Seagate Technology (NASDAQ:STX) Raised to Outperform at Wedbush

Wedbush upgraded shares of Seagate Technology (NASDAQ:STX) from a neutral rating to an outperform rating in a research report sent to investors on Wednesday morning, Marketbeat Ratings reports. Wedbush currently has $100.00 price objective on the data storage provider’s stock. Wedbush also issued estimates for Seagate Technology’s Q4 2024 earnings at $0.65 EPS, FY2024 earnings at $0.49 EPS, Q1 2025 earnings at $1.01 EPS, Q2 2025 earnings at $1.54 EPS, Q3 2025 earnings at $1.74 EPS, Q4 2025 earnings at $1.99 EPS and FY2025 earnings at $6.27 EPS.

A number of other research analysts have also recently weighed in on the company. Wells Fargo & Company lifted their price objective on Seagate Technology from $80.00 to $90.00 and gave the company an equal weight rating in a research report on Thursday, February 1st. Rosenblatt Securities increased their price objective on shares of Seagate Technology from $100.00 to $115.00 and gave the stock a buy rating in a research note on Thursday, January 25th. Robert W. Baird raised their price objective on shares of Seagate Technology from $70.00 to $100.00 and gave the company an outperform rating in a research report on Thursday, January 25th. Susquehanna upped their target price on shares of Seagate Technology from $50.00 to $55.00 and gave the stock a negative rating in a report on Wednesday, April 10th. Finally, Cantor Fitzgerald raised their price target on Seagate Technology from $95.00 to $100.00 and gave the company a neutral rating in a report on Wednesday, April 24th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus target price of $94.53.

Seagate Technology Trading Up 1.4 %

STX opened at $87.50 on Wednesday. The company’s 50 day moving average is $89.18 and its 200 day moving average is $83.43. The company has a market cap of $18.37 billion, a price-to-earnings ratio of -67.83, a PEG ratio of 237.98 and a beta of 1.06. Seagate Technology has a 12-month low of $54.47 and a 12-month high of $101.26.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings data on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.04. The business had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the previous year, the firm earned ($0.43) EPS. The company’s revenue was down 11.0% on a year-over-year basis. As a group, analysts predict that Seagate Technology will post 0.3 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 annualized dividend and a dividend yield of 3.20%. The ex-dividend date is Thursday, June 20th. Seagate Technology’s dividend payout ratio is -217.05%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in STX. Csenge Advisory Group boosted its stake in Seagate Technology by 1.4% during the first quarter. Csenge Advisory Group now owns 8,473 shares of the data storage provider’s stock worth $788,000 after buying an additional 119 shares during the period. Avidian Wealth Solutions LLC lifted its holdings in shares of Seagate Technology by 3.2% in the 1st quarter. Avidian Wealth Solutions LLC now owns 4,696 shares of the data storage provider’s stock worth $437,000 after acquiring an additional 146 shares during the last quarter. GSA Capital Partners LLP purchased a new position in shares of Seagate Technology during the 1st quarter worth about $682,000. Daiwa Securities Group Inc. grew its holdings in Seagate Technology by 8.1% during the 1st quarter. Daiwa Securities Group Inc. now owns 23,267 shares of the data storage provider’s stock valued at $2,165,000 after purchasing an additional 1,743 shares during the last quarter. Finally, Graypoint LLC raised its position in Seagate Technology by 4.9% in the 1st quarter. Graypoint LLC now owns 2,710 shares of the data storage provider’s stock worth $252,000 after purchasing an additional 127 shares during the period. Hedge funds and other institutional investors own 92.87% of the company’s stock.

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.