Seagate Technology (NASDAQ:STX) Receives Neutral Rating from Wedbush

Wedbush reaffirmed their neutral rating on shares of Seagate Technology (NASDAQ:STX) in a report published on Wednesday morning, Benzinga reports. Wedbush currently has a $100.00 target price on the data storage provider’s stock.

STX has been the topic of a number of other research reports. Wells Fargo & Company increased their price objective on shares of Seagate Technology from $80.00 to $90.00 and gave the stock an equal weight rating in a research report on Thursday, February 1st. Mizuho reissued a buy rating and set a $100.00 price objective on shares of Seagate Technology in a research report on Tuesday, April 9th. Evercore ISI initiated coverage on shares of Seagate Technology in a research report on Tuesday, February 27th. They issued an outperform rating and a $110.00 price target on the stock. Cantor Fitzgerald reaffirmed a neutral rating and issued a $95.00 price target on shares of Seagate Technology in a research report on Monday, March 4th. Finally, The Goldman Sachs Group raised their price target on shares of Seagate Technology from $65.00 to $84.00 and gave the company a neutral rating in a research report on Friday, January 26th. 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. According to MarketBeat.com, Seagate Technology presently has a consensus rating of Hold and a consensus price target of $94.53.

Seagate Technology Trading Up 0.7 %

Shares of Seagate Technology stock opened at $87.11 on Wednesday. The business has a 50-day moving average price of $89.30 and a two-hundred day moving average price of $82.64. Seagate Technology has a 1-year low of $54.47 and a 1-year high of $101.26. The company has a market cap of $18.25 billion, a P/E ratio of -67.53, a PEG ratio of 715.12 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings data on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. The company had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.68 billion. Seagate Technology’s revenue for the quarter was down 11.0% compared to the same quarter last year. During the same period last year, the company earned ($0.43) EPS. Equities research analysts forecast that Seagate Technology will post 0.1 EPS for the current fiscal year.

Seagate Technology Announces Dividend

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

Institutional Investors Weigh In On Seagate Technology

Large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. increased its stake in shares of Seagate Technology by 9.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 17,680,400 shares of the data storage provider’s stock worth $1,166,022,000 after purchasing an additional 1,485,937 shares during the last quarter. Stratos Wealth Partners LTD. grew its stake in Seagate Technology by 8.8% in the 4th quarter. Stratos Wealth Partners LTD. now owns 6,941 shares of the data storage provider’s stock valued at $593,000 after buying an additional 561 shares in the last quarter. Gotham Asset Management LLC grew its stake in Seagate Technology by 51.1% in the 3rd quarter. Gotham Asset Management LLC now owns 86,680 shares of the data storage provider’s stock valued at $5,717,000 after buying an additional 29,323 shares in the last quarter. SG Americas Securities LLC grew its stake in Seagate Technology by 78.4% in the 4th quarter. SG Americas Securities LLC now owns 38,563 shares of the data storage provider’s stock valued at $3,292,000 after buying an additional 16,950 shares in the last quarter. Finally, Nordea Investment Management AB grew its stake in Seagate Technology by 5.0% in the 4th quarter. Nordea Investment Management AB now owns 13,293 shares of the data storage provider’s stock valued at $1,144,000 after buying an additional 630 shares in the last quarter. Hedge funds and other institutional investors 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.