Seagate Technology (NASDAQ:STX) Upgraded to Buy at Summit Insights

Summit Insights upgraded shares of Seagate Technology (NASDAQ:STXFree Report) from a hold rating to a buy rating in a research report sent to investors on Wednesday, Marketbeat reports.

Other research analysts also recently issued reports about the stock. Cantor Fitzgerald reissued a “neutral” rating and set a $125.00 target price on shares of Seagate Technology in a research report on Wednesday, October 23rd. Mizuho decreased their target price on Seagate Technology from $130.00 to $110.00 and set an “outperform” rating for the company in a research report on Friday, January 10th. Barclays upped their price target on Seagate Technology from $95.00 to $105.00 and gave the company an “equal weight” rating in a research report on Wednesday. Benchmark reissued a “hold” rating on shares of Seagate Technology in a report on Wednesday, October 23rd. Finally, Morgan Stanley cut their target price on shares of Seagate Technology from $133.00 to $129.00 and set an “overweight” rating for the company in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $122.56.

Check Out Our Latest Stock Report on Seagate Technology

Seagate Technology Trading Up 6.8 %

Shares of Seagate Technology stock opened at $108.18 on Wednesday. The firm has a market capitalization of $22.88 billion, a P/E ratio of 28.25 and a beta of 1.06. The business’s fifty day simple moving average is $94.55 and its 200 day simple moving average is $100.33. Seagate Technology has a 12 month low of $82.31 and a 12 month high of $115.32.

Seagate Technology (NASDAQ:STXGet Free Report) last issued its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.30 by $0.28. The company had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.13 billion. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. The firm’s quarterly revenue was up 49.1% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.34) EPS. Analysts predict that Seagate Technology will post 7.18 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Wednesday, March 19th will be given a dividend of $0.72 per share. The ex-dividend date is Wednesday, March 19th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.66%. Seagate Technology’s dividend payout ratio (DPR) is presently 75.20%.

Insider Buying and Selling

In related news, SVP Kian Fatt Chong sold 9,182 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $105.50, for a total value of $968,701.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Yolanda Lee Conyers sold 750 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $101.82, for a total value of $76,365.00. Following the sale, the director now owns 6,555 shares in the company, valued at $667,430.10. The trade was a 10.27 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 50,073 shares of company stock worth $5,106,149. Insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of STX. Point72 Asset Management L.P. bought a new stake in shares of Seagate Technology in the 3rd quarter worth approximately $133,031,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Seagate Technology by 341.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,308,958 shares of the data storage provider’s stock worth $143,370,000 after purchasing an additional 1,012,638 shares during the last quarter. State Street Corp boosted its position in Seagate Technology by 6.8% during the third quarter. State Street Corp now owns 8,502,674 shares of the data storage provider’s stock valued at $937,081,000 after buying an additional 541,585 shares during the period. Franklin Resources Inc. grew its stake in shares of Seagate Technology by 29.5% during the third quarter. Franklin Resources Inc. now owns 1,778,811 shares of the data storage provider’s stock valued at $197,844,000 after buying an additional 405,232 shares during the last quarter. Finally, Point72 Hong Kong Ltd purchased a new position in shares of Seagate Technology in the second quarter worth about $35,349,000. 92.87% of the stock is currently owned by institutional investors.

Seagate Technology Company Profile

(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.

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