Benchmark Reiterates Hold Rating for Seagate Technology (NASDAQ:STX)

Benchmark reaffirmed their hold rating on shares of Seagate Technology (NASDAQ:STX) in a report published on Wednesday morning, Benzinga reports.

STX has been the topic of a number of other research reports. Morgan Stanley upgraded Seagate Technology from an equal weight rating to an overweight rating and increased their target price for the company from $73.00 to $115.00 in a report on Tuesday, March 26th. Evercore ISI assumed coverage on Seagate Technology in a report on Tuesday, February 27th. They set an outperform rating and a $110.00 target price on the stock. Wells Fargo & Company increased their price target on Seagate Technology from $80.00 to $90.00 and gave the stock an equal weight rating in a research note on Thursday, February 1st. The Goldman Sachs Group increased their price target on Seagate Technology from $65.00 to $84.00 and gave the stock a neutral rating in a research note on Friday, January 26th. Finally, TD Cowen increased their price target on Seagate Technology from $85.00 to $110.00 and gave the stock an outperform rating in a research note on Thursday, January 25th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $94.53.

Seagate Technology Price Performance

STX opened at $87.11 on Wednesday. The stock has a market cap of $18.25 billion, a P/E ratio of -67.53, a P/E/G ratio of 715.12 and a beta of 1.04. The stock’s 50 day simple moving average is $89.30 and its 200 day simple moving average is $82.64. Seagate Technology has a 1-year low of $54.47 and a 1-year high of $101.26.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.04. The company had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.68 billion. Seagate Technology’s quarterly revenue was down 11.0% compared to the same quarter last year. During the same quarter last year, the company posted ($0.43) EPS. Research analysts expect that Seagate Technology will post 0.1 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Thursday, June 20th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.21%. Seagate Technology’s payout ratio is -217.05%.

Institutional Trading of Seagate Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the business. CWM LLC increased its position in shares of Seagate Technology by 3.9% during the fourth quarter. CWM LLC now owns 3,441 shares of the data storage provider’s stock worth $294,000 after acquiring an additional 130 shares during the last quarter. Global Retirement Partners LLC increased its position in shares of Seagate Technology by 8.6% during the first quarter. Global Retirement Partners LLC now owns 1,735 shares of the data storage provider’s stock worth $161,000 after acquiring an additional 138 shares during the last quarter. Valley National Advisers Inc. increased its position in shares of Seagate Technology by 39.7% during the fourth quarter. Valley National Advisers Inc. now owns 507 shares of the data storage provider’s stock worth $43,000 after acquiring an additional 144 shares during the last quarter. NewEdge Wealth LLC increased its position in shares of Seagate Technology by 3.6% during the third quarter. NewEdge Wealth LLC now owns 4,214 shares of the data storage provider’s stock worth $278,000 after acquiring an additional 146 shares during the last quarter. Finally, Brighton Jones LLC increased its holdings in Seagate Technology by 0.8% in the fourth quarter. Brighton Jones LLC now owns 18,754 shares of the data storage provider’s stock valued at $1,601,000 after buying an additional 150 shares during 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.