Loop Capital Raises Seagate Technology (NASDAQ:STX) Price Target to $110.00

Seagate Technology (NASDAQ:STXFree Report) had its price target upped by Loop Capital from $105.00 to $110.00 in a research note published on Tuesday, Benzinga reports. They currently have a buy rating on the data storage provider’s stock.

Other equities research analysts also recently issued reports about the company. Cantor Fitzgerald lifted their target price on Seagate Technology from $95.00 to $100.00 and gave the stock a neutral rating in a report on Wednesday, April 24th. The Goldman Sachs Group boosted their price objective on Seagate Technology from $84.00 to $96.00 and gave the company a neutral rating in a report on Wednesday, April 24th. UBS Group boosted their price objective on Seagate Technology from $90.00 to $95.00 and gave the company a neutral rating in a report on Wednesday, April 24th. Barclays decreased their price objective on Seagate Technology from $85.00 to $80.00 and set an equal weight rating for the company in a report on Monday, April 22nd. Finally, Susquehanna boosted their price objective on Seagate Technology from $50.00 to $55.00 and gave the company a negative rating in a report on Wednesday, April 10th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Seagate Technology currently has a consensus rating of Hold and a consensus target price of $98.29.

Get Our Latest Research Report on Seagate Technology

Seagate Technology Price Performance

Seagate Technology stock opened at $96.00 on Tuesday. The stock’s 50 day moving average is $90.54 and its 200 day moving average is $87.38. The firm has a market cap of $20.16 billion, a P/E ratio of -74.42 and a beta of 1.03. Seagate Technology has a one year low of $57.06 and a one year high of $101.26.

Seagate Technology (NASDAQ:STXGet Free Report) last posted its quarterly earnings data on Tuesday, April 23rd. The data storage provider reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. The company had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.68 billion. Seagate Technology’s revenue was down 11.0% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.43) earnings per share. Equities analysts anticipate that Seagate Technology will post 0.4 earnings per share for the current fiscal year.

Seagate Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Thursday, June 20th will be given a $0.70 dividend. The ex-dividend date is Thursday, June 20th. This represents a $2.80 annualized dividend and a yield of 2.92%. Seagate Technology’s dividend payout ratio is currently -217.05%.

Insiders Place Their Bets

In other news, SVP John Christopher Morris sold 11,158 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $90.00, for a total transaction of $1,004,220.00. Following the transaction, the senior vice president now owns 17,767 shares of the company’s stock, valued at approximately $1,599,030. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Ban Seng Teh sold 9,703 shares of the company’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $95.00, for a total transaction of $921,785.00. Following the transaction, the executive vice president now owns 15,185 shares of the company’s stock, valued at approximately $1,442,575. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP John Christopher Morris sold 11,158 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $90.00, for a total value of $1,004,220.00. Following the transaction, the senior vice president now directly owns 17,767 shares in the company, valued at approximately $1,599,030. The disclosure for this sale can be found here. Insiders own 0.89% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in STX. J.P. Morgan Private Wealth Advisors LLC bought a new position in Seagate Technology in the 3rd quarter worth about $5,410,000. Massachusetts Financial Services Co. MA increased its position in shares of Seagate Technology by 24.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,410,163 shares of the data storage provider’s stock valued at $158,950,000 after purchasing an additional 470,592 shares during the last quarter. NewEdge Wealth LLC boosted its holdings in Seagate Technology by 3.6% during the 3rd quarter. NewEdge Wealth LLC now owns 4,214 shares of the data storage provider’s stock valued at $278,000 after acquiring an additional 146 shares during the period. Spire Wealth Management boosted its holdings in Seagate Technology by 15.0% during the 3rd quarter. Spire Wealth Management now owns 2,132 shares of the data storage provider’s stock valued at $141,000 after acquiring an additional 278 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Seagate Technology by 1.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,200,542 shares of the data storage provider’s stock valued at $79,176,000 after acquiring an additional 21,567 shares during the period. Hedge funds and other institutional investors own 92.87% of the company’s stock.

About Seagate Technology

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Seagate Technology (NASDAQ:STX)

Receive News & Ratings for Seagate Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Seagate Technology and related companies with MarketBeat.com's FREE daily email newsletter.