January 10th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $120.00 price target on shares of Seagate Technology in a research report on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $122.56.

Seagate Technology Price Performance

NASDAQ:STX opened at $96.15 on Wednesday. The firm has a market capitalization of $20.36 billion, a P/E ratio of 17.58 and a beta of 1.07. Seagate Technology has a 1-year low of $82.31 and a 1-year high of $115.32. The company’s fifty day moving average price is $94.64 and its 200-day moving average price is $99.90.

Seagate Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Wednesday, March 19th will be paid a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 3.00%. The ex-dividend date of this dividend is Wednesday, March 19th. Seagate Technology’s dividend payout ratio is currently 52.65%.

Insider Transactions at Seagate Technology

In other Seagate Technology news, Director Yolanda Lee Conyers sold 750 shares of Seagate Technology stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $101.82, for a total transaction of $76,365.00. Following the transaction, the director now directly owns 6,555 shares of the company’s stock, valued at $667,430.10. The trade was a 10.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William D. Mosley sold 20,000 shares of Seagate Technology 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 transaction, the chief executive officer now directly owns 622,497 shares in the company, valued at $64,011,366.51. This trade represents a 3.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,891 shares of company stock valued at $2,146,848. Corporate insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in STX. Czech National Bank grew its holdings in shares of Seagate Technology by 14.9% in the third quarter. Czech National Bank now owns 42,777 shares of the data storage provider’s stock valued at $4,685,000 after purchasing an additional 5,563 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Seagate Technology by 75.1% in the third quarter. GAMMA Investing LLC now owns 2,928 shares of the data storage provider’s stock valued at $321,000 after purchasing an additional 1,256 shares in the last quarter. Brookstone Capital Management grew its holdings in shares of Seagate Technology by 10.9% in the third quarter. Brookstone Capital Management now owns 12,856 shares of the data storage provider’s stock valued at $1,408,000 after purchasing an additional 1,268 shares in the last quarter. Strategic Wealth Partners Ltd. acquired a new position in shares of Seagate Technology in the third quarter valued at approximately $3,637,000. Finally, Perpetual Ltd grew its holdings in Seagate Technology by 51.4% during the 3rd quarter. Perpetual Ltd now owns 4,201 shares of the data storage provider’s stock worth $460,000 after acquiring an additional 1,426 shares in the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

About Seagate Technology

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.