Seagate Technology (NASDAQ:STX) Price Target Increased to $140.00 by Analysts at Rosenblatt Securities

Seagate Technology (NASDAQ:STX) had its price target lifted by Rosenblatt Securities from $125.00 to $140.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have a buy rating on the data storage provider’s stock.

A number of other research firms have also recently issued reports on STX. Cantor Fitzgerald increased their price target on Seagate Technology from $120.00 to $125.00 and gave the stock a “neutral” rating in a report on Wednesday, July 24th. The Goldman Sachs Group increased their price target on Seagate Technology from $96.00 to $107.00 and gave the company a “neutral” rating in a research report on Wednesday, July 24th. Robert W. Baird increased their price target on Seagate Technology from $100.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Susquehanna raised their target price on Seagate Technology from $55.00 to $65.00 and gave the company a “negative” rating in a research report on Wednesday, July 24th. Finally, Morgan Stanley raised their target price on Seagate Technology from $115.00 to $133.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $118.83.

Seagate Technology Stock Down 0.9 %

STX stock opened at $103.01 on Wednesday. The company has a market cap of $21.63 billion, a PE ratio of -79.85 and a beta of 1.04. The business has a 50-day simple moving average of $105.16 and a 200 day simple moving average of $99.68. Seagate Technology has a 52 week low of $64.12 and a 52 week high of $115.32.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, topping the consensus estimate of $1.30 by $0.28. The firm had revenue of $2.17 billion during the quarter, compared to the consensus estimate of $2.13 billion. Seagate Technology had a negative return on equity of 30.18% and a net margin of 11.34%. The business’s quarterly revenue was up 49.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.34) earnings per share. On average, analysts anticipate that Seagate Technology will post 7.09 EPS for the current fiscal year.

Seagate Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Sunday, December 15th will be issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date is Friday, December 13th. This is a boost from Seagate Technology’s previous quarterly dividend of $0.70. Seagate Technology’s dividend payout ratio is -217.05%.

Insiders Place Their Bets

In other Seagate Technology news, Director Yolanda Lee Conyers sold 750 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $96.10, for a total value of $72,075.00. Following the sale, the director now owns 3,034 shares in the company, valued at approximately $291,567.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, SVP John Christopher Morris sold 1,131 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $111.90, for a total transaction of $126,558.90. Following the transaction, the senior vice president now owns 7,191 shares in the company, valued at $804,672.90. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Yolanda Lee Conyers sold 750 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $96.10, for a total transaction of $72,075.00. Following the transaction, the director now owns 3,034 shares in the company, valued at approximately $291,567.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 218,398 shares of company stock worth $23,238,106. 0.89% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Seagate Technology

Several institutional investors have recently bought and sold shares of STX. Bessemer Group Inc. grew its stake in shares of Seagate Technology by 68.7% in the 1st quarter. Bessemer Group Inc. now owns 17,564 shares of the data storage provider’s stock worth $1,634,000 after buying an additional 7,150 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Seagate Technology by 2.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 258,033 shares of the data storage provider’s stock worth $24,011,000 after buying an additional 6,044 shares in the last quarter. Chapin Davis Inc. grew its stake in shares of Seagate Technology by 210.8% in the 1st quarter. Chapin Davis Inc. now owns 29,152 shares of the data storage provider’s stock worth $2,713,000 after buying an additional 19,773 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Seagate Technology by 21.1% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 232,957 shares of the data storage provider’s stock worth $21,677,000 after purchasing an additional 40,649 shares during the period. Finally, Illinois Municipal Retirement Fund boosted its stake in shares of Seagate Technology by 15.7% during the 1st quarter. Illinois Municipal Retirement Fund now owns 60,702 shares of the data storage provider’s stock worth $5,648,000 after purchasing an additional 8,242 shares during the period. 92.87% of the stock is owned by hedge funds and other institutional investors.

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.