Seagate Technology Holdings plc (NASDAQ:STX) Receives Average Rating of “Hold” from Analysts

Seagate Technology Holdings plc (NASDAQ:STX) has earned a consensus rating of “Hold” from the twenty brokerages that are presently covering the company, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation and eleven have given a buy recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $115.94.

STX has been the subject of several research analyst reports. Rosenblatt Securities lifted their price objective on Seagate Technology from $115.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Robert W. Baird lifted their price objective on Seagate Technology from $100.00 to $120.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Morgan Stanley lifted their price objective on Seagate Technology from $115.00 to $133.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Mizuho lifted their price objective on Seagate Technology from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Finally, Northland Securities lifted their price objective on Seagate Technology from $119.00 to $142.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th.

Seagate Technology Price Performance

STX stock opened at $96.28 on Monday. Seagate Technology has a 1-year low of $62.43 and a 1-year high of $113.57. The business has a fifty day moving average price of $101.78 and a 200-day moving average price of $94.03. The stock has a market capitalization of $20.22 billion, a P/E ratio of -74.64 and a beta of 1.02.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.29. Seagate Technology had a negative return on equity of 8.41% and a net margin of 5.11%. The firm had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.87 billion. During the same quarter in the previous year, the business earned ($0.29) earnings per share. The company’s revenue was up 17.8% on a year-over-year basis. As a group, analysts anticipate that Seagate Technology will post 6.21 earnings per share for the current year.

Seagate Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 23rd will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date is Monday, September 23rd. Seagate Technology’s dividend payout ratio (DPR) is -217.05%.

Insider Transactions at Seagate Technology

In related news, SVP John Christopher Morris sold 5,928 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was 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 in the company, valued at $1,218,378.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Seagate Technology news, CFO Gianluca Romano sold 25,760 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $94.54, for a total transaction of $2,435,350.40. Following the sale, the chief financial officer now directly owns 52,620 shares in the company, valued at $4,974,694.80. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP John Christopher Morris sold 5,928 shares of the company’s stock in a transaction that occurred on 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 owns 12,185 shares in the company, valued at $1,218,378.15. The disclosure for this sale can be found here. Insiders sold a total of 82,250 shares of company stock valued at $8,006,146 over the last 90 days. Company insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Seagate Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in STX. Capital Research Global Investors raised its position in Seagate Technology by 39.3% during the fourth quarter. Capital Research Global Investors now owns 16,614,884 shares of the data storage provider’s stock valued at $1,418,413,000 after purchasing an additional 4,685,454 shares during the period. Norges Bank bought a new position in shares of Seagate Technology during the fourth quarter valued at approximately $188,834,000. Vanguard Group Inc. grew its stake in shares of Seagate Technology by 3.1% during the first quarter. Vanguard Group Inc. now owns 24,753,076 shares of the data storage provider’s stock valued at $2,303,274,000 after buying an additional 746,395 shares during the last quarter. Wells Fargo & Company MN grew its stake in shares of Seagate Technology by 83.2% during the fourth quarter. Wells Fargo & Company MN now owns 1,014,075 shares of the data storage provider’s stock valued at $86,572,000 after buying an additional 460,599 shares during the last quarter. Finally, Mizuho Markets Americas LLC grew its stake in shares of Seagate Technology by 321.7% during the fourth quarter. Mizuho Markets Americas LLC now owns 586,120 shares of the data storage provider’s stock valued at $50,037,000 after buying an additional 447,120 shares during the last quarter. 92.87% of the stock is currently 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.