Seagate Technology (NASDAQ:STX) Price Target Raised to $135.00

Seagate Technology (NASDAQ:STX) had its price target lifted by TD Cowen from $110.00 to $135.00 in a research note issued to investors on Wednesday morning, MarketBeat reports. They currently have a buy rating on the data storage provider’s stock.

Several other equities research analysts have also commented on STX. Citigroup boosted their price objective on shares of Seagate Technology from $110.00 to $120.00 and gave the stock a buy rating in a research report on Friday, July 12th. UBS Group boosted their target price on shares of Seagate Technology from $90.00 to $95.00 and gave the company a neutral rating in a research note on Wednesday, April 24th. Wedbush boosted their target price on shares of Seagate Technology from $100.00 to $130.00 and gave the company an outperform rating in a research note on Monday, July 22nd. Mizuho boosted their target price on shares of Seagate Technology from $100.00 to $110.00 and gave the company a buy rating in a research note on Friday, May 31st. Finally, Evercore ISI boosted their target price on shares of Seagate Technology from $110.00 to $125.00 and gave the company an outperform rating in a research note on Tuesday, July 16th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $115.94.

Seagate Technology Stock Performance

Shares of NASDAQ STX opened at $103.68 on Wednesday. Seagate Technology has a one year low of $57.79 and a one year high of $113.57. The company’s fifty day moving average is $101.31 and its two-hundred day moving average is $93.07.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings data on Tuesday, July 23rd. The data storage provider reported $1.05 EPS for the quarter, topping the consensus estimate of $0.76 by $0.29. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.41%. The business had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same period in the previous year, the firm earned ($0.29) EPS. The business’s revenue for the quarter was up 17.8% compared to the same quarter last year. On average, equities analysts predict that Seagate Technology will post 5.65 earnings per share for the current fiscal year.

Seagate Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Monday, September 23rd will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date is Monday, September 23rd. Seagate Technology’s dividend payout ratio (DPR) is presently -217.05%.

Insider Buying and Selling

In related news, EVP Ban Seng Teh sold 10,117 shares of the stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $110.00, for a total transaction of $1,112,870.00. Following the completion of the sale, the executive vice president now owns 5,387 shares of the company’s stock, valued at approximately $592,570. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Seagate Technology news, EVP Ban Seng Teh sold 10,117 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $110.00, for a total value of $1,112,870.00. Following the completion of the transaction, the executive vice president now owns 5,387 shares in the company, valued at approximately $592,570. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP John Christopher Morris sold 5,928 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $99.99, for a total value of $592,740.72. Following the completion of the transaction, the senior vice president now owns 12,185 shares of the company’s stock, valued at approximately $1,218,378.15. The disclosure for this sale can be found here. In the last quarter, insiders sold 47,648 shares of company stock valued at $4,705,816. 0.89% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Seagate Technology

Institutional investors and hedge funds have recently bought and sold shares of the stock. Farmers & Merchants Trust Co of Chambersburg PA purchased a new position in Seagate Technology in the 4th quarter worth approximately $26,000. CVA Family Office LLC purchased a new position in shares of Seagate Technology during the 4th quarter valued at approximately $27,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Seagate Technology during the 4th quarter valued at approximately $28,000. Northwest Financial Advisors purchased a new position in shares of Seagate Technology during the 4th quarter valued at approximately $31,000. Finally, Family Firm Inc. purchased a new position in shares of Seagate Technology during the 2nd quarter valued at approximately $41,000. 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.