Seagate Technology (NASDAQ:STX) Price Target Raised to $120.00 at Wells Fargo & Company

Seagate Technology (NASDAQ:STX) had its target price increased by Wells Fargo & Company from $90.00 to $120.00 in a research report released on Wednesday morning, Benzinga reports. The firm currently has an equal weight rating on the data storage provider’s stock.

STX has been the topic of a number of other research reports. Cantor Fitzgerald upped their price target on Seagate Technology from $120.00 to $125.00 and gave the company a neutral rating in a research report on Wednesday. Wedbush upped their price target on Seagate Technology from $100.00 to $130.00 and gave the company an outperform rating in a research report on Monday, July 22nd. Citigroup upped their price target on Seagate Technology from $110.00 to $120.00 and gave the company a buy rating in a research report on Friday, July 12th. Barclays dropped their price target on Seagate Technology from $85.00 to $80.00 and set an equal weight rating on the stock in a research report on Monday, April 22nd. Finally, Loop Capital increased their price objective on Seagate Technology from $105.00 to $135.00 and gave the stock a buy rating in a report on Wednesday. Two analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $115.94.

Seagate Technology Stock Performance

Shares of NASDAQ:STX opened at $103.68 on Wednesday. The business has a fifty day moving average price of $101.31 and a two-hundred day moving average price of $93.16. Seagate Technology has a 1 year low of $57.79 and a 1 year high of $113.57.

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

Seagate Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Monday, September 23rd will be issued a $0.70 dividend. The ex-dividend date of this dividend is Monday, September 23rd. This represents a $2.80 annualized dividend and a dividend yield of 2.70%. Seagate Technology’s payout ratio is currently -217.05%.

Insider Activity

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

Hedge Funds Weigh In On Seagate Technology

Several institutional investors and hedge funds have recently bought and sold shares of the stock. CWM LLC grew its position in Seagate Technology by 3.0% during the 2nd quarter. CWM LLC now owns 3,307 shares of the data storage provider’s stock worth $342,000 after acquiring an additional 97 shares during the last quarter. Csenge Advisory Group grew its position in Seagate Technology by 1.4% during the 1st quarter. Csenge Advisory Group now owns 8,473 shares of the data storage provider’s stock worth $788,000 after acquiring an additional 119 shares during the last quarter. Kingswood Wealth Advisors LLC grew its position in Seagate Technology by 3.7% during the 2nd quarter. Kingswood Wealth Advisors LLC now owns 3,452 shares of the data storage provider’s stock worth $357,000 after acquiring an additional 122 shares during the last quarter. Burney Co. grew its position in Seagate Technology by 3.3% during the 1st quarter. Burney Co. now owns 3,948 shares of the data storage provider’s stock worth $367,000 after acquiring an additional 125 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. lifted its holdings in Seagate Technology by 1.5% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 8,446 shares of the data storage provider’s stock worth $786,000 after buying an additional 126 shares during the period. 92.87% of the stock is currently owned by 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.