Seagate Technology (NASDAQ:STX) Given New $96.00 Price Target at The Goldman Sachs Group

Seagate Technology (NASDAQ:STX) had its price target hoisted by The Goldman Sachs Group from $84.00 to $96.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a neutral rating on the data storage provider’s stock.

Other research analysts also recently issued reports about the stock. Wedbush reissued a neutral rating and set a $100.00 price objective on shares of Seagate Technology in a research report on Wednesday. Susquehanna raised their target price on shares of Seagate Technology from $50.00 to $55.00 and gave the stock a negative rating in a research note on Wednesday, April 10th. BNP Paribas cut shares of Seagate Technology from a neutral rating to an underperform rating and set a $65.00 target price for the company. in a research note on Thursday, January 11th. Mizuho restated a buy rating and issued a $100.00 target price on shares of Seagate Technology in a research note on Tuesday, April 9th. Finally, Evercore ISI started coverage on shares of Seagate Technology in a research note on Tuesday, February 27th. They issued an outperform rating and a $110.00 price objective for the company. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $94.53.

Seagate Technology Trading Up 0.7 %

Shares of STX opened at $87.11 on Wednesday. Seagate Technology has a twelve month low of $54.47 and a twelve month high of $101.26. The firm’s fifty day simple moving average is $89.30 and its 200-day simple moving average is $82.64. The firm has a market capitalization of $18.25 billion, a price-to-earnings ratio of -67.53, a PEG ratio of 715.12 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last posted 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 during the quarter, compared to analysts’ expectations of $1.68 billion. The company’s quarterly revenue was down 11.0% on a year-over-year basis. During the same period last year, the business earned ($0.43) earnings per share. On average, analysts predict that Seagate Technology will post 0.1 earnings per share for the current fiscal year.

Seagate Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Thursday, June 20th will be issued 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 dividend payout ratio (DPR) is presently -217.05%.

Institutional Investors Weigh In On Seagate Technology

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Seagate Technology by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 24,006,681 shares of the data storage provider’s stock worth $2,049,450,000 after purchasing an additional 425,117 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Seagate Technology by 9.2% in the third quarter. JPMorgan Chase & Co. now owns 17,680,400 shares of the data storage provider’s stock valued at $1,166,022,000 after purchasing an additional 1,485,937 shares during the period. Capital Research Global Investors boosted its stake in 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 last quarter. Sanders Capital LLC boosted its stake in 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 last quarter. Finally, FMR LLC boosted its stake in Seagate Technology by 13.1% during the 3rd quarter. FMR LLC now owns 13,929,708 shares of the data storage provider’s stock valued at $918,664,000 after acquiring an additional 1,612,264 shares during the last quarter. 92.87% of the stock is currently 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.