Susquehanna Boosts Seagate Technology (NASDAQ:STX) Price Target to $65.00

Seagate Technology (NASDAQ:STX) had its price objective increased by Susquehanna from $55.00 to $65.00 in a research report report published on Wednesday morning, Benzinga reports. The brokerage currently has a negative rating on the data storage provider’s stock.

Several other equities analysts also recently weighed in on STX. Rosenblatt Securities raised their price objective on Seagate Technology from $115.00 to $125.00 and gave the company a buy rating in a research note on Wednesday. Morgan Stanley raised their price objective on Seagate Technology from $115.00 to $133.00 and gave the company an overweight rating in a research note on Wednesday. Citigroup raised their price objective on Seagate Technology from $110.00 to $120.00 and gave the company a buy rating in a research note on Friday, July 12th. Evercore ISI raised their price objective on Seagate Technology from $110.00 to $125.00 and gave the company an outperform rating in a research note on Tuesday, July 16th. Finally, UBS Group raised their price objective on Seagate Technology from $90.00 to $95.00 and gave the company a neutral rating in a research note on Wednesday, April 24th. 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and an average target price of $115.94.

Seagate Technology Trading Down 0.3 %

Shares of STX stock opened at $103.68 on Wednesday. The company has a market cap of $21.77 billion, a price-to-earnings ratio of -80.37 and a beta of 1.02. The stock has a 50 day simple moving average of $101.31 and a 200-day simple moving average of $93.16. Seagate Technology has a 12-month low of $57.79 and a 12-month high of $113.57.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.29. The business 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 company’s revenue for the quarter was up 17.8% on a year-over-year basis. During the same period in the prior year, the business posted ($0.29) EPS. On average, equities analysts forecast that Seagate Technology will post 5.65 earnings per share for the current fiscal year.

Seagate Technology Announces Dividend

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 issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend 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 -217.05%.

Insider Transactions at Seagate Technology

In other news, SVP John Christopher Morris sold 11,158 shares of the firm’s stock in a transaction on 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 sale, the senior vice president now owns 17,767 shares in the company, valued at $1,599,030. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Ban Seng Teh sold 10,742 shares of Seagate Technology stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $100.00, for a total value of $1,074,200.00. Following the transaction, the executive vice president now owns 5,042 shares in the company, valued at $504,200. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP John Christopher Morris sold 11,158 shares of Seagate Technology stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $90.00, for a total value of $1,004,220.00. Following the completion of the transaction, the senior vice president now owns 17,767 shares in the company, valued at approximately $1,599,030. The disclosure for this sale can be found here. Insiders have sold 47,648 shares of company stock worth $4,705,816 over the last quarter. 0.89% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in Seagate Technology in the fourth quarter valued at $26,000. CVA Family Office LLC acquired a new position in Seagate Technology in the fourth quarter valued at $27,000. Turtle Creek Wealth Advisors LLC acquired a new position in Seagate Technology in the fourth quarter valued at $28,000. Northwest Financial Advisors acquired a new position in Seagate Technology in the fourth quarter valued at $31,000. Finally, Family Firm Inc. acquired a new position in Seagate Technology in the second quarter valued at $41,000. Institutional investors and hedge funds 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.