Cantor Fitzgerald Increases Seagate Technology (NASDAQ:STX) Price Target to $120.00

Seagate Technology (NASDAQ:STX) had its price objective raised by Cantor Fitzgerald from $100.00 to $120.00 in a research report report published on Tuesday morning, Benzinga reports. The firm currently has a neutral rating on the data storage provider’s stock.

Other analysts also recently issued research reports about the stock. Wedbush upgraded shares of Seagate Technology from a neutral rating to an outperform rating and set a $100.00 price target for the company in a research report on Wednesday, May 1st. UBS Group upped their price objective on shares of Seagate Technology from $90.00 to $95.00 and gave the stock a neutral rating in a research report on Wednesday, April 24th. Morgan Stanley upgraded shares of Seagate Technology from an equal weight rating to an overweight rating and upped their price objective for the stock from $73.00 to $115.00 in a research report on Tuesday, March 26th. Loop Capital upped their price objective on shares of Seagate Technology from $105.00 to $110.00 and gave the stock a buy rating in a research report on Tuesday, June 4th. Finally, Susquehanna upped their price objective on shares of Seagate Technology from $50.00 to $55.00 and gave the stock a negative rating in a research report on Wednesday, April 10th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of Hold and a consensus price target of $100.94.

Seagate Technology Trading Down 0.8 %

Shares of Seagate Technology stock opened at $102.63 on Tuesday. The company has a fifty day simple moving average of $100.37 and a 200-day simple moving average of $92.21. Seagate Technology has a 12-month low of $57.32 and a 12-month high of $109.63. The stock has a market cap of $21.55 billion, a price-to-earnings ratio of -79.56 and a beta of 1.02.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 EPS for the quarter, beating the consensus estimate of $0.29 by $0.04. The business had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter last year, the company earned ($0.43) EPS. The firm’s revenue for the quarter was down 11.0% compared to the same quarter last year. On average, analysts forecast that Seagate Technology will post 0.44 earnings per share for the current fiscal year.

Seagate Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 5th. Investors of record on Thursday, June 20th were paid a $0.70 dividend. The ex-dividend date was Thursday, June 20th. This represents a $2.80 dividend on an annualized basis and a yield of 2.73%. Seagate Technology’s payout ratio is -217.05%.

Insider Activity at Seagate Technology

In related news, SVP John Christopher Morris sold 5,928 shares of the stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $99.99, for a total value of $592,740.72. Following the sale, the senior vice president now directly owns 12,185 shares of the company’s stock, valued at approximately $1,218,378.15. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Seagate Technology news, SVP John Christopher Morris sold 5,928 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $99.99, for a total transaction of $592,740.72. Following the sale, the senior vice president now directly owns 12,185 shares of the company’s stock, valued at approximately $1,218,378.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ban Seng Teh sold 10,742 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $100.00, for a total transaction of $1,074,200.00. Following the sale, the executive vice president now directly owns 5,042 shares in the company, valued at $504,200. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,531 shares of company stock valued at $3,592,946. Insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Seagate Technology

Several hedge funds have recently modified their holdings of STX. New York State Common Retirement Fund boosted its position in shares of Seagate Technology by 68.8% in the fourth quarter. New York State Common Retirement Fund now owns 143,049 shares of the data storage provider’s stock worth $12,212,000 after acquiring an additional 58,300 shares during the last quarter. Stratos Wealth Partners LTD. grew its position in shares of Seagate Technology by 8.8% during the fourth quarter. Stratos Wealth Partners LTD. now owns 6,941 shares of the data storage provider’s stock worth $593,000 after buying an additional 561 shares in the last quarter. Baader Bank Aktiengesellschaft acquired a new position in Seagate Technology in the fourth quarter worth $230,000. Chapin Davis Inc. boosted its holdings in Seagate Technology by 210.8% in the first quarter. Chapin Davis Inc. now owns 29,152 shares of the data storage provider’s stock worth $2,713,000 after purchasing an additional 19,773 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its holdings in Seagate Technology by 1.1% in the fourth quarter. The Manufacturers Life Insurance Company now owns 136,111 shares of the data storage provider’s stock worth $11,620,000 after purchasing an additional 1,419 shares during the period. 92.87% of the stock is owned by institutional investors and hedge funds.

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.