Seagate Technology (NASDAQ:STX) Price Target Increased to $133.00 by Analysts at Morgan Stanley

Seagate Technology (NASDAQ:STX) had its target price increased by Morgan Stanley from $115.00 to $133.00 in a report published on Wednesday morning, Benzinga reports. Morgan Stanley currently has an overweight rating on the data storage provider’s stock.

Other analysts have also issued research reports about the stock. Wedbush raised their price target on shares of Seagate Technology from $100.00 to $130.00 and gave the company an outperform rating in a report on Monday, July 22nd. Barclays lowered their price target on shares of Seagate Technology from $85.00 to $80.00 and set an equal weight rating for the company in a report on Monday, April 22nd. Cantor Fitzgerald raised their price target on shares of Seagate Technology from $100.00 to $120.00 and gave the company a neutral rating in a report on Tuesday, July 16th. Loop Capital lifted their target price on shares of Seagate Technology from $105.00 to $110.00 and gave the stock a buy rating in a report on Tuesday, June 4th. Finally, Rosenblatt Securities lifted their target price on shares of Seagate Technology from $115.00 to $125.00 and gave the stock a buy rating in a report on Wednesday. Two research 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.com, the company presently has an average rating of Hold and a consensus price target of $115.94.

Seagate Technology Stock Down 0.3 %

Shares of STX opened at $103.68 on Wednesday. The stock has a market cap of $21.77 billion, a price-to-earnings ratio of -80.37 and a beta of 1.02. Seagate Technology has a 12 month low of $57.79 and a 12 month high of $113.57. The company has a 50-day moving average price of $101.31 and a two-hundred day moving average price of $93.16.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.87 billion. During the same quarter last year, the company earned ($0.29) earnings per share. The company’s revenue for the quarter was up 17.8% compared to the same quarter last year. Equities research analysts expect that Seagate Technology will post 5.65 EPS for the current fiscal year.

Seagate Technology Announces Dividend

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

Insider Transactions at Seagate Technology

In other news, EVP Ban Seng Teh sold 9,703 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $95.00, for a total transaction of $921,785.00. Following the completion of the sale, the executive vice president now owns 15,185 shares of the company’s stock, valued at approximately $1,442,575. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, EVP Ban Seng Teh sold 9,703 shares of the stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $95.00, for a total value of $921,785.00. Following the completion of the transaction, the executive vice president now owns 15,185 shares of the company’s stock, valued at approximately $1,442,575. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP John Christopher Morris sold 11,158 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $90.00, for a total transaction of $1,004,220.00. Following the completion of the transaction, the senior vice president now owns 17,767 shares of the company’s stock, valued at $1,599,030. The disclosure for this sale can be found here. In the last 90 days, insiders sold 47,648 shares of company stock valued at $4,705,816. Company insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Seagate Technology

Several large investors have recently modified their holdings of STX. Leisure Capital Management grew its holdings in Seagate Technology by 5.9% in the second quarter. Leisure Capital Management now owns 15,830 shares of the data storage provider’s stock worth $1,635,000 after purchasing an additional 881 shares during the period. HB Wealth Management LLC grew its holdings in Seagate Technology by 46.4% in the second quarter. HB Wealth Management LLC now owns 4,097 shares of the data storage provider’s stock worth $423,000 after purchasing an additional 1,298 shares during the period. Kintegral Advisory LLC grew its holdings in Seagate Technology by 26.6% in the second quarter. Kintegral Advisory LLC now owns 7,557 shares of the data storage provider’s stock worth $786,000 after purchasing an additional 1,587 shares during the period. Emfo LLC acquired a new stake in Seagate Technology in the second quarter worth $181,000. Finally, Checchi Capital Advisers LLC grew its holdings in Seagate Technology by 3.8% in the second quarter. Checchi Capital Advisers LLC now owns 3,945 shares of the data storage provider’s stock worth $407,000 after purchasing an additional 143 shares during the period. 92.87% of the stock is currently 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.